Loudoun County Real Estate Statistics and News

25 Offers on Foreclosure in Sterling

One of my clients was prepared to write an offer on a new listing in Sterling Park that went on the market on Friday.  It was in really good condition and priced very aggressively at $180,000.  Similar homes had been priced at $200,000 to $220,000.   We were prepared to offer $210,000 for the home.  I made a call to the agent to see if there were any offers on the property. 

She informed me that she had received 25 offers over the weekend.  Unbelievable.  Furthermore, the price was bid up over $70,000 over the list price of $180,000.  Fortunately, she gave me warning about the multiple offerings and save me and my client some time.

Here is the property:

This is happening to many of the better listings in Sterling Park.  But there is a way to get a deal on the foreclosures in our area with the correct strategy and tactic. 

Loudoun County Market Values - Sterling Statistics

Loudoun County assessments came out earlier this month and assessed values went down in most areas of the county.  But did they go down enough for your area of the county? 

This is the breakdown for the change in prices for the Sterling area of Loudoun County.  This analysis is for the 20164, 20165 and 20166 zip codes.  It will show you the difference in values for homes sold at the end of 2006 versus the end of 2007.

Two different datasets were used:   Homes sold in the month of December and homes settled between December 16th and January 15th.  A complete explanation can be found in the first post of this series.

Sterling Market Value Analysis
Under contract Dec 1 - Dec 31	2008	2007	(+/-)	% change
All Sterling	$319,346	$412,535	-$93,189	-22.6%
20164	$279,028	$383,333	-$104,305	-27.2%
20165	$396,714	$433,529	-$36,815	-8.5%
20166	$293,380	$439,590	-$146,210	-33.3%
Settled Dec 16 - Jan 15
All Sterling	$299,718	$407,385	-$107,667	-26.4%
20164	$256,284	$372,114	-$115,830	-31.1%
20165	$383,024	$418,610	-$35,586	-8.5%
20166	$330,000	$485,073	-$155,073	-32.0%

Values in the 20165 zip code of Sterling held up relatively strong during the past year as compared to the other two zip codes.