DC METRO REAL ESTATE

Serving the Real Estate needs of the communities of Manassas, Bristow, Haymarket, Warrenton, Gainesville and Culpeper  in Northern Virginia


Dave Scardina  
Broker / Owner

703-829-SOLD

866-909-0900

Facts About Manassas Real Estate / Buy and Sell Wisely

Manassas FAIR MARKET VALUE


When you buy Manassas real estate or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser uses the Rule of Three. What that means is the lender wants to evaluate three "comparables"recent sales of nearby homes that are very similar to the one you are buying. Based on this information, the lender will make adjustments to reflect the differences between the properties and arrive at a fair price for your home.

Manassas Real Estate Cycles


During a slow economic time, fewer people are buying homes in the Manassas market. Even so, some homeowners find themselves in a situation where they must sell. Families grow beyond the capacity of the home, employees get relocated, and some may even find themselves unable to make their mortgage payment - perhaps because of a layoff in the family.

During sellers' markets, Manassas real estate sells quickly and sellers have a lot of pricing power. As a result, prices rise more rapidly than at other times. During buyers' markets, Manassas real estate may sit on the market for a while before selling, so sellers become more flexible and may even drop their prices.


Buying Manassas Real Estate...Will it Pay?


A frequent question from prospective homebuyers relates to building home equity. Manassas buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the homes market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00. This is one way of building your Manassas home equity but there is more you can do.


Choosing Your Manassas Neighborhood


Youve probably heard about the three major determinants of Manassas values are: 1) location, 2) location and 3) location. This is not only true about real estate in Manassas; it is true about real estate in general. If you cannot afford what you want where you want it, give up something inside the house rather than settling on a lesser location.


Tips for Buying or Selling Manassas


Most experienced real estate agents and brokers already have Websites that showcase their local MLS data so your Manassas can show up online as soon as it is listed. On the other hand, if you are selling on your own it will take time or a considerable advertising budget to get your individual Manassas property to show up on the major search engines where prospective buyers will find it. You could tap into one of the several For Sale by Owner Websites but that would limit your market of buyers.

Buying real estate in Manassas is also much easier when you work with a real estate agent who knows the area and the market. While there is a great deal of information online about real estate asking prices, it is not always so easy to find out what a property actually sold for. And even then, specific terms of a sale often make a difference in how to interpret the sales price.


Manassas INVESTMENT


Investing in Manassas as a second home or as a rental has many advantages. But before you invest, it is a good idea to acquaint yourself with the actual sales price of similar properties and to get a picture of the Manassas market in general. Please contact this office for detailed information on Manassas market