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

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Shopping for Your Haymarket Real Estate Loan


Haymarket Real Estate Loans have become part of a worldwide mortgage market and mortgage lending is impersonal and competitive. When you shop for the best loan dont pay too much attention to who is originating the loan. Instead focus on interest rate, points, processing costs and whether you want a fixed rate or an adjustable rate loan. The reason for this is that more than likely, your Haymarket real estate loan will be sold to one of the organizations made up of what is known as The Secondary Market.

Before You Buy Your Haymarket Home


Whether you are a first time buyer or someone who is moving up to a more expensive home its a good idea to start by cleaning up your credit report. Lets say you apply for a loan to purchase an Haymarket condo, town home, single-family home or any type of Haymarket. The lender will check out your monthly income and outgo to determine if you can afford to repay the loan. Therefore, it is to your advantage to pay off as many high-interest consumer loans as possible. If you are planning on buying a car, a boat or other major purchase, put it off until after you have bought your selected Haymarket real estate. Lenders look for certain patterns they consider red flags. These are: late payments, overextension, liens, garnishments and, of course, bankruptcy. Remember, debts reduce the amount of cash you can spend on the Haymarket you want to buy, so clear the decks as much as possible before applying for a loan


Bitten by the Haymarket Home Improvement Bug?


Money isnt everything however so that if the most important consideration for remaining in your Haymarket home happens to be the school where your children attend or the proximity to your work or to a particularly attractive recreational opportunity then remodeling may be the best option. On the other hand, if the idea of having your Haymarket house torn up for weeks at a time makes your blood run cold, it really doesnt matter how much money you might make turning a fixer-upper into a model home. You will be far better off selling the home you have and moving to a home that better fits your needs.

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 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, 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.

Tips for Buying or Selling Haymarket


Most experienced real estate agents and brokers already have Websites that showcase their local MLS data so your Haymarket can show up online as soon as it is listed. On the other hand, if you are selling on your own it will take time or a considerable advertising budget to get your individual Haymarket property to show up on the major search engines where prospective buyers will find it. You could tap into one of the several For Sale by Owner Websites but that would limit your market of buyers.

Buying real estate in Haymarket is also much easier when you work with a real estate agent who knows the area and the market. While there is a great deal of information online about real estate asking prices, it is not always so easy to find out what a property actually sold for. And even then, specific terms of a sale often make a difference in how to interpret the sales price.