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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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Learn About Haymarket HomesHaymarket Home Improvement
Don't underestimate how much projects will cost. Expenses usually are added, not subtracted. Homeowners, even Haymarket homeowners, routinely go 20% to 30% over budget. Remember, it is common to under budget cost and time.
When remodeling for resale, don't waste time with renovations that won't pay off. If you must have a pool, you still may have to lower your expectations on who will be interested in buying. The National Association of Realtors/Remodeling magazine study has identified four renovations that show the greatest return at resale: improvements to siding, windows, kitchens and bathrooms. Remember you have a lot invested in Haymarket.
Haymarket FAIR MARKET VALUE
When you buy Haymarket real estate or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser uses the Rule of Three. What that means is the lender wants to evaluate three "comparables"—recent sales of nearby homes that are very similar to the one you are buying. Based on this information, the lender will make adjustments to reflect the differences between the properties and arrive at a fair price for your home.
Haymarket 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. Haymarket is no different than most, although the Haymarket market does have it's own special circumstances.
Want to get a clear and up-to-date picture of the Haymarket 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.
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 home’s 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.
Haymarket BASICS
Location, location, location pretty much describes the basics of all real estate markets and the Haymarket market is no exception. A lovely estate home next door to a power plant or on a hill where major sliding has occurred is not as valuable as that same home in a quiet, tree-lined neighborhood. This is why most astute buyers tend to rely on real estate agents who are well versed in the community and know the area well.
Haymarket DOWNTURNS
Real estate markets are affected by the economy as a whole and in turn, can affect the general economy. Of course, a buyer’s dream is to buy Haymarket when prices are low and sell when prices are high. However, real estate is not exactly like other forms of investment and most people become comfortable and attached to their homes and are not interested in selling just because the market is right.
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