Manassas town hall

Manassas Town Hall. Built as a combination Town Hall and Fire Department in 1914. In 1873 Manassas became incorporated, and in 1892 Manassas became the seat of Prince William County replacing Brentsville. Manassas became an independent city in 1975. It’s growth has surpassed anything we could have imagined in our lifetime.

We have sold homes in Prince William County since 2000 working from real estate offices in Manassas and Woodbridge. Most conversations we have with clients interested in Prince William County know the Manassas and Woodbridge areas as housing markets full of foreclosures. This article serves as an update to anyone interested in buying a home in Prince William County.  So here is a brief description of Prince William County, and the short-term outlook of the residential real estate market.  As you see below, foreclosures no longer control future growth and pricing.

Infrastructure Improvements.  The growth in Prince William County since 1995 is best explained by the addition to 30 schools.  The Bristow, Gainesville, & Haymarket areas have exploded while all other areas have witnessed real growth.  All areas of Prince William County are mostly described as bedroom communities for commuters.  Serving I-95 are many VDOT Commuter Lots with slug-lines, Virginia Railway Express (VRE) services with two stations, and OmniRide commuter buses into Washington, D.C.  The Manassas Area has three VRE stations.

Key Indicators for Future Housing Prices.  In 2007 there seemed to be a foreclosure on every street in Prince William County.  But area real estate agents have worked effectively with bank foreclosure asset managers to place families in hundreds of foreclosures.  Government programs from the Departments of the Treasury and Housing and Urban Development such as the Home Affordable Modification Program (HAMP), Home Affordable Foreclosure Alternatives (HAFA), Home Affordable Refinance Program (HARP), will expire 12/31/2013.  When these programs expire it’s possible foreclosures could rise throughout the country. Future military and government budget cuts can also have reverse effects to the current growth, and price increases in the Greater Washington, D.C. Metropolitan Area housing market. Our best professional opinion is to stay watchful of local market trends, pay attention to noticeable change in the number of building permits issued by the Prince William County Department of Development Services, and keep track of business announcements, and movement related to military and civilian jobs relocated to Quantico Marine Corps Base.

The Current Market. There are not enough homes to satisfy market demands throughout Prince William County. The current housing inventory equals a three-month supply of available homes, and these are now subject to multiple contract offers. This is the cause of the recent turn around in home prices. New homes produced by national builders continues in Prince William County near Interstates I-95 and I-66. The current local market reminds us of residential sales during 2002-2003. The below information reflects updated foreclosure, and short sale reports for Prince William County as of April 1, 2012. Residential building permits continue to trend up. This is an important fact because builders pay a large sum of money to research firms to confirm the development of subdivisions. In both eastern and western areas of Prince William County builders are submitting building permit applications to complete projects which were halted after the demand for housing collapsed. Here are the figures for Prince William County foreclosures and short sales:

Prince William County Area & Zip Code Foreclosures Short Sales
Manassas  (20109, 10, 11, 12) 0, 4, 8, 4  (16) 0, 7, 5, 11 (23)
Haymarket  (20169) 5 7
Bristow  (20136) 2 16
Gainesville  (20155) 5 7
Woodbridge  (22191) 8 58
Lake Ridge  (22192) 12 25
Dale City  (22193) 18 21
Dumfries  (22026) 3 7
Triangle  (22172) 2 2
Montclair  (22025) 2 7

If you are having problems paying your mortgage we urge you to contact us for alternatives to losing your home to foreclosure. We are Program HR 3648 Specialists, and we can help you understand your options for saving your home, or provide assistance as  experienced short sale agents to negotiate debt forgiveness.

To find foreclosures go to www.homesteps.com (Freddie Mac) and www.homepath.com (Fannie Mae).

Dwayne Moyers is shown here during the initial walk-through inspection of a Freddie Mac foreclosure assignment. Dwayne and Maryanne have represented Freddie Mac and Fannie Mae during 240 foreclosure assignments. They have saved many clients from foreclosure by negotiating short sales, and represented several clients purchasing foreclosures. Contact them if a foreclosure might be in your future.

For information related to the short sale process click here.