 |
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
|
|
|
|
|
Learn About Haymarket HomesHaymarket Homebuyers Quandry
Before you begin your next home search, make sure the Haymarket you have is Market Ready. If painting or landscaping or repairs need doing, get them done. If you are going to go out house-hunting you may save yourself a lot of heartache and headache if your house is ready to be listed at a moment’s notice.
In many cases the amount you expect to realize from your existing Haymarket real estate will determine the price you can afford to pay for your next home. Start with a Comparative Market Analysis so you will know about how much you can afford to spend.
Bitten by the Haymarket 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 Haymarket 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 Haymarket, 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 Haymarket Home Equity
A popular question from prospective Haymarket homebuyers relates to building home equity. 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 home’s 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, especially in Haymarket.
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 Haymarket home equity faster by choosing a 15-year loan instead of a 30-year loan.
The Benefits of Selling Haymarket
If your Haymarket holdings consist of both a personal residence and a rental, you can sell your personal residence and exclude up to $250,000 ($500,000 for a married couple) on the gain. Then you move into your rental, live in it as your personal residence for two years and then sell it, again benefiting from the $250,000 or $500,000 exclusion. This is true even though most or all of the increase in value occurred before you converted the property to your personal residence.
When Haymarket Does Not Sell
The number one, main reason why a home remains on the market is PRICE. There can be other problems as well such as the home’s condition or location and even overall market conditions but the major reason for the NO SALE sign is the Haymarket is over priced. In fact, proper pricing will often overcome most all obstacles.
Some people prefer to buy Haymarket that needs some work if the price is right. Investors look at the property, evaluate the cost of brining it up to speed and make an offer if they feel they can make a quick profit. These kinds of investors are looking to fix and flip. Others with limited budgets may see the fixer-upper as a way to get started with Haymarket ownership. They may spend years working on improving the home, making improvements as they can afford it. So, a home’s poor condition will not prevent a sale if the price reflects the situation.
Haymarket DOWNTURNS
Real estate markets are affected by the economy as a whole and in turn, can affect the general economy. Of course, a buyer’s dream is to buy Haymarket when prices are low and sell when prices are high. However, real estate is not exactly like other forms of investment and most people become comfortable and attached to their homes and are not interested in selling just because the market is right.
|
|
|
