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

Manassas Condos

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


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.


Guidelines for Buying Manassas


Whether you are a seasoned veteran of real estate transactions or a first time buyer, my advice is the same: Know the Market, Know Yourself and Rely on Experts to give you the whole picture of what you are buying.

Know the Manassas Market. Another way of stating this is Research, Research, Research. Of course the Internet is a great way to give an overview of Manassas homes or homes in any given area but may not be enough, especially if you are looking to buy a home some distance from where you currently live. If you are looking to buy locally you can drive the neighborhoods that you are focusing on to get an idea if there are any problems you need to be aware of. Does part of the development back up to a busy highway? If so and if you want to avoid looking at homes in that area, know what streets are involved so you can recognize listings that may be involved.

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.


Rent or Buy Manassas


For most people, the chance to trade nondeductible rent payments for mostly deductible mortgage payments is a powerful inducement to trade a rental home into a Manassas of your own. This is by far the single most important reason why people decide to buy their first Manassas.

However, whether you are considering your first Manassas investment or planning to move up, the number crunching necessary to figure out how much house you can afford depends on two calculations: one for actual monthly outlays, the other for the true, after tax costs.


Manassas SAVINGS


Everyone wants to buy the home of their dreams at the lowest possible price. Here is a tip for making the best Manassas buying decision. Make sure you know the actual real estate values in the area or areas where you plan to buy so that when you come across a home priced below market, you will know it.