Apply a Fresh Coat of Light-Colored, Neutral Paint to Your Walls
The people who are considering buying your home want to see what it looks like. Keeping this in mind, repaint any dark rooms with white or neutral paint. You may prefer darkly colored rooms, but most buyers will be able to imagine their furniture more easily in a neutral-colored room.
White ceilings are always preferable. If time is of the essence and you cannot paint entire rooms, quickly adding coat of white paint to the ceilings can make all the difference in the world.
Chris Colgan
Re/Max Regency
www.ChrisColgan.com
www.facebook.com/ChrisColganTeam
703-485-1435
Saturday, February 26, 2011
Manassas Homes For Sale 02-24-2011
New and modified real estate listings
"Homes for Sale"
In Prince William County
for 2011-02-24
MN7538076 8637 MATHIS AVE 8637D MANASSAS PARK PINEWOOD PARK $1300 Listing Company Keller Williams Realty/Lee Beaver & Assoc.
MP7538146 8680 INYO PL 32 WOODBRIDGE LAKE RIDGE $1400 Listing Company RE/MAX 100
PW7538539 12160 OLD SALEM CT OCCOQUAN OCCOQUAN TOWN $1500 Listing Company RE/MAX Regency
PW7537841 201 UNION ST WOODBRIDGE RIPPON LANDING $1950 Listing Company W J D Management
PW7538534 15671 WILLIAM BAYLISS CT WOODBRIDGE HARBOR VIEW CONDO AT BEL $2200 Listing Company 1st Choice Better Homes & Land, LC
PW7537990 485 HARBOR SIDE ST 801 WOODBRIDGE VININGS $154000 Listing Company Coldwell Banker Residential Brokerage
PW7537767 12016 CARDAMOM DR 12016 MANASSAS YORKSHIRE PARK $159900 Listing Company Jobin Realty
PW7538336 7608 POPLAR ST WOODBRIDGE GEORGETOWN PARK $165000 Listing Company Confidence Realty
PW7538133 4707 SOUTH PARK CT MANASSAS DEER PARK $168500 Listing Company Samson Properties
MN7537762 8635 LIBERIA AVE WOODBRIDGE DALE CITY $174950 Listing Company Keller Williams Realty
PW7538399 3506 BUFFALO CT WOODBRIDGE MARUMSCO ACRES $179990 Listing Company ERA Blue Diamond Realty
PW7538098 14303 RANDALL DR N WOODBRIDGE DALE CITY $199500 Listing Company Coldwell Banker Residential Brokerage
PW7537796 14284 LINDENDALE RD WOODBRIDGE RIPPON LANDING $224900 Listing Company Signature Realtors Inc
PW7538441 2135 CALLAO CT MANASSAS PARADISE $224990 Listing Company Keller Williams Realty/Lee Beaver & Assoc.
PW7537760 10646 WINFIELD LOOP MANASSAS PARK MANASSAS PARK $226000 Listing Company Avery-Hess, REALTORS
MP7538283 138 CABBEL DR GAINESVILLE MADISON CRESCENT CONDOMI $249000 Listing Company Long & Foster Real Estate, Inc.
PW7538428 8019 CRESCENT PARK DR S 185 GAINESVILLE VILLAGE PLACE AT GAINESV $250000 Listing Company RE/MAX Premier
PW7538035 6994 LANDSEER DR WOODBRIDGE POTOMAC CLUB CONDOMINIUM $280000 Listing Company e Venture LLC
PW7537803 2172 OBERLIN DR 145A MANASSAS NONE $325000 Listing Company Keystone Realty
PW7538382 9806 MONTYVILLE DR BRISTOW KINGSBROOKE $329900 Listing Company International Real Estate Company
PW7538346 9192 LOST FIELDS CT DUMFRIES MONTCLAIR $349000 Listing Company Prudential Carruthers REALTORS
PW7538117 15454 SUGARBUSH LN WOODBRIDGE PR WM TOWN CENTER $369000 Listing Company Weichert, REALTORS
PW7537752 4623 MONTEGA DR WOODBRIDGE WINDING CREEK ESTATES $379950 Listing Company A-One Home Inc.
PW7538430 5758 MOONBEAM DR MANASSAS COLES RUN MANOR $379990 Listing Company Exit Realty Talbot And Company
PW7537956 1 MINERAL SPRINGS DR GAINESVILLE HERITAGE HUNT $384900 Listing Company Keller Williams Realty
PW7538152 13460 FIELDSTONE WAY WOODBRIDGE MARKHAMS GRANT $385000 Listing Company Jobin Realty
PW7538324 2923 ROTTERDAM LOOP MANASSAS COLES RUN MANOR $389990 Listing Company Exit Realty Talbot And Company
PW7537981 3 MINERAL SPRINGS DR MANASSAS COLES RUN MANOR $389990 Listing Company Exit Realty Talbot And Company
PW7537970 2 MINERAL SPRINGS DR WOODBRIDGE PORT POTOMAC $399931 Listing Company RE/MAX Allegiance
PW7537886 2520 PORT POTOMAC AVE MANASSAS COLES RUN MANOR $399990 Listing Company Exit Realty Talbot And Company
PW7537987 4 MINERAL SPRINGS DR MANASSAS COLES RUN MANOR $409990 Listing Company Exit Realty Talbot And Company
PW7537999 5 MINERAL SPRINGS DR DUMFRIES KESWICK FOREST $414990 Listing Company Innova Realty Group
PW7538409 4235 TALON DR MANASSAS ASHLAND $429900 Listing Company Better Homes Realty, Inc.
PW7537785 6361 COLONIAL VILLAGE LOOP MANASSAS SMALLS CROSSING $438772 Listing Company SMC Real Estate Corp.
PW7538218 5505 WEBSTERS WAY GAINESVILLE WENTWORTH GREEN $448915 Listing Company RE/MAX Gateway, LLC
PW7538425 13758 HASTENBACK DR MANASSAS PAYNES WOODS $450000 Listing Company RE/MAX Allegiance
PW7538109 11213 LAKE JACKSON DR GAINESVILLE WENTWORTH GREEN $469990 Listing Company RE/MAX Gateway, LLC
PW7538500 7626 HAMELIN LN WOODBRIDGE MEADOWS OF MINNIEVILLE $500000 Listing Company Re/Max Gateway
PW7537836 4001 PEARLBERRY CT HAYMARKET WESTMARKET $575000 Listing Company RE/MAX Olympic Realty
PW7538142 14854 CHINA CT GAINESVILLE FALKLAND FARM $750000 Listing Company Thomas & Talbot Real Estate
PW7538115 7450 CERRO GORDO RD
"Homes for Sale"
In Prince William County
for 2011-02-24
MN7538076 8637 MATHIS AVE 8637D MANASSAS PARK PINEWOOD PARK $1300 Listing Company Keller Williams Realty/Lee Beaver & Assoc.
MP7538146 8680 INYO PL 32 WOODBRIDGE LAKE RIDGE $1400 Listing Company RE/MAX 100
PW7538539 12160 OLD SALEM CT OCCOQUAN OCCOQUAN TOWN $1500 Listing Company RE/MAX Regency
PW7537841 201 UNION ST WOODBRIDGE RIPPON LANDING $1950 Listing Company W J D Management
PW7538534 15671 WILLIAM BAYLISS CT WOODBRIDGE HARBOR VIEW CONDO AT BEL $2200 Listing Company 1st Choice Better Homes & Land, LC
PW7537990 485 HARBOR SIDE ST 801 WOODBRIDGE VININGS $154000 Listing Company Coldwell Banker Residential Brokerage
PW7537767 12016 CARDAMOM DR 12016 MANASSAS YORKSHIRE PARK $159900 Listing Company Jobin Realty
PW7538336 7608 POPLAR ST WOODBRIDGE GEORGETOWN PARK $165000 Listing Company Confidence Realty
PW7538133 4707 SOUTH PARK CT MANASSAS DEER PARK $168500 Listing Company Samson Properties
MN7537762 8635 LIBERIA AVE WOODBRIDGE DALE CITY $174950 Listing Company Keller Williams Realty
PW7538399 3506 BUFFALO CT WOODBRIDGE MARUMSCO ACRES $179990 Listing Company ERA Blue Diamond Realty
PW7538098 14303 RANDALL DR N WOODBRIDGE DALE CITY $199500 Listing Company Coldwell Banker Residential Brokerage
PW7537796 14284 LINDENDALE RD WOODBRIDGE RIPPON LANDING $224900 Listing Company Signature Realtors Inc
PW7538441 2135 CALLAO CT MANASSAS PARADISE $224990 Listing Company Keller Williams Realty/Lee Beaver & Assoc.
PW7537760 10646 WINFIELD LOOP MANASSAS PARK MANASSAS PARK $226000 Listing Company Avery-Hess, REALTORS
MP7538283 138 CABBEL DR GAINESVILLE MADISON CRESCENT CONDOMI $249000 Listing Company Long & Foster Real Estate, Inc.
PW7538428 8019 CRESCENT PARK DR S 185 GAINESVILLE VILLAGE PLACE AT GAINESV $250000 Listing Company RE/MAX Premier
PW7538035 6994 LANDSEER DR WOODBRIDGE POTOMAC CLUB CONDOMINIUM $280000 Listing Company e Venture LLC
PW7537803 2172 OBERLIN DR 145A MANASSAS NONE $325000 Listing Company Keystone Realty
PW7538382 9806 MONTYVILLE DR BRISTOW KINGSBROOKE $329900 Listing Company International Real Estate Company
PW7538346 9192 LOST FIELDS CT DUMFRIES MONTCLAIR $349000 Listing Company Prudential Carruthers REALTORS
PW7538117 15454 SUGARBUSH LN WOODBRIDGE PR WM TOWN CENTER $369000 Listing Company Weichert, REALTORS
PW7537752 4623 MONTEGA DR WOODBRIDGE WINDING CREEK ESTATES $379950 Listing Company A-One Home Inc.
PW7538430 5758 MOONBEAM DR MANASSAS COLES RUN MANOR $379990 Listing Company Exit Realty Talbot And Company
PW7537956 1 MINERAL SPRINGS DR GAINESVILLE HERITAGE HUNT $384900 Listing Company Keller Williams Realty
PW7538152 13460 FIELDSTONE WAY WOODBRIDGE MARKHAMS GRANT $385000 Listing Company Jobin Realty
PW7538324 2923 ROTTERDAM LOOP MANASSAS COLES RUN MANOR $389990 Listing Company Exit Realty Talbot And Company
PW7537981 3 MINERAL SPRINGS DR MANASSAS COLES RUN MANOR $389990 Listing Company Exit Realty Talbot And Company
PW7537970 2 MINERAL SPRINGS DR WOODBRIDGE PORT POTOMAC $399931 Listing Company RE/MAX Allegiance
PW7537886 2520 PORT POTOMAC AVE MANASSAS COLES RUN MANOR $399990 Listing Company Exit Realty Talbot And Company
PW7537987 4 MINERAL SPRINGS DR MANASSAS COLES RUN MANOR $409990 Listing Company Exit Realty Talbot And Company
PW7537999 5 MINERAL SPRINGS DR DUMFRIES KESWICK FOREST $414990 Listing Company Innova Realty Group
PW7538409 4235 TALON DR MANASSAS ASHLAND $429900 Listing Company Better Homes Realty, Inc.
PW7537785 6361 COLONIAL VILLAGE LOOP MANASSAS SMALLS CROSSING $438772 Listing Company SMC Real Estate Corp.
PW7538218 5505 WEBSTERS WAY GAINESVILLE WENTWORTH GREEN $448915 Listing Company RE/MAX Gateway, LLC
PW7538425 13758 HASTENBACK DR MANASSAS PAYNES WOODS $450000 Listing Company RE/MAX Allegiance
PW7538109 11213 LAKE JACKSON DR GAINESVILLE WENTWORTH GREEN $469990 Listing Company RE/MAX Gateway, LLC
PW7538500 7626 HAMELIN LN WOODBRIDGE MEADOWS OF MINNIEVILLE $500000 Listing Company Re/Max Gateway
PW7537836 4001 PEARLBERRY CT HAYMARKET WESTMARKET $575000 Listing Company RE/MAX Olympic Realty
PW7538142 14854 CHINA CT GAINESVILLE FALKLAND FARM $750000 Listing Company Thomas & Talbot Real Estate
PW7538115 7450 CERRO GORDO RD
Tuesday, February 22, 2011
Monday, February 21, 2011
Prince William Real Estate market update for February 21 2011
Let’s take a look at the real estate market in Prince William County. Currently there are 1220 sales pending in the market overall, leaving 1478 listings still for sale. The resulting pending ratio is 45.2% (1,220 divided by 2,698). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 218 listings. The average list price (or asking price) for all properties in this market is $336,180.
A total of 2551 contracts have closed in the last 6 months with an average sold price of $282,992. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 271 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 40 properties.
You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 122 days.
Analysis of sold properties for the last six months reveals an average sold price of $282,922 and 47 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $256,211 with an average DOM of 61 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
''The average list-to-sales ratio for Prince William County is 98.8%.''
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
Prince William county is located in Northern Virginia. The estimated population for 2009 was around 400,000 people. According to the Census Bureau Prince William County has 348 Square miles. Main area/cites of Prince William County are Manassas, Manassas Park, Woodbridge, Gainesville, Haymarket, Bristow, and Dale City.
To search homes for sale in Prince William County visit www.PrinceWilliamCountyHomeFinder.com
Chris Colgan
Re/max Regency
www.ChrisColgan.com
703-485-1435
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 218 listings. The average list price (or asking price) for all properties in this market is $336,180.
A total of 2551 contracts have closed in the last 6 months with an average sold price of $282,992. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 271 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 40 properties.
You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 122 days.
Analysis of sold properties for the last six months reveals an average sold price of $282,922 and 47 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $256,211 with an average DOM of 61 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
''The average list-to-sales ratio for Prince William County is 98.8%.''
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
Prince William county is located in Northern Virginia. The estimated population for 2009 was around 400,000 people. According to the Census Bureau Prince William County has 348 Square miles. Main area/cites of Prince William County are Manassas, Manassas Park, Woodbridge, Gainesville, Haymarket, Bristow, and Dale City.
To search homes for sale in Prince William County visit www.PrinceWilliamCountyHomeFinder.com
Chris Colgan
Re/max Regency
www.ChrisColgan.com
703-485-1435
Saturday, February 19, 2011
Thursday, February 17, 2011
Monday, February 14, 2011
Prince William County Real Estate Market Update for February 14th 2011
Let’s take a look at the real estate market in Prince William County. Currently there are 1169 sales pending in the market overall, leaving 1519 listings still for sale. The resulting pending ratio is 43.5% (1,169 divided by 2,688). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 232 listings. The average list price (or asking price) for all properties in this market is $326,585.
A total of 2580 contracts have closed in the last 6 months with an average sold price of $284,853. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 277 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 40 properties.
You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 120 days.
Analysis of sold properties for the last six months reveals an average sold price of $284,853 and 47 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $257,014 with an average DOM of 60 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
''The average list-to-sales ratio for Prince William County is 98.8%.''
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
Prince William county is located in Northern Virginia. The estimated population for 2009 was around 400,000 people. According to the Census Bureau Prince William County has 348 Square miles. Main area/cites of Prince William County are Manassas, Manassas Park, Woodbridge, Gainesville, Haymarket, Bristow, and Dale City.
To search homes for sale in Prince William County visit www.PrinceWilliamCountyHomeFinder.com
Chris Colgan
Re/max Regency
www.ChrisColgan.com
703-485-1435
Chris Colgan has lived in Northern Virginia all his life. His Grandfather, Senator Charles Colgan, got him interested in real estate in 2003. By age 21 Chris was ready to try real estate and in August 2003 he became a full time agent. Chris developed a passion for every aspect of real estate and yearned to know as much as he could about the industry. He used the knowledge that he acquired to empower those within the real estate network as well as the clients during the home buying and selling process. Motivated also by the urge to provide value-added life experiences and promote home ownership across the NOVA community, Chris set his goals high from the start and never let down.
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 232 listings. The average list price (or asking price) for all properties in this market is $326,585.
A total of 2580 contracts have closed in the last 6 months with an average sold price of $284,853. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 277 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 40 properties.
You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 120 days.
Analysis of sold properties for the last six months reveals an average sold price of $284,853 and 47 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $257,014 with an average DOM of 60 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
''The average list-to-sales ratio for Prince William County is 98.8%.''
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
Prince William county is located in Northern Virginia. The estimated population for 2009 was around 400,000 people. According to the Census Bureau Prince William County has 348 Square miles. Main area/cites of Prince William County are Manassas, Manassas Park, Woodbridge, Gainesville, Haymarket, Bristow, and Dale City.
To search homes for sale in Prince William County visit www.PrinceWilliamCountyHomeFinder.com
Chris Colgan
Re/max Regency
www.ChrisColgan.com
703-485-1435
Chris Colgan has lived in Northern Virginia all his life. His Grandfather, Senator Charles Colgan, got him interested in real estate in 2003. By age 21 Chris was ready to try real estate and in August 2003 he became a full time agent. Chris developed a passion for every aspect of real estate and yearned to know as much as he could about the industry. He used the knowledge that he acquired to empower those within the real estate network as well as the clients during the home buying and selling process. Motivated also by the urge to provide value-added life experiences and promote home ownership across the NOVA community, Chris set his goals high from the start and never let down.
Saturday, February 12, 2011
Wednesday, February 9, 2011
What You Need to Know About Your House, Your Mortgage and Taxes
D I V O R C E:
What You Need to Know About Your House, Your Mortgage and Taxes
How to Avoid Costly Housing Mistakes in the Midst of a Divorce
Divorce is a tough situation which opens up many emotional and financial issues to be solved. One of the most important decisions is what to do about the house.
In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decision are easier. Neutral third-party information can help you make logical, rather than emotional, decisions.
Probably the first decision is whether you want to continue living in the house. Will the familiar surroundings bring you comfort and emotional security or unpleasant memories? Do you want to minimize change by staying where you are or sell your home and move to a new place that offers a new start?
Only you can answer these questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or, is it better to sell and buy? How much house can you buy on your new budget?
The purpose of this report is to help you ask the right questions so you can make informed decisions that will be right for your situation.
“Once you know how a divorce affects your home, mortgage and taxes, critical decisions are easier. Neutral, third-party information can help you make logical, rather than emotional, decisions.”
4 OPTIONS
You have 4 basic housing options when in the midst of a divorce:
1. Sell the house now and divide up the proceeds.
2. Buy out your spouse.
3. Have your spouse buy you out.
4. Retain your ownership.
It’s important for you to understand the financial implications of each of these scenarios.
1. Sell the House Now and Divide Up the Proceeds – Your primary consideration under these circumstances is to maximize your home’s selling price. We can help you avoid the common mistakes most homeowners make which compromise this outcome. As you work to get your financial affairs in order, make sure you understand what your net proceeds will be – i.e. after selling expenses, and after determining what your split of the proceeds will be. Note that the split may not be 50/50, but rather may depend on the divorce settlement, the source of the original down payment and the legislative property laws in your area.
2. Buy Out Your Spouse – If you intend to keep the house yourself, you’ll have to determine how you’ll continue to meet your monthly financial obligations if you now only have one salary. If you used two incomes to qualify for the old loan, refinancing on your own might be a challenge.
3. Have Your Spouse Buy You Out - If you are the one who is leaving, you have the opportunity to start again in new surroundings with cash in your pocket. However, be aware that if the old home loan is not refinanced, most lenders will consider both you and your spouse as original co-signers to be liable for the mortgage. This liability may make qualifying for a new mortgage difficult for you if you decide to purchase a home, even though you won’t have legal ownership.
4. Retain Joint Ownership – Some divorcing couples postpone a financial decision with respect to the home and retain joint ownership for a period of time even though only one spouse lives there. While this temporary situation means you have no immediate worries in this regard, keep your eye on tax considerations which may change from the time of your divorce to the time of the ultimate sale.
When You Decide to Sell
If you and your spouse decide to sell your home, it will be important to work together through a professional to maximize your return. Differences aside, you both should be present when a listing contract is put together. Both of you should understand and sign this contract, and both should be active in the ultimate negotiations.
When You Buy Your Next Home
Use the proceeds from your previous home or buyout to determine an affordable price range for your next home. Maintain a clear focus on getting the right home to suit your new situation. You may wish to review with an agent who offers a house-hunting service to help find a home that matches your new home-buying criteria.
What You Need to Know About Your House, Your Mortgage and Taxes
How to Avoid Costly Housing Mistakes in the Midst of a Divorce
Divorce is a tough situation which opens up many emotional and financial issues to be solved. One of the most important decisions is what to do about the house.
In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decision are easier. Neutral third-party information can help you make logical, rather than emotional, decisions.
Probably the first decision is whether you want to continue living in the house. Will the familiar surroundings bring you comfort and emotional security or unpleasant memories? Do you want to minimize change by staying where you are or sell your home and move to a new place that offers a new start?
Only you can answer these questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or, is it better to sell and buy? How much house can you buy on your new budget?
The purpose of this report is to help you ask the right questions so you can make informed decisions that will be right for your situation.
“Once you know how a divorce affects your home, mortgage and taxes, critical decisions are easier. Neutral, third-party information can help you make logical, rather than emotional, decisions.”
4 OPTIONS
You have 4 basic housing options when in the midst of a divorce:
1. Sell the house now and divide up the proceeds.
2. Buy out your spouse.
3. Have your spouse buy you out.
4. Retain your ownership.
It’s important for you to understand the financial implications of each of these scenarios.
1. Sell the House Now and Divide Up the Proceeds – Your primary consideration under these circumstances is to maximize your home’s selling price. We can help you avoid the common mistakes most homeowners make which compromise this outcome. As you work to get your financial affairs in order, make sure you understand what your net proceeds will be – i.e. after selling expenses, and after determining what your split of the proceeds will be. Note that the split may not be 50/50, but rather may depend on the divorce settlement, the source of the original down payment and the legislative property laws in your area.
2. Buy Out Your Spouse – If you intend to keep the house yourself, you’ll have to determine how you’ll continue to meet your monthly financial obligations if you now only have one salary. If you used two incomes to qualify for the old loan, refinancing on your own might be a challenge.
3. Have Your Spouse Buy You Out - If you are the one who is leaving, you have the opportunity to start again in new surroundings with cash in your pocket. However, be aware that if the old home loan is not refinanced, most lenders will consider both you and your spouse as original co-signers to be liable for the mortgage. This liability may make qualifying for a new mortgage difficult for you if you decide to purchase a home, even though you won’t have legal ownership.
4. Retain Joint Ownership – Some divorcing couples postpone a financial decision with respect to the home and retain joint ownership for a period of time even though only one spouse lives there. While this temporary situation means you have no immediate worries in this regard, keep your eye on tax considerations which may change from the time of your divorce to the time of the ultimate sale.
When You Decide to Sell
If you and your spouse decide to sell your home, it will be important to work together through a professional to maximize your return. Differences aside, you both should be present when a listing contract is put together. Both of you should understand and sign this contract, and both should be active in the ultimate negotiations.
When You Buy Your Next Home
Use the proceeds from your previous home or buyout to determine an affordable price range for your next home. Maintain a clear focus on getting the right home to suit your new situation. You may wish to review with an agent who offers a house-hunting service to help find a home that matches your new home-buying criteria.
Monday, February 7, 2011
Prince William County Real Estate Market Update for February 7th 2011
Let’s take a look at the real estate market in Prince William County. Currently there are 1117 sales pending in the market overall, leaving 1532 listings still for sale. The resulting pending ratio is 42.2% (1,117 divided by 2,649). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 242 listings. The average list price (or asking price) for all properties in this market is $321,182.
A total of 2609 contracts have closed in the last 6 months with an average sold price of $285,368. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 293 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 41 properties.
You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 120 days.
Analysis of sold properties for the last six months reveals an average sold price of $285,368 and 47 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $261,409 with an average DOM of 59 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
''The average list-to-sales ratio for Prince William County is 98.8%.''
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 242 listings. The average list price (or asking price) for all properties in this market is $321,182.
A total of 2609 contracts have closed in the last 6 months with an average sold price of $285,368. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 293 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 41 properties.
You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 120 days.
Analysis of sold properties for the last six months reveals an average sold price of $285,368 and 47 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $261,409 with an average DOM of 59 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
''The average list-to-sales ratio for Prince William County is 98.8%.''
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
Prince William county is located in Northern Virginia. The estimated population for 2009 was around 400,000 people. According to the Census Bureau Prince William County has 348 Square miles. Main area/cites of Prince William County are Manassas, Manassas Park, Woodbridge, Gainesville, Haymarket, Bristow, and Dale City.
To search homes for sale in Prince William County visit www.PrinceWilliamCountyHomeFinder.com
Chris Colgan
Re/max Regency
703-485-1435
Chris Colgan has lived in Northern Virginia all his life. His Grandfather, Senator Charles Colgan, got him interested in real estate in 2003. By age 21 Chris was ready to try real estate and in August 2003 he became a full time agent. Chris developed a passion for every aspect of real estate and yearned to know as much as he could about the industry. He used the knowledge that he acquired to empower those within the real estate network as well as the clients during the home buying and selling process. Motivated also by the urge to provide value-added life experiences and promote home ownership across the NOVA community, Chris set his goals high from the start and never let down.Have a great week!
Chris
Thursday, February 3, 2011
Victims of Foreclosure Related Fraud Might Get Compensation
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Real Estate Pro Articles | Victims of Foreclosure Related Fraud Might Get Compensation
By: Clark Raitz
Author Resource:-> Original Post: http://ping.fm/zW6Sz on ForeclosureDataBank.com, your source of real estate foreclosures.
Article From Real Estate Pro Articles
Victims of Foreclosure Related Fraud Might Get Compensation
By: Clark Raitz
The Attorney General of Indiana, Greg Zoeller, is trying to set up a program that will help people who have fallen victims to fraudulent activities involving foreclosure procedures to get their legal expenses back. Zoeller is planning to set up a program that will be financed by individuals or companies that have been adjudged to have violated the state’s law.
The program is set to be approved in this year by the state legislature and is expected to improve the condition of the Indianapolis Real Estate industry and the whole housing market of Indiana. According to sources, the AG Office is planning to offer as much as $3,000 to homeowners and consumers who have fallen prey to fraudulent financial practitioners in the state.
The primary target of the program are homeowners who have lost their properties to foreclosure due to deceptive practices by mortgage servicers, credit agencies and lenders. According to officials, such deceptive actions have become quite common during the housing market crisis and the subsequent recession.
According to the AG, residents of the state who have suffered in the hands of these perpetrators are mostly willing to help the AG go after the guilty parties, but in majority of cases, they are unable to get compensation since most of the firms and individuals involved in the questionable activities have already filed for bankruptcy.
Under the proposed program, homeowners will be able to get compensation, but tax payers will not be asked to shoulder the responsibility of paying for these compensations. The program will get its financing from fees and penalties that will be collected from companies and individuals who are found guilty of violating Indianapolis Real Estate laws and statewide regulations pertaining to telemarketing, financial credit and residential property lending.
Zoeller has revealed that the program is patterned after the restitution effort that he supported in the 2010 legislative session, wherein over $125,000 worth of compensation were paid to the people who were victimized by American Escrow, a firm found to be in violation of state laws for failing to pay property taxes that were collected from property owners. The program is expected to, somewhat, ease the burdens felt by homeowners who have been directly or indirectly affected by the foreclosure crisis.
Author Resource:-> Original Post: http://ping.fm/zW6Sz on ForeclosureDataBank.com, your source of real estate foreclosures.
Article From Real Estate Pro Articles
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