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

Haymarket Homes and Condos

Haymarket 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 Haymarket market does not necessarily move in tandem with the stock market or the economy as a whole. Haymarket 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 Haymarket is no exception. When the economy slows down, interest rates fall, the "affordability index" moves up and more people can afford houses. The Haymarket market will take the lead.


Haymarket Real Estate Title Insurance


Buyers in the Haymarket market can be tempted to save money by foregoing a title search but the risks are heavy because title problems are many and varied. Some typical problems that title searches have uncovered include a second mortgage on a home that does not appear to have been paid off. The sellers borrowed money years ago from a parent who insisted that a second mortgage be recorded. The loan was repaid but the title wasnt cleared. Another typical Haymarket problem occurs when an owner had work done on the property but for one reason or another failed to pay the contractor in full. The contractor filed a mechanics lien on the property and it has never been removed. These are liens on the property and if you take title to a property without clearing these liens or encumbrances, you may be responsible them.


Bitten by the Haymarket Home Improvement Bug?


Before you finalize your decision regarding remodeling versus moving, it is wise to get a professional estimate of your Haymarket homes current value, the actual costs of moving to a different home and the estimated return on investment of the most common types of home improvement. Ill be happy to provide you with a complimentary analysis of your homes current value. Simply call or E-mail me whenever you are ready. As for improvements that traditionally bring the highest rate of return on investment, here are some statistics. Kitchen remodeling and adding a bath tends to bring rates of return with averaging anywhere from 85% to 95% return on your dollars spent. Compare that with the 64% return on investment for adding a home office.

Buying Haymarket Below Market


While the perfect Haymarket option at the right price might come on the market within a couple of weeks, dont expect that kind of time frame. You must be prepared to wait months for right property, and the Haymarket is no exception. Remember, most sellers tend to ask MORE than their property is worth, not less so bargains dont pop up every day. Often times, homes that are on the market for too long a period of time will come down in price as the homeowners get tired of having their house for sale but unless the seller is really pressed, home prices tend to come down is small increments unless there is an unfortunate circumstance that might cause the homeowner to price the Haymarket under market for the specific purpose of getting a fast sale.

Buying Haymarket Real Estate...Will it Pay?


With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Haymarket faster by choosing a 15-year loan instead of a 30-year loan.

As a Haymarket real estate owner you have the right to pay more towards the principle loan amount each month. Lets 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 home equity, you gain $3,600.00. Investing in Haymarket can be a very good idea.


Green Remodeling Your Haymarket


If you are planning to remodel your Haymarket, keep home resale in mind and consider going green. Green remodeling is becoming more popular as homeowners consider health issues, skyrocketing energy costs and Earths natural resources. And, when it comes time to sell your home, your energy efficient and Earth saving remodeling may help you sell your Haymarket quickly and for top dollar.