The Northern Virginia real estate market has been heating up this summer, and loan interest rates have stayed low, so you may be considering buying a new home, refinancing or getting a home equity loan. In any of those situations, knowing the current value of your home is important. Home values are best determined by recent sales and the supply and demand of properties currently on the market.
When it comes to the American Dream of owning a home, nothing much has changed. People still want a place to call their own, to raise a family and feel secure. Homeownership also provides emotional and financial benefits. The American Dream in is still alive in the Northern Virginia real estate market and across the country!
It is no longer unusual to meet someone in your area who has had a foreclosure, short sale or bankruptcy. The recession has taken a toll on home owners across the country, as well as owners of Northern Virginia real estate. The big question on these people’s minds is, “When will I be able to qualify for a mortgage loan again?” The answer varies, because it depends on the financial route that has been chosen.
Most people agree that homeownership rules! Many people say they want a home they can call their own, to raise a family and to feel safe. Homes also account for a great part of most people’s net worth. During this rebounding market period in Northern Virginia real estate, more folks are again looking toward being home owners.
With all of the opportunities to purchase great homes for sale in Northern Virginia, you may have been thinking about purchasing another property, maybe even one for your retirement. Even if you are not ready to move into it yet, purchasing a home to retire to now will give you the benefit of the current low interest rates, reduced prices and lower competition.
We don’t like to think of the possibility of having to file a homeowner’s insurance claim for a loss on our Northern Virginia real estate, but it’s still good to have the best financial plan in place to be prepared. One way to control our insurance costs and risk is through the deductible.
If you are an investor looking to purchase Northern Virginia real estate, the timing and benefits of purchasing a single-family home as a rental couldn’t be better than in this current market. Single-family homes used for rental property have particular advantages over other types of investments.
This month’s issue of ‘Healthy Wealthy and Wise’ is now available. My Free Consumer Newsletter is loaded with useful Consumer & Health Tips, Wild Trivia, Funny Jokes, Entertainment, Quotes, and a bit of Money Saving ‘Insider’ advice from my Real Estate Radio Show!
All owners of Northern Virginia real estate are interested in knowing the actual value of their home. What your home is worth depends on what you intend to do with the information. There may be one value based on a purchase or sale, and a completely different value determined for insurance purposes.
Do you own Northern Virginia real estate as a principal residence, and also own a second home at the beach or in the mountains that you use for vacations?
It’s important to know that although principal and second homes have some very similar tax benefits, there are also some differences that you should consider.
