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Manassas Park - Home Values/assessments are picking up. Hang in there home owners in Manassas Park.

Thu, 26 Feb 2009 18:41:00 GMT

According to the PWC, VA records, Manassas Park has shown great (post bubble) improvement in home sales and values to wit:

Average home appreciation of all home purchased between 1995 - 2008 has shown an overall 4.2% increase in value per year. If you bought between 2004 - 2007, your annual appreciation was (negative) -4.2%. Present homeowners who bought in 2004 should see some equity this year. 2005 should see improvment in your equity position in 2010. 2006 purchases should see positive position in 2011 and 2007 should expect to wait until 2012 to see a positive equity position. These cycles are NORMAL so don't panic.

Home purchased in 2008 and 2009 has shown an average appreciation of 14% which is almost the same amount of depreciation seen in the recent bubble correction of 2008. These real estate cycles are around 10 years in the making. 1988/89 was a bust year, 1998/99 was a bust year and 2009 is the same. This next cycle will end again around 2019 or 2020.
If you want to check the county records, see them at http://www4.pwcgov.org/realestate/LandRover.asp

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It's still a buyers market.

Mon, 14 Jan 2008 02:30:00 GMT

To learn more about how I can help you find your next home, please fell free to contact me: sheila.searcy@era.com or visit my website at www.sheila-1toprealtor.com

Investor's welcome.

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New VA Laws Affect Real Estate in 2008!

Thu, 27 Dec 2007 23:10:00 GMT

The Northern Virginia Association of Realtors legislative issues report…..The Virginia Transportation funding bill is set to increase Real Estate transaction cost in order to pay for regional roads and transit projects. The Northern Virginia areas affected are Fairfax, Loudoun, Prince William, Arlington and Alexandria.

The Real Estate transactions involve those who are buying/selling their property in 2008. The largest increase is the grantors tax paid at the time of closing by the seller. The grantors tax will increase from $.40 per $1000 to $5.00 per $1000. Please note that on new construction the buyer will incur this cost. In other words a person selling a $400,000 property, the rate of $5.00 per $1000 means an increase from $400 to $2,000.

The laws are scheduled to become effective on January 1, 2008. Because of the controversy that this legislation has caused, some changes maybe made to the proposed rules, however, the Title Companies are instructed to collect the fees in January until the laws are approved/disapproved. There is also additional legislation in the package on the following issues:

Condo and Property Owners Association Resale’s
Eminent Domain
Overcrowding violations
Real Estate Transactions
Real Estate Tax Relief
Landlord/Tenant Laws
Housing Assistance (Allows Prince William County to provide assistance for county and school board employees to purchase or rent residences within the county. Up to $25,000.)

Please go to my website to read to complete report under my community tab on New Real Estate Laws.
at www.sheila-1toprealtor.com If you have any question please feel free to contact me.

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