Jane Jensen

Dear Waryhomebuyer: It should be fairly easy to find out what your current home would sell for. Recent sales will be available to any realtor with access to the multiple listing system. Armed with that info, you should then consult with a lender to determine how much you can afford to pay for a new place based on the equity you're taking out of the condo. Then you can shop around with your realtor to see if there are places available in your price range that you could see yourself living in. Then it's up to you decide if you want to put your home on the market knowing you'll be able to find something quickly after you get a contract, or write a contract with a home sale contingency. A home sale contingency is never appealing to a seller so it may make your offer less appealing....but that is another discussion. Jane Jensen 571-228-5656 - Fri Sep 5 2008, 14:26

Jeff: Good morning. It's likely that you will be able to find something. Factors that can affect how much you will qualify for will be the current interest rate, your credit rating, the condo fee, other debts you have and other factors. You may qualify for $250K-$350K. There are some 2 bdrms. in this range and MANY one bedrooms. The "must do" is to talk to a qualified lender. If you have not done that yet, and don't have one, I can help if you like. Good luck. - Wed Aug 6 2008, 07:01

The Odyssey is considered a luxury building so just looking at sales in the same zip code isn't going to give you enough to go on. You (or your realtor) will need to look at sales in The Odyssey and comparable buildings. Then look at the sales price/assessment ratio for closed sales. Then factor in anything unique about the building or that particular unit. The floor the unit is on can affect the price as well. Units on a higher floor with teriffic views will get more. It should not take long to do the homework. If the unit is truly overpriced then even if it sold for the asking price, it is not likely to appraise (ask your realtor about the appraisal contingency in the NVAR contract). http://www.yourarlingtonrealtor.com - Mon Aug 4 2008, 03:32

There are so many factors that can affect property value. The tax records are going to reflect assessed value, not necessarily the appraisal or sales price. Here are some questions to ask. Are the comparables you are looking at in that particular buildings? Are they right in that neighborhood? Are they the same square footage or just the same # of rooms? Same floor or close to it (views can affect price). Is there something unique about that unit. Check the recent sales in the building against their assessments. Are they higher? Lower? I've found there is often consistency within a neighborhood of the relationship of sales price to assessments. In some neighborhoods they are generally higher and in some lower (however, this is a rule of thumb because many assessments do not include recent improvements). If you do the homework (better yet, have your realtor do it), you'll know the right price. You can also try to get your realtor to feel out the situation. The condo owner may be unrealistic and not in a hurry to sell, or they may already be expecting a lower than asking price. If the price is truly unrealistic then even if the owner gets the asking price, unless you are willing to waive the appraisal, then the final sales price is likely to be lower. Jane Jensen, Realtor. Weichert Realtors - Mon Aug 4 2008, 03:13

There are currently 19 single family properties for sale in 22207 andd 22201 under $650,000. I just listed and sold one in 9 days (1/2 basement, no deck, but no patio, very cute, walk to metro, great shape, 2 bedrooms sold for $565,000) and am currently working with a buyer on the purchase of another (no basement or deck, small patio). Properties that meet your criteria are out there and available to see. janejensen@comcast.net. cell 571-228-5656 - Thu Jul 24 2008, 17:02