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  • FREDERICKSBURG REAL ESTATE: IN MY OPINION

    Friday, April 13, 2012   /   by Alicia Angstadt

    FREDERICKSBURG REAL ESTATE: IN MY OPINION

    Looking back at an blog I wrote a little over a year ago, I still find my opinion stands true for today. I stated the Fredericksburg housing market is still a Buyer's market, due to the increased amount of short sales and foreclosures (REO). Funding is still around for those who qualify. Our office has an increase in first time homebuyers and CASH investors. The majority of our buyers fall into one of these categories. We are not seeing alot of "upgrading" buyers, due to their current homes being underwater and not being able to sell them. Prices continue to come down, not drastically, but enough to cause investors to re-evaluate their spread when identifying a potential property to purchase.

    Commercial Real Estate continues to go in the direction of potential short sales and some in pre-foreclosure. Balloons are coming due and some banks are not open to refinancing these properties. The performance of the building, in terms of tenant income, is fine. The current appraisals and the amount owned on the property is significantly different, and the owners do not have the liquid capital to offset the difference in order for the bank to refinance the property. Thus, causing some upset in the commercial market in our area.

    If you can qualify to purchase investment properties in today's market, there definitely are very good buys out there, commercial and residential. My suggestion is to contact a knowledgeable real estate agent in your area today!