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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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Manassas Homes Guide / Tips for Buyers and SellersManassas Fixed or Adjustable?
The fixed rate mortgages offer Manassas real estate buyers peace of mind with predictable monthly payments. Taxes may go up but the principle and interest will remain fixed throughout the life of the loan. When interest rates were rising rapidly in the late 1970s, lenders came up with ARMs or Adjustable Rate Mortgages. With an ARM, the borrower assumes the risk of rising interest rates. Both have their advantages and disadvantages.
Manassas. How Much Should You Offer?
Comparable sales figures is a good guide for homeowners who are pricing their Manassas and a good guide for prospective buyers. Make sure you compare homes that are similar to the one your are considering...the same neighborhood, the same size, the same condition. Also, make sure you compare sales within the past six months.
Ask your REALTOR for a comparison of the list price and sales price of comparable Manassas sales. This information may give you a trend and a guideline for your offer. For example, maybe homes in the area have consistently listed for more than they actually sold for. If that is the case, find out what percentage of reduction occurred. Use this information as a basis for your offer.
Bitten by the Manassas Home Improvement Bug?
Before you finalize your decision regarding remodeling versus moving, it is wise to get a professional estimate of your Manassas home’s 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. I’ll be happy to provide you with a complimentary analysis of your home’s 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.
Choosing Your Manassas Neighborhood
You’ve probably heard about the three major determinants of Manassas values are: 1) location, 2) location and 3) location. This is not only true about real estate in Manassas; it is true about real estate in general. If you cannot afford what you want where you want it, give up something inside the house rather than settling on a lesser location.
What Makes Manassas Sell?
If your only reason for selling your Manassas is for the purpose of taking your profits there are a couple ways to approach this. Assuming you have lived in the Manassas for two years so you can avoid federal tax consequences, if you sell when prices are high and rent until prices come down before buying a replacement home, you will have maximized your profit. Remember, if you sell when prices are low, you will still make a profit and be able to buy a replacement home while prices are still low.
Manassas DEPRECIATION
Depreciation is the loss of value of a building or an asset due to wear, tear, and aging. Depreciation cannot be applied to your personal residence unless you use your Manassas in some way for business. If you do depreciate a part of your home, let's say a home office, there are tax consequences you must consider when you sell your home.
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