19348 CLAIR MANOR DR
CULPEPER, VA 22701
List Price: $329,900
Prior Sale: $184,300 4/30/2009
This was listed for 231 days last year at $351,900. I'm sure any lookers are grateful they didn't buy it.
What a scary market.
Like this and this:
19325 SPRINGFIELD CIR
JEFFERSONTON, VA 22724
List Price: $168,482
19241 SPRINGFIELD CIR
JEFFERSONTON, VA 22724
List Price: $349,900
Thursday, June 4, 2009
Flipperpalooza
Posted by Harriet at 6:00 PM
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7 comments:
Question for those experienced with mortgages...
I have about three years of continuous work experience. If I were to change jobs and take some time off (say more than a month) in between would mortgage banks freak out?
If I change jobs do I need to start the two year of work experience meter again? Or so long as I have income on my 2007, 2008, 2009 1040s and a current job (can show a few months of paychecks) when I apply will I be given the prime rate (I have good credit).
I worry that I should buy now while I have about three years continuous employment if changing jobs will mean I will not get the prime rate again until 2011 or later.
TBW...don't change jobs, buy a car or dicker with your credit score if you any think you might want to buy within the next 6 months to a year...that 3 years of steady employment is killer..don't dicker with it unless a major pay raise is involved and don't ever change jobs after you've been approved and before you close. The day after closing is fine.
Take a look at franklymls, searching manassas between 125k and 300k. The low end is clearly being wiped out. I did the search and couldn't believe my eyes. back in December/January it was flooded with available listing. Now it looks like at least half the properties have contracts (if not more!). I'm going to be very interested in seeing the months of inventory figures for May and June in PWC.
http://franklymls.com/default.aspx?m=R&h=300K&l=125K&s=manassas
If you look at the last page of the search (above), you'll see the lowest end properties in the search. it's pretty amazing, that lowest end availability. Of the 150 properties listed on the page, only 30 are available and 120 have contracts against them. That means that when you get to the lowest price level people (probably investors with cash in hand) are snatching these things up. 80% of them have contracts! If this keeps up, the Manassas area is going to be down to pre-collapse inventory levels by this time next year or possible even sooner (3 - 6 months maybe??).
tbw,
To elaborate on Arkey's statement, based on my recent experience, I just got pre-approved, and have been at this job for 11 months. Their two follow-up questions were how long have you been in that industry (10 years if you count grad school), and how much time was there between the two jobs. (Which was zero for me, but he seemed to be expecting at least some time in between, so I don't know what the limitation on that is). So, if you can "take time off" where that time is your accumulated leave and your old job lets you do that, it's one thing, or if the new job let's you sign on, but take unpaid leave immediately, likewise, there's no problem. And I think a short time off in between like 2-3 weeks or less would also be considered purely normal. But I would guess as a rule of thumb they want you to have had your current position for at least 6-9 months. The 2 year thing is a passes without further questions, anything less and they'll ask follow-up.
But this boils down to pretty much what Arkey said. Don't change jobs if you want to buy in the next 6 months. If you're thinking 8-12 months out, now might be the best time to change jobs, so you can start accumulating your near 1 year to look impeccable again.
They, however did not give me the free discount points for good behavior that my mom got on her refi, so yeah, not having the same job contiously for 2 years probably is costing us a whole whopping 0.1% ? BFD. Not worth holding off on a job move if it's the right thing for your career and your job satisfaction.
tbw,
If you want more answers to your query, you might need to repost it in the next bits bucket.
Regarding all those homes that reportedly have "contracts": I recently learned that all it takes for the listing to switch from "Active" to "Contingent" is for a seller trying to do a short sale to agree to the buyer's price. The bank, of course, may not accept the price/xaction. So these are really false-positives. Has anyone else heard this?
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