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 Real Estate News / Help for Buyers and Sellers

Manassas Lot


Financially that may be a good strategy but take heed and purchase your Manassas lot with care. Why? Because it can happen that the lot you buy today is not suited at all for the Manassas home you want to build in the future. Here are some things to watch out for.

Manassas HOME BUYING MORTGAGE PITFALLS TO AVOID


ALL MORTGAGES ARE NOT ALIKE. There are far too many variablestype of mortgage, term, lender and amount of points to mention a fewnot to investigate all of your options in Manassas. Dont simply accept the first plan presented to you, whether it is from a mortgage broker, an agent or on the recommendation of a friend. Spend time comparing to get the best plan for you.

HOME INSPECTION A MUST. If you should ever think about skipping the Manassas home inspection in order to save money, stop and give yourself a good shaking. In the scheme of things, the Home Inspection fee is small potatoes but it is a very important step for any buyer to take. Going without a Home Inspection or choosing an unqualified inspector puts you at risk for not knowing about potentially expensive or even hazardous defects in the property.

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.


Manassas Real Estate Cycles


What makes most sense is the "buy and hold" strategy. Buy a home you expect to remain in for at least seven years or more. Manassas is no different than most, although the Manassas market does have it's own special circumstances.

Want to get a clear and up-to-date picture of the Manassas real estate market? Call me at any time. I am happy to share my knowledge of the real estate market with homeowners and prospective homeowners who want to take advantage of market trends to buy and/or sell wisely.


Buying a Manassas Fixer-Upper


This, of course, depends on the condition of the Manassas home and the estimated cost of the repairs you must make. Manassas real estate in a good neighborhood that is priced about 25% lower than others that are in good shape may be a good deal if it simply needs cosmetic or minor structural repairs. If the house is a gut job, that is the entire inside will be torn out and rebuilt the 25% rule may work and may not so estimate your costs as closely as possible.

Shopping by neighborhood makes good sense when considering the purchase of a fixer upper. As a buyer, the more you know about the Manassas homes in a particular area the better able you are when it comes time to judge whether or not a home your are considering meets the financial parameters you are looking for.


When Manassas Does Not Sell


Here is where your agents expertise and diligence comes into play. A top agent will consider what similar Manassas have sold for within the last 3 to 6 months and compare those homes condition, features and location with your home. If there are no comparable sales in the area, which is often the case with custom or one-of-a-kind properties, the agent may suggest that you obtain a formal appraisal.

A homeowner who must sell and sell quickly needs to price their Manassas at or slightly below market to ensure a quick sale. A different homeowner may want to sell but has time and wants to get the top market price. These homeowners will often price the home slightly above current market prices and expect interested buyers to offer a lower amount to start the negotiation.