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DC
METRO REAL ESTATE
Serving
the Real Estate needs of the communities of
Manassas, Bristow, Haymarket, Warrenton, Gainesville
and Culpeper in Northern Virginia
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Dave
Scardina
Broker
/ Owner
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703-829-SOLD
866-909-0900
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Facts About Manassas Real Estate Values / Buyer – Seller Tips Manassas Real Estate Cycles
One problem with attempting to time your purchase to the business cycle is that even experts have problems accurately predicting the future economy. Even when they can, the Manassas market does not necessarily move in tandem with the stock market or the economy as a whole. Manassas is a unique situation.
When the economy is doing well, interest rates are generally higher. The result is that fewer people can afford houses, and Manassas is no exception. When the economy slows down, interest rates fall, the "affordability index" moves up and more people can afford houses. The Manassas market will take the lead.
Guidelines for Buying Manassas
The Internet is great but nothing really substitutes for your personal inspection of homes that are for sale in the Manassas. When you have visited plenty of homes online and in person when the right property comes along you will know it.
It is perfectly normal for buyers to have a general idea of what they want in a home without a great deal of specificity. Research, both online and in person will help you define your Manassas needs but you can and should know your financial needs before you even start looking. I recommend that buyers go through the process of prequalifying with a lender or at least with a real estate agent in order to narrow the search among homes that are a possibility. Many agents refuse to show homes to prospective buyers who have not been pre-qualified.
Bitten by the Manassas Home Improvement Bug?
Unless money simply isn’t an issue, the financial implications of remodeling are definitely something to consider. When it comes time to sell your Manassas home, the new buyer will usually not pay for over-improvements. This means that if you have the smallest home in an area of larger, more expensive homes, home improvements may make very good financial sense. However, if you already have the largest, most expensive home in Manassas, more improvements may make you more comfortable but may not bring you a good financial return. You may find that it is financially wiser to sell and move to a different home that already has the features you want to add.
Building Manassas Home Equity
As a Manassas homeowner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in Manassas home equity, you gain $3,600.00.
The only factor being considered here is Home Equity. In individual cases it may be wiser to invest than to pre-pay your home loan. It also may be wiser to pay off high-interest, non-deductible loans before considering your Manassas home equity building options. Your financial advisor is the one to consult for these matters. If you would like up-to-the-minute information about Manassas home appreciation values in your area, please call or E-mail me today.
Green Remodeling Your Manassas
If you are planning to remodel your Manassas, keep home resale in mind and consider going green. Green remodeling is becoming more popular as homeowners consider health issues, skyrocketing energy costs and Earth’s natural resources. And, when it comes time to sell your home, your energy efficient and Earth saving remodeling may help you sell your Manassas quickly and for top dollar.
Manassas BARGAINS
A bargain exists in the mind of a buyer when entering into an agreement to exchange goods when the buyer thinks the price is favorable. Bargains can always be found in the Manassas market if a buyer is patient and willing to wait for a truly motivated seller. In economic downturns many people believe that foreclosures and short sales are automatically bargains when, in fact, this may not be the case.
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