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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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Tips for Buying Haymarket Real EstateHaymarket Fixed or Adjustable?
The fixed rate mortgages offer Haymarket real estate buyers peace of mind with predictable monthly payments. Taxes may go up but the principle and interest will remain fixed throughout the life of the loan. When interest rates were rising rapidly in the late 1970s, lenders came up with ARMs or Adjustable Rate Mortgages. With an ARM, the borrower assumes the risk of rising interest rates. Both have their advantages and disadvantages.
Adjustable Rate Loans for Haymarket
ARMS may be called by various names including, variable-rate loans, adjustable rate loans or adjustable mortgage loans for your Haymarket home. They all feature an interest rate that can vary over the rate of the loan.
Advantages: The monthly payment on a typical ARM is lower in the early stages than the fixed rate loan. This may make it easier for the buyer to afford the Haymarkethome.
Disadvantages: As interest rates increase, your monthly payment may increase or the amount of your payment applied to the principle may decrease which means that you must gamble on property appreciation to offset this increase in your indebtedness.
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.
Haymarket Disclosure Rule
Tell All is definitely the rule for anyone who is selling Haymarket real estate in today’s market. Let the Buyer Beware can easily come back and bite you in a delicate spot—your pocketbook.
Today, those selling a home or any Haymarket are expected to disclose all known material defects that are not readily apparent to the buyer. A Material Defect is usually a physical condition that would affect a buyer’s decision to purchase the home or what price to pay for the home. A leaky roof is definitely a Material Defect. If a Haymarket seller tries to disguise the leak by painting the interior ceiling and walls without fixing the leak, the truth will come out the next time it rains. Chances are the first call the buyer makes will be to his attorney.
The Benefits of Selling Haymarket
As you know, you are allowed to sell your Haymarket principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain of the sale on your Federal income tax. Please note: This is not a once in a lifetime tax savings and you don’t have to be any certain age or buy a more expensive property. If you meet the two-year residence test you can sell your principal residence every two years if you are so inclined and the market cooperates. But this tax saving does not affect rental property unless you convert the rental to your personal residence, live in it for two years and then sell it.
Haymarket SAVINGS
Everyone wants to buy the home of their dreams at the lowest possible price. Here is a tip for making the best Haymarket buying decision. Make sure you know the actual real estate values in the area or areas where you plan to buy so that when you come across a home priced below market, you will know it.
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