Lots of activity at Woodburn Village these days. As Woodburn Village has been discovered as a great investment, buyers have been flocking to the community driving prices up. One recent listing had more than 5 offers – most reasonable priced ones get at least multiple. The inventory is low though – only 2 homes selling on average per month.
The two bedroom (1.5ba) homes are now selling up towards $170,000 – they used to be in the $150’s earlier this year. Rents have also gone up with those units renting for about $1,450 now. Hence, while the investor ratio is not as good as last year, it is still one of the best in the area (about breaking even with 20% down.)
Appraisals have been an issue at Woodburn. FHA is a popular financning option in the community and the appriasals have struggled to keep up with prices. As you may know, once an FHA appraisal has been done on a home, it “sticks” with the property for 6 months or so. So, while a first-time homebuyer with FHA may be willing to pay more than an investor, the appraisal may limit the price differential.
Here are the last sales in the community:
|3356 WOODBURN RD #11||2||1.5||982||$149,900||02/22/12|
|3362 WOODBURN RD #31||2||1.5||982||$156,000||03/22/12|
|8306 TOBIN RD #31||2||1.5||982||$170,000||03/23/12|
|3310 WOODBURN VILLAGE DR #23||3||2||1,282||$190,000||04/18/12|
|3308 WOODBURN VILLAGE DR #T3||2||1.5||1,011||$165,000||04/25/12|
|3362 WOODBURN RD #33||3||2||1,282||$178,000||05/07/12|
We know Woodburn Village – contact us if you are looking to buy or sell at 703 560-3424.