There are currently 45 available foreclosures in Winchester, VA. The Winchester, VA area saw a large increase in foreclosed properties right after the September 2008 market collapse.  There where three waves of foreclosures.  The first wave to be hit were the people who were living paycheck to paycheck.  They were just keeping up when the market collapsed.  Many of this group lost a job, or one family member lost a job, and that was all it took to take them to the courthouse steps. The second wave was predominately the investors who had scooped up properties just before the market shot up in the early 2000s.  They had profited from the run up in home values during the early 2000s, but suddenly, they found themselves with rentals filled with tenants who were unemployed.  The loss of jobs... 03/03/2012

The current available short sales in Winchester, VA as of March 1, 2012, stand at 51.  The combined foreclosures and short sales make up 18% of current available properties on the Winchester / Frederick County market.  There are 548 total properties listed as available.  Of that number, 96 are distressed properties.  That number may seem high, but just two weeks ago short sales and foreclosures made up 20% of the current available listings.  The bargains are still out there, but if this a new trend the Winchester / Frederick County market may be showing signs of a slow, but steady recovery. The number of available short sales have replaced foreclosures as the primary distressed properties on the market.  Since the market collapse in September of 2008 the number of active foreclosures ha... 03/03/2012

Since I own an electrical contracting company along with my real estate brokerage I have a simple advantage when showing clients a new home.  I always make sure the electrical system is safe.  I will also send one of my sons, who works for the company, out to the home after closing to test everything and make corrections if we've found any problems before or after closing. Much of the time, I don't participate in the electrical business directly.  I will go out into the electrical field if we've contracted a complicated commercial job or we have a job on a really old house.  Both types of projects present a lot of challenges.  So, they often need more experience than the boys can provide.  I enjoy the change of pace. Today was one of those days.  We have a client who has a 1700s era bar... 02/29/2012

The Winchester, VA tri-county real estate market is seeing a new wave of fair market listings hit the market, but that hasn't been the trend.  Sales of previously owned properties in the Winchester, Frederick, Clarke and Warren County areas over the past 30 days reveal that 53% of all properties sold were short sales or foreclosures. The Frederick and Warren County markets made up of 54% of all distressed properties sold in February.  Frederick County carried the majority of the foreclosures at 19, and Warren County had 15 foreclosures.  Frederick County also had 15 short sales during that same period.  The local markets offer a lot of opportunities for home buyers.  The high number of short sales and foreclosures give bargain shoppers many options that the did not enjoy just 6 years ag... 02/24/2012

I have a very simple view of the working world.  There are the clock punchers and those that dread the thought of being a clock puncher.  Neither is better than the other.  They just are what they are. Clock punchers have an innate need to know that on Friday (or whenever) they are going to get paid.  Having a consistent weekly, bi-weekly paycheck gives them comfort and a certain sense of safety and security.  They tend to be more risk averse, and they don't mind the typical 8 - 5 schedule.  Society needs clock punchers. The non-clock punchers are those that are a little more entrepreneurial.  They love the challenge of taking their vision or passion and turning it into a profitable venture.  They would never settle for a specific weekly paycheck.  Their idea is that they can make as mu... 02/22/2012

When my son celebrated his birthday this past Sunday he had two cakes.  He didn't need two cakes, but last year there was so little cake left that he didn't get seconds.  Every birthday boy should have a second piece of cake.  It's the Cooper house rules, along with eating dessert first on some celebration days. That reminded me of something.  The problem with our economy is not that some have a lot and others have too little.  That has been true since biblical times.  I am confident that we will always have the poor with us.  That doesn't mean that you have to be one of them.  Everybody should have a piece of the economic pie, but that doesn't require that you have give up your piece of the pie.  No, it means we need to create more pie makers. I've been invited to join the board of a y... 02/21/2012

Short sales in Winchester, VA have continued to maintain 9% of the city of Winchester and Frederick County.  Both areas have stayed consistent in their number of active short sales for the month of February.  The total number of active listings in Frederick County, VA currently stands at 441.  Of that number, 42 listings are short sales.  Frederick County short sales range from a 5 bedroom / 4.5 bath home currently listed at $589433 to a 2 bedroom / 1 bath bungalow at $69,900.  There is a short sale for any budget. The city of Winchester, VA currently has 117 active listings.  There are 12 short sales in that group.  Prices range from a $385,000 4 bedroom / 4.5 bath to a $74,900 3 bedroom / 2 bath property.  Here again, there is a property for every buyer.  Frederick County short sales ... 02/19/2012

If you're thinking about buying a foreclosure in Winchester, VA you need to be aware that the volume is shrinking.  Local foreclosures, or bank owned properties, have fallen to 45 between Winchester and Frederick County.  The bulk of foreclosures are in Frederick County, and of course the largest population in the area is also in Frederick County, VA. Frederick County currently has 38 active foreclosures.  The price range of those foreclosures has a wide variance.  On the lower end, a foreclosure can be purchased $76,000.  That property is going to be an 880 square foot townhouse in Banbury Terrace.  Ironically, size doesn't always mean low price.  Another 2 bedroom / 1 bath property in Frederick County is currently listed for $259,000.  It does offer the buyer acreage, but it has also ... 02/19/2012

I've been working with real estate investors since the early 90s when I started buying real estate for my own investment portfolio.  Working with investors can be extremely easy or extremely difficult depending on how the investor approaches real estate. I also run into a lot of people who would like to become real estate investors, but they are inhibited for one reason or another.  They may lack the funds to get started.  They may lack the expertise to handle each aspect of real estate investing.  They may simply be intimidated by the whole concept, and yet, they have a desire. I have a suggestion to all of those "would-be" real estate investors.  Maybe you haven't taken the plunge yet, but you have the heart for it.  For whatever reason, you haven't gotten started and the best buying ... 02/16/2012

In my recent survey of available local properties, I discovered some alarming statistics.  It wasn't high or low prices.  It wasn't the number of foreclosures or short sales on the market.  It was the "Days on the Market" of some local listings.  One property has been on the market for 1926 days.  I've had gold fish that didn't live that long.  The top seven longest listed properties were a thousand days plus.  They are shouting out to the listing agents and the sellers, "Houston, we have a problem!"  There is definitely something wrong when a house sits that long.  In part one of this series, I listed some of the more challenging reasons a property sits on the market forever, but there are simple reasons that are easier to correct, such as: It's overpriced!  Duh!  Even the high school ... 02/16/2012

While doing a market report today, I found some amazing numbers.  No, they weren't great bargains on amazing properties.  No, they weren't sprawling square footage homes with voluminous bedrooms and baths.  They were "Days on the Market."  The first one on the list has been on the market 1926 days.  The next four were as follows; 1740, 1708, 1628 and 1045.  What is so special about those numbers?  Here's a hint, something is wrong.  There are a number of reasons why a house sits on the market for nearly 2000 days.  For instance, It is built on top of a nuclear waste dump and glows in the dark.  It is built on top of a ceremonial burial ground. It is directly in the flight path of a major US airport and the buyers get patted down by the TSA each time they preview it. It is under high vol... 02/16/2012

When buying a home in Winchester, VA, you need to be aware of time-lines.  Everything has a different time-line.  A fair market purchase will be different than a short sale.  A short sale will be different from a foreclosure, and a foreclosure will be different from a fair market purchase. If time is of the essence, a short sale is probably not the purchase for you.  In some cases, a foreclosure will also fall into this category.  Short sales don't typically move along very fast.  I've closed them from "contract till closing" in 14 days.  That was a miracle.  The normal short sale turn around in my experience is 60-90 days.  I've also seen them go 9 months before the bank agreed to the contract. A foreclosure can close more quickly under certain circumstances.  If the closing attorneys ... 02/14/2012

As the owner of Quality Electric Co., I've learned one thing that has remained consistent in the electrical field, and that is major interruptions are rarely scheduled or convenient.  The furnace only goes out at 5:00 pm on Friday afternoon, and no material stores are open until Monday.  Also, if you're going to lose your electrical service it will be on the weekend, on the coldest day of the year and it will not be a simple or quick repair. Fortunately for my long-time clients, we make house-calls night and day year round.  John and Katie have a beautiful late 1700s home with a lot of old growth white mahogany trees in the front yard.  The house is beautiful, and those trees are a spectacular sight.  The trees extend above the three story house by a substantial distance and they are h... 02/12/2012

What are the benefits of buying a Winchester, Virginia short sale?  Short sales do have their challenges, but with the right agent, a short sale can provide a great opportunity for any buyer.  Some of the benefits and challenges of buying a short sale are: Short sales tend to be in better condition.  Typically, the owners are still in the home.  Just because they find themselves in a distressed situation doesn't mean they will start ignoring the needs of their property. Short sales tend to be priced at or below foreclosures.  I recently closed a short sale that sold at 47% of the homeowners mortgage.  That is a substantial discount for a new buyer. Short sales tend to take longer to be approved and closed than fair market or foreclosure properties.  If time is of the essence, a short sa... 02/12/2012

The short sale market in Winchester/Frederick County, VA is alive and well.  The current market for both city and county offers 555 active listings.  Of that number, 55 are currently listed as potential short sales.  In the Frederick County listings, short sales make up 9% of the 443 current active listings. With the combined area of Winchester City and Frederick County, short sales make up between 9-11% of the overall available active listings.  Foreclosures make up another 9% of the overall listings.  That leaves 80+% of available listings that fall into the fair market category.  That high number of fair market properties are as likely to give support to  short sale and foreclosure prices as the reverse. The price ranges for short sales in the Winchester / Frederick County area range... 02/11/2012

If you thought you missed a great deal on a foreclosure in Winchester, VA, you would be wrong.   Recent improvements in the local market have not eliminated the overall presence of foreclosures.  The Winchester /Frederick County area currently has 38 listed foreclosures. Of that number, Winchester City holds 7 of those foreclosures, and Frederick County holds the remaining 31 foreclosure properties.  Prices range from $74,900 - $359,900.  The high and low end foreclosures are in the Frederick County area.  An interesting phenomenon is starting to appear in the local foreclosure market.  These properties are starting to sit on the market for longer periods of time.  The average days on the market for both city and county foreclosure proprieties has risen to 170 days.  The longest DOM com... 02/11/2012

A recent Wine Enthusiast Magazine article listed Virginia as one of the top 10 international wine producers.  That's an honor only a handful of wine producers can hold, but Virginia wines have another role to play in the Old Dominion.  Virginia wines are having a substantial impact on the economy in Virginia. Over a five year period between 2005-2010, the wine industry's economic contribution to the state of Virginia doubled.  Today, Virginia wines are contributing $750 million dollars a year to the state economy.  With nearly 200 wineries in the state, Virginia wines are also producing jobs.  The number of winery related jobs jumped from 3,160 in 2005 to 4,750 in 2010.  Governor McDonnell was recently quoted as saying, "The Virginia wine industry has seen tremendous growth over the las... 02/11/2012

If you're like me you love a great "feel good" story.  When you're in a climate like our country has gone through the past few years you might tend to turn to the dark side and assume that everything is negative and ugly.  Then something like the Heather Dorniden story comes along and you shake yourself and say, "Yep, I can do this.  I can succeed in spite of the circumstances that face me." Enjoy the video, and find the champion that is within.   02/09/2012

The supply and demand for housing in Winchester, Virginia is starting to see signs of balance after a long period of change.  The most frequently purchased home in this area of the northern Shenandoah Valley is a three bedroom - 2 bath home.  The Winchester / Frederick County inventory of available 3 bedroom / 2 bath houses currently stands at 139 units.  Of those 139 units, 74% are fair market properties, 16% are short sales and the final 10% is made up of foreclosures.   Twenty-six percent distressed listings may seem high for a small community, but it is actually down from January 2011.  The small rise in short sales from a year ago does indicate that a lot of homeowners who where trying to work things out finally conceded that a short sale was their best option.  If you're in that p... 02/05/2012

I'm not an openly proud person, but I do have my days where I am running over with pride, and it's hard to keep a lid on it.  I have never had a problem saying that my electrical contracting company is one of the best and most talented companies in Virginia.  We have done things that amaze me, and on those days I try to keep that proud smile inside until I'm away from my clients and anyone else who might think I'm a total nut case while gushing about our skills.  I'm sure it would be obnoxious to some, but I can't help it! We try to reserve those moments for employees and staff to enjoy.  This week, we worked on a home that is around 100+ years old.  The area we worked in was completely finished on all floors and all sides.  There was no convenient access to the ceiling or walls.  What ... 02/03/2012