The Fauquier Times this week interviewed Alvin Henry, a local real estate appraiser of more than 20 years. The article is entitled: "Market Woes Equal More Affordability." (Ok, maybe a little more affordability).
"In his time on the job, Henry has evaluated loads of properties and seen the market rise and fall.This week's property transfers in Fauquier County show that most of the buying and selling from April 7-13 took place with a bank as buyer and sometimes as a seller.
'Every cycle is different,' he said recently from his office on Waterloo Street. 'In this cycle, local builders haven't been hurt. They had low inventories and not a lot of spec houses. It was the homeowners -- the people who went out and bought -- who were hurt this time.
'I've never seen this mass of foreclosures, this large quantity of bank-owned properties that we're seeing now. This is far reaching. It's across the board. This is big.'"
Another local real estate agent (besides Frank) is really not happy with short sales:
"QUESTION 1# How would you feel if you found out that the short sale that caused everyone else to lower their price had a low dummy price to get offers and that the bank wasn’t willing to accept it in the first place?
QUESTION 2# How would you feel if you found out that the reason you aren’t getting any offers is because there are 6 contracts that are pending on the short sale and have been frozen while waiting 5 weeks for the bank to respond?
There really are people buying at this time. There is a good chance that you aren’t getting an offer because buyers already have contracts on other homes so they are FROZEN."