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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 Real Estate / Help for Buyers and SellersFinding a Buyer for Your Manassas Home
Once your Manassas home is ready to show, your agent will list the property in the MLS or Multiple listing Service. Most homes are sold as a direct result of their listing in the MLS, which today also means the home will get extensive Internet exposure. Other ways that your agent will use to find buyers include advertising in newspapers and magazines, holding open house and signage.
Manassas Housing Patterns
Manassas Housing patterns tend to be homogenous, meaning homes worth $100,00 are located in $100,000 neighborhoods. It is important for properties to be within the general pricing patterns of their neighborhoods because over-valued homes, even if they are exceptional, are sometimes difficult to sell at full market price. Remember, lenders want to compare your home to nearby homes. If your Manassas real estate is located in a neighborhood of $100,000 homes but you have added another $100,000 in improvements, you may have over- improved your property in that lenders will be reluctant to lend the higher amount.
Many sellers think that the price of their home is determined solely by what they are willing to accept and what the buyer is willing to pay. However, the lender’s appraisal in Manassas is one more variable and it can complicate the sale of your home. In these cases, it helps to have a knowledgeable REALTOR working on your side.
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.
Manassas 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 Manassas market does not necessarily move in tandem with the stock market or the economy as a whole. Manassas 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 Manassas is no exception. When the economy slows down, interest rates fall, the "affordability index" moves up and more people can afford houses. The Manassas market will take the lead.
Guidelines for Buying Manassas
The Internet is great but nothing really substitutes for your personal inspection of homes that are for sale in the Manassas. When you have visited plenty of homes online and in person when the right property comes along you will know it.
It is perfectly normal for buyers to have a general idea of what they want in a home without a great deal of specificity. Research, both online and in person will help you define your Manassas needs but you can and should know your financial needs before you even start looking. I recommend that buyers go through the process of prequalifying with a lender or at least with a real estate agent in order to narrow the search among homes that are a possibility. Many agents refuse to show homes to prospective buyers who have not been pre-qualified.
Manassas ...How To Determine Price
The asking price of your Manassas real estate is not something to decide willy-nilly. Price it too high and you may not get any offers. Price it too low and you fail to maximize the return on your investment. Here is a good way to go about determining the price for your Manassas home.
Buyers who will consider your Manassas are out there inspecting and comparing a variety of homes that are for sale at the same time your home is on the market. If your home is priced significantly higher than comparable Manassas homes, you may not get very many buyers to even look at your home. Ultimately, it is buyers who determine what your home is worth. Buyers who are represented by an agent are privy to knowledge of what homes are actually selling for. You should be armed with this knowledge as well and you should use this knowledge to guide your pricing decision.
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