So, how’s the market doing in Prince William County? The number of new listings is up, the number of closed sales is up, and the median sold price is up year over year. Sounds like the sellers have some good news.

Buyers, check out the Average Sold to OLP (Original List Price) Ratio. It is 95.7%. This tells us that on average sellers are receiving 95.7% of their asking price. When writing an offer, make sure your agent takes this into account. There might be some negotiating room between what the seller is hoping to get for the home.

Prince William County, VA Real Estate Market Statistics for February 2012

Prince William County, VA Real Estate Market Statistics for January 2012

Plenty of space and privacy in this single family home located at the end of a cul-de-sac in the Brittany Community.  4,500 finished sqft of living space, 2 car garage, 5 bedrooms, 3 1/2 bathrooms, fenced rear yard, and lots of upgrades in this former builder model home.  Ceiling fans in all bedrooms and family room.  Family room has two story ceiling with stone fireplace, windows and door onto rear deck.  Hardwood floors throughout the main level, corian countertops in kitchen, with plenty of cabinet space.   Pictures don’t do justice to the very large master bedroom and bath.  Both have vaulted ceilings and lots of windows and storage.   Basement has walkout to fenced back yard, lots of recessed light and space.

Just over 1 mille to the I95 exit and commuter lot – close to the Rippon Blvd VRE train stop, and minutes from Quantico and Fort Belvoir.  Convenient location for shopping and restaurants at Fortuna Center Plaza less than 1 mile away.  Community has playground, basketball and tennis courts.

For the non professional investor, I always recommend learning the applicable laws first and getting advice from a real estate professional; however, I know many folks who just want to try it alone. With that in mind, I emphasize the importance of developing a process for everything, such as how you’ll handle repairs, complaints, qualifying tenants and most importantly how to evaluate your own investment.

Here’s a few tips for evaluating your investment:

• Add to your calendar a reminder to evaluate your investment, four months prior to the lease ending.
• Then identify your options, evaluate them, make a decision, and execute.
• Every year go through the process of deciding whether or not you should continue on the current path, stop it, or make a change.

By intentionally focusing on these steps annually you will put yourself in a better position to gain both financial and emotional success with your investment property.

What are your options?

• Continue to rent the home with the current tenant.
• Find a new tenant.
• Sell the home.

Each of these options has several additional points to consider and you need to determine if you are prepared to manage your own rental, find and qualify your own tenant, make repairs to the home, collect rents and deposits, evict tenants, etc., or is it time to consider hiring a professional real estate agent and/or property manager to help you properly manage your investment. BTW – also get some professional tax advice to make sure you are taking advantage of all deductions you are entitled.

In the end, it may not be worth (emotionally) the monetary monthly gain or tax deductions you may be receiving. This might be the most important factor to consider when evaluating your investment property.

Walking distance from Potomac Town Center (Wegmans, restaurants, etc). VRE, Route 1, bus service and I-95 close by. Community includes rec center, outdoor/indoor pool, rock climbing wall, tot lot, and 3 exterior entrances w/gates. Potomac Sentara Hospital is across the street, Potomac Mills Mall and various other shops, movies, restaurants within two miles.

Join us for fun and entertainment at the 1st Annual Putt and Dine

Inside the Old Hickory Grille – 11921 Chanceford Drive, Woodbridge, VA 22192

Test your putting skills on our custom designed indoor putting course

Friday, January 27, 2012
(6:00 – 9:00 p.m.)
$25.00 per person

Includes buffet dinner, beer/wine, contest entry & prizes. Reservations required. Pro Shop 703-580-9000

Click Here for Driving Directions

* Average days on the market (DOM) is up 25% year over year. In December 2010 the average DOM was 48 and in December 2011 that has increased to 60. If you plan to put your home on the market soon, keep in mind the average DOM is 60 and you will want to price your property accurately so buyers will have more reasons to send you an offer over your competition.

* Average sales price is down .73% year over year. There is a lot of competition with existing resale homes and brand new homes.

Zip code specific details are posted in the RBI reports located here –

Real Estate Market Statistics for Prince William County, VA | RBI.