Why so many Manassas homes for sale?

[Tish Thompson]

There really aren't a lot of homes for sale in Manassas. We actually have a SHORTAGE of inventory. I have 8 buyers that I'm working with and can't find homes for any of them. It's nothing to get 10 or more offers on a new listing. One agent I work with received over 90 offers on one of her listings.

It appears that there are a lot of homes for sale...but what you can't see is that most of them have contracts pending. With the banks that I work for, I'm not allowed to change a property from active to under contract until I have a fully ratified contract in hand.

[typical guy]

The glut of homes is over in Prince William County. Prices are far too low compared to surrounding counties and it's caused all the extra inventory to drain.
City of Manassas Virginia MLS Housing Inventory

[fdeitz]

Originally Posted by typical guy

The glut of homes is over in Prince William County. Prices are far too low compared to surrounding counties and it's caused all the extra inventory to drain.
City of Manassas Virginia MLS Housing Inventory

This is indeed very good news. I moved out of my townhouse in Manassas to a single family home in Gainesville last October and am renting out the townhouse. I'm hoping in about 2 years though to put it on the market once prices recover a little. As I bought the townhouse in 1983 I'd make a profit on it even if I sold it at today's prices, but I'm hoping to get a little higher price for it in 2 years, which I think is definitely possible. In the meantime I'm getting rental income from it but I don't particularly like being a landlord.

[DownEastB]

Any thoughts about the condo market recovery timeline? My fiancee has a 1BR condo in Battery Heights that he's renting right now in the hope of selling in a year or two (similar to fdeitz). He's terrified that the current renters are going to move out before the prices rise and leave him holding the bag.

[typical guy]

Originally Posted by DownEastB

Any thoughts about the condo market recovery timeline? My fiancee has a 1BR condo in Battery Heights that he's renting right now in the hope of selling in a year or two (similar to fdeitz). He's terrified that the current renters are going to move out before the prices rise and leave him holding the bag.

All your fiance needs to do is offer a competitive rent and he shouldn't have too much trouble getting new people in there. Condos will recover last. First single family homes then townhouses and last condos.

[horseplayer]

Originally Posted by DownEastB

Any thoughts about the condo market recovery timeline? My fiancee has a 1BR condo in Battery Heights that he's renting right now in the hope of selling in a year or two (similar to fdeitz). He's terrified that the current renters are going to move out before the prices rise and leave him holding the bag.

I'm familiar with those units. I would say a 1 br. in there is worth about 50,000 right now. Much larger THs on Stonewall are selling in the 70's.