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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 Real Estate ValuesHaymarket-Home of Their Dreams
Ever think you would like to build your own Haymarket home and have everything just the way you want it? Lots of people do and they often start by looking at land or lots for sale. With many people the idea is to buy a lot today, get it paid off or mostly paid off and then sometime in the future, contract with a custom builder for the Home of their Dreams via Haymarket.
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.
Rent or Buy Haymarket
In the early years of your Haymarket mortgage, nearly all of every monthly payment is interest. This means you are only paying off a tiny bit of the loan principal, but it is good news in terms of tax savings.
The monthly payment for a $100,000, 30-year, 8% mortgage on your Haymarket would be about $734. In the first year of your mortgage, $7,970 of your $8,805 payment or 91% would be deductible as mortgage interest. Even in the tenth year, almost 81% of your payments would be deductible. What this is worth to you depends on your tax bracket but this tax savings built into the home-buying equation is why you can afford to make higher mortgage payments than your current rent payments without squeezing your budget. There is no similar tax subsidy for renters.
What Makes Haymarket Sell?
The Condition affects its salability and possibly price. Haymarket that is in move-in condition will usually sell for a higher price than a home that suffers from deferred maintenance.
The Home’s Accessibility refers to just that. Is the Haymarket accessible to shopping and local transportation? For some this would be a necessity and for others, the more remote the better.
Marketing Exposure refers to how Haymarket is advertised. Today the Internet is a fantastic way to market a home but it is still true that the best service a listing agent can do for sellers is to promote the home heavily with local brokers and agents. The Internet and other advertising certainly help, but it is still true that in most cases it is the agent that sells the home by making sure the right buyers know about it.
Haymarket ADVANTAGE
The advantages of buying in any particular city or area depend on the buyer’s individual needs. Factors include proximity to schools, work, shopping, recreation, cultural opportunities and health care. Affordability is another important factor. So your first step in considering Haymarket or any other city is to determine which of your needs are met and which are not met.
Haymarket BARGAINS
A bargain exists in the mind of a buyer when entering into an agreement to exchange goods when the buyer thinks the price is favorable. Bargains can always be found in the Haymarket market if a buyer is patient and willing to wait for a truly motivated seller. In economic downturns many people believe that foreclosures and short sales are automatically bargains when, in fact, this may not be the case.
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