We Buy Houses!

For homeowners in Prince William County, Virginia, declining house values continue make it harder to make a profit on selling a house. Fortunately the market here seems to be stabilizing.

Prices of homes in Prince William County have, once again, declined from the previous year. The median sold price dropped by nearly 6% while the average sold price declined by 4%. In March 2007, the median and average sales prices were $416,703 and $380,000 respectively. This represents a 33% decline in average sales price and a 46% decline in median sales price. These drastic value declines have most likely never been seen before in the United States.

Fortunately, the real estate market in Prince William County seems to be stabilizing.  While the number of houses sold declined a significant amount and sellers in general are getting a lower sold price, percentage wise, compared to their original list price, they are still getting nearly 97% of list price – a sign of a healthy market.

In terms of supply, in February 2011 there were 358 homes sold.  When divided into the number of active listings it signifies a 3.75-month supply of houses.  This amount of supply is much better than a typical healthy market (defined by a 5-6 month supply). Active listings were up roughly 10% while new listings declined over 11% from a year ago.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.

For homeowners in Prince Georges County, Maryland, it’s getting harder to sell a home and walk away with a profit. In addition, selling a house fast becomes more difficult in light of March’s real estate statistics.

Prices of homes in Prince Georges County have, once again, significantly declined from the previous year. The median sold price dropped by nearly 19% while the average sold price declined by over 13%. While doing a recent search I came across a property in District Heights that sold for $315,000 in August of 2007 and resold, as a foreclosure, in September of 2009 for $55,000.

Prince Georges County has experienced one of the steepest declines in home values, in the area, over the past four years. In March 2007, the median and average sales prices were $331,000 and $349,000 respectively. This represents a 50% decline in average sales price and a 53% decline in median sales price. These drastic value declines have most likely never been seen before in the United States. The number of homes sold decreased by nearly 10% and sellers in general are getting a lower sold price, percentage wise, compared to their original list price.

In terms of supply, in February 2011 there were 550 homes sold.  When divided into the number of active listings, this signifies an almost 9-month supply of houses, which is far worse than a typical healthy market (defined by a 5-6 month supply).

The dramatic increase in new pendings (contracts written on listed homes) signifies that buyers are becoming very active. This is most likely a result of the extremely low prices attracting buyers.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.

For homeowners in Fairfax County, Virginia, who are looking to sell their house, things still look good. The area still has a fairly health market, though it appears buyers have slowed their activity from February.

The median sold price is up slightly as is the average sold price, from the previous year.  It’s still not easy to sell a house fast, though. There has been a significant drop in units sold and a significant increase in days on market. It’s taking nearly 50% longer to sell a house, though, relatively speaking, Fairfax County’s average is still fast.

In terms of supply, in February 2011 there were 721 homes sold. When divided into the number of active listings, it signifies a 4-month supply of houses. This is a slight increase from the prior month, yet still indicates a healthy market (defined by a 5-6 month supply).

Active listings were down in Fairfax, and new listings were significantly down. This is most likely a result of the legal battles between the US government and the banks that are stalling the release of foreclosed properties. REOs, or Real Estate Owned, are what a bank calls the properties they take back through the foreclosure process.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.