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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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Haymarket Homes for saleHaymarket FAIR MARKET VALUE
Setting the right price is an important first step in getting a home sold. Sellers often wonder if they should spend $200 to $400 for a professional appraisal of their Haymarket real estate before placing it on the market.
WAYS TO DETERMINE VALUE IN Haymarket
A professional appraiser's opinion of a property's market value is based on the recent sales of similar Haymarket real estate. Different appraisers could come up with different numbers. Even if all of them agreed on a value, there is no guarantee that you would receive that amount for your property. An alternative to a professional appraisal is to ask a professional Realtor for a written market analysis of your property. This analysis will include information about recent home sales in your neighborhood, as well as how those homes compare to yours.
Haymarket Housing Patterns
Haymarket 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 Haymarket 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 Haymarket 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.
Haymarket 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 Haymarket market does not necessarily move in tandem with the stock market or the economy as a whole. Haymarket 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 Haymarket is no exception. When the economy slows down, interest rates fall, the "affordability index" moves up and more people can afford houses. The Haymarket market will take the lead.
Before You Buy Your Haymarket Home
Whether you are a first time buyer or someone who is moving up to a more expensive home it’s a good idea to start by cleaning up your credit report. Let’s 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
Does Your Haymarket Have Curb Appeal?
Good curb appeal is definitely an advantage to home sellers when prospective buyers visit your Haymarket and can be an advantage in advertising in the newspaper and on the Internet. However, it is important to note that even a home with great curb appeal can look bad in an advertisement if the photographer did a bad job with the camera. A photograph of a Haymarket home on a dreary day will look quite different from a photo of the same home when the sun is shining. Sometimes it is better to take a picture of a home from an angle rather than a straight on shot that may turn out to be more about the garage door than about the house itself.
Haymarket DEDUCTIONS
One of the advantages of home ownership is that while most other types of interest are not tax deductible, the interest you pay on your Haymarket loan is deductible on your Federal and State income tax. This fact alone gives homeowners a distinct advantage over renters.
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