When Amazon announced that they would move their HQ2 to northern VA, the local housing market trembled. Here’s how to find low-priced houses in the area.
Amazon called and Arlington, Virginia answered!
Cities competing to bring in the e-commerce giant, however, did more than just agree to allow Amazon to operate from their cities. They offered incentive packages including direct payments to Amazon in the hopes of seeing large returns on their investment.
Arlington offered Amazon over $2.5 billion dollars in incentives to attract Amazon. Part of this incentive package was an agreement to complete improvements to the city. But, Arlington government officials also noted that their incentives are performance-based meaning Amazon needs to keep its end of the bargain as well.
In return, Amazon projected to create over 25,000 jobs. Amazon’s presence will also result in an increase in the city’s tax revenue, infrastructure development, and real estate.
Only time will tell if these investments come to fruition. But, many are left wondering what Amazon’s new headquarters mean for Northern Virginia’s real estate market.
Will purchasing low-priced houses still be an option?
Read on to discover how to find low-priced houses in Northern, VA amid Amazon’s decision to move in.
Amazon HQ2: How to Find Low-Priced Houses in Arlington, VA
Amazon’s moving in, so get ready Arlington! The real estate market is about to change, but finding low-priced houses won’t be impossible. Explore the following ways to find low-priced houses in the area.
1. Find a Realtor
Realtors know what to look for and how to find it. They know the market and have a lot of contacts. These contacts may alert a realtor before a home goes on the market, which is to your advantage as a buyer.
Real estate agents working for a large company also have their colleagues to lean on. They can help one another to stay on top of listings so that their clients get the best homes and deals before they’re gone.
They also can help you to negotiate a lower price on a home. Agents regularly list homes and appraise their value, so they’ll know if you’re getting a good deal. They’ll also know if the price is fair for the area and size.
Keep up to date on foreclosures in Arlington County. Foreclosures will first go to auction to be bid on for cash, but then will be listed by the bank for sale. Let your real estate agent know you’re interested in foreclosure.
That is, only if you’re willing to deal with the bank directly. Foreclosures also attract a lot of attention and competition. This competition can result in higher bids.
If you know you’re budget and can stick to it, then there’s a chance you could get the home for an affordable price. Make sure to always have the home inspected. Some foreclosures homes aren’t in the best condition and may be missing some components.
If the cost of repairs exceeds your budget, then feel free to walk away from the deal.
3. Home Buying Apps
These apps will be your best friend in the home buying process. Home buying apps such as Realtor and Zillow will show you homes as soon as they are listed on their sites. You can set up alerts and notifications as well so that you can contact your real agent to set up a showing.
You can also adjust your setting on these apps to only show homes within your budget. So, if you’re looking for low-priced houses, avoid the temptation of higher prices by adjusting your settings. The apps can also isolate homes listed in your desired home location.
4. Price Over Location
As realtors say, “location, location, location!” Location comes with a price tag and if you’re looking to be as close to the Amazon Headquarters, then expect to pay more. Supply and demand for these areas will translate to higher prices which means you may need to opt for low-priced houses and less desirable locations as a result.
People want a short commute and some people are willing and able to pay for it. If you’re not, however, then look to surrounding areas instead. It may take longer to get to work, but you’ll be paying less every month in mortgage payments.
Property taxes, however, may increase as a result of Amazon’s new headquarters. So, be prepared for a jump in property taxes if you purchase real estate before housing prices increase and include this into your monthly payments beforehand.
5. Fixer Upper
Who doesn’t love a fixer-upper? Well, many of us love the TV show, but in real life, fixer-uppers can be a financial risk.
The right fixer-upper, however, can be profitable and a good investment. The stereotypical fixer-upper is easy to imagine but be warned that fixer-uppers exist on a continuum.
Some fixer-uppers have a lovely curb appeal and seem to be in good condition, but the problems lie beneath or past the average home buyer’s eye. A combination of large problems such as structural issues, needing a new roof, and needing an electrical upgrade all come with a hefty price tag.
So, don’t be fooled into thinking that a low-price fixer-upper ultimately means a low-priced house. The listing price may be appealing, but the repair costs could be overwhelming.
Also, don’t assume you have the skills to take on a fixer-upper by yourself. It’s not as easy as tearing down walls and installing new cabinets. You’ll be required to get building permits, follow city codes, and complete hard labor accurately.
Proceed with caution, but capitalize on a good investment when it presents itself if you’re willing to take a risk. Always make sure to include a home inspection in your offer as well. Knowing exactly what repairs need to be completed will help you to decide if a fixer-upper will actually turn out to be a low-priced home or not.
Ready to Find Low-Priced Houses in Arlington?
Ready or not, hear Amazon comes! Lucky for you, you can still find low-priced houses in the Arlington area.
Moving to Arlington, VA to work with Amazon? Then, you’ll need a reputable moving service. Get a FREE quote and discuss your upcoming move when you contact us today at (301) 888-6379!
Planning on moving this winter? Check out our blog post to find out everything you need to know about moving in the winter.