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COVID-19 has affected many different aspects of the economy throughout the United States of America (USA) and throughout the world. However, within the northern Virginia area (NOVA), the average sales price of a home is selling up to 696,902. In particular areas like Fairfax County, Falls Church, city of Alexandria, Prince William County, and Arlington County. Within the last three months June, July, and August homes sales have gone threw the roof, because of the economic pause that took place from March 2020 to May 2020. Given the fact that most homeowners and real estate agents had to adapt to virtual home tours which are a new aspect of conducting business in real estate. Literally, people are making home offers without physically seeing the actual property.
Most new listings within the NOVA area do not remain on the market for more than twenty days. This kind of market definitely works in the favor of investors, and homeowners making the NOVA market a seller's market without any end in sight for the for seeable future. One thing is for sure even in the COVID-19 economy. In the greater NOVA area, most properties because of the lack of inventory are selling at above market price. Another thing to keep in mind that since the local court systems have recently opened back up as of August 2020. Tax lien auctions that took place previously before COVID-19 are now coming to fruition, meaning homes that were sold via tax lien auctions and the homeowners who never paid their personal property taxes have been sold to real estate investors. The premise of Real Estate Tax liens is to have delinquent tax properties debts paid by prospective homeowners and investors and after a certain amount of time i.e. a year time two things will happen. First, if the current homeowners pay off their tax debts, then the individuals who paid the taxes off shall receive their monies back including 20 percent interest. If the current homeowner did not pay taxes off, then the property will go into foreclosure in which prospective buyer usually pays for a foreclosure attorney and the property is turned over to the new owner. For those that have mastered the tax lien strategy, especially within NOVA can profit tremendously especially when you have a great team. Patterson L. Properties LLC. specializes in purchasing delinquent property tax liens, and selling such properties for a profit.
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