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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 EstateManassas Home Buying Pitfalls
Buying your Manassas home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes in Manassas, the more likely you are to avoid them.
Make sure that when you put in an offer on any Manassas home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal.
Manassas Real Estate Cycles
In the business cycle of real estate, there are buyers' markets and sellers' markets...and some markets in between. It is all based on supply and/or demand. Manassas is no exception.
There are times when the economy is brisk and everyone feels confident about his or her prospects for the future. As a result, they spend money. People eat out more, buy new cars, and... they buy houses, namely Manassas.
Then, for one reason or another, the economy slows down. Companies lay off employees and consumers are more careful about where they spend money, perhaps saving more than usual. As a result, the economy decelerates. When there are fewer people in the market to buy homes. This is true for the Manassas real estate market as it is for all markets nationwide.
Buying a Manassas Fixer-Upper
Some Manassas investors concentrate on buying fixer-uppers, making repairs and upgrades then selling for a profit. Going with a Manassas fixer-upper can also be a smart way for those who are handy to buy a home in a neighborhood that they might otherwise be unaffordable. Fixer-uppers are a wonderful opportunity for those who simply love to create their space to their own specifications but for whatever reason do not want to start with a vacant lot.
Best to know the extent of the job and whether or not you are up to it before you buy. Some Manassas fixer-uppers simply need cosmetic work such as paint, wallpaper, carpeting and maybe kitchen appliances are fairly easy to estimate the costs for fixing. Manassas homes that need minor structural repairs such as roofing are also fairly easy to cost estimate.
Does Your Manassas Have Curb Appeal?
Good curb appeal is definitely an advantage to home sellers when prospective buyers visit your Manassas and can be an advantage in advertising in the newspaper and on the Internet. However, it is important to note that even a home with great curb appeal can look bad in an advertisement if the photographer did a bad job with the camera. A photograph of a Manassas home on a dreary day will look quite different from a photo of the same home when the sun is shining. Sometimes it is better to take a picture of a home from an angle rather than a straight on shot that may turn out to be more about the garage door than about the house itself.
When Manassas Does Not Sell
Here is where your agent’s expertise and diligence comes into play. A top agent will consider what similar Manassas have sold for within the last 3 to 6 months and compare those homes condition, features and location with your home. If there are no comparable sales in the area, which is often the case with custom or one-of-a-kind properties, the agent may suggest that you obtain a formal appraisal.
A homeowner who must sell and sell quickly needs to price their Manassas at or slightly below market to ensure a quick sale. A different homeowner may want to sell but has time and wants to get the top market price. These homeowners will often price the home slightly above current market prices and expect interested buyers to offer a lower amount to start the negotiation.
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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