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Market Conditions in Ashburn : Real Estate Advice

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  • Local Info10
  • Home Buying54
  • Home Selling9
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Activity 9
Sat Feb 21, 2015
Bree Lawrence answered:
Hi-
I'm a Full Service Realtor in Ashburn, VA. Of course, it depends on a number of things. If you email me I can give you a better idea on this. Its really hard in this area to give a generalization as I have seen 2 homes on the same street, that were both updated go at different times and for different prices. I have seen them go in 7 days and others that were nicer go in 45 days. Lots of variables, but as Realtors we do have tools to get you a little bit of a better answer as well as to help you get the home ready to make it more presentable to those buyers who we all love so much!

Should you need help, answers or are just looking at seeing what is selling, get in touch with me.

Bree Lawrence
Coldwell Banker Residential
571-244-9896
Bree.Lawrence@cbmove.com
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Wed Aug 6, 2014
Stephanie Leon answered:
First, How Much Is Your Real Gain...

Many people mistakenly believe that their gain is simply the profit on the sale ("We bought it for $100,000 and sold it for $650,000, so that's a $550,000 gain, and we're $50,000 over the exclusion, right?"). It's not so simple -- a good thing, since the fine print can work to your benefit in such instances.

Your gain is actually your home's selling price, minus deductible closing costs, selling costs, and your tax basis in the property. (Your basis is the original purchase price, plus purchase expenses, plus the cost of capital improvements, minus any depreciation and minus any casualty losses or insurance payments.)

Deductible closing costs include points or prepaid interest on your mortgage and your share of the prorated property taxes.

Examples of selling costs include real estate broker's commissions, title insurance, legal fees, advertising costs, administrative costs, escrow fees, and inspection fees.

So, for example, if you and your spouse bought a house for $100,000 and sold for $650,000, but you'd added $20,000 in home improvements, spent $5,000 fixing the place up for the sale, and paid the real estate brokers at least $25,000, the exclusion plus those costs would mean you'd owe no capital gains tax at all.

For more information, see IRS Publication 551, Basis of Assets, and look for the section on real property.
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Mon Apr 29, 2013
Unspecified answered:
Jack,

let me say the area is spiking, what will happen in the future who knows. Eric seems to have the best approach, prices are soaring with all the buzz of the Metro. Will it happen, when will it. I wouuld say they are building a new schools across Morley Corner, and new buisness construction is going on across the street. I bought a condo last year at Morely Corner, I paid about $40k less than your price tag. ... more
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Wed Feb 27, 2013
Abdul Anwar answered:
In most cases short sales won't get approved. Bank usually orders BPO (Broker Price Opinions) which give them a fair market values.
0 votes 4 answers Share Flag
Wed Feb 27, 2013
Abdul Anwar answered:
451K appears to a be good price when you are getting a brand new end unit. Re-sale homes are already selling above 400K in 20148 and inventory is low.
0 votes 9 answers Share Flag
Tue Jan 15, 2013
Denis Fahie answered:
The best location would be Trask Pl and Waxpool Rd, it is accross the street from Trask Pl. This is a new Community by Van Metre homes called Broadlands Station. http://www.vanmetrehomes.com/pages/Broadlands-Station-coll.asp

Please let me know if I can be of any assistance,
Denis

Denis Fahie
Realtor
Long & Foster Real Estate
703-726-3425
www.dfahie.com
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Fri Sep 21, 2012
Dan Ritchey answered:
Rania,
I was a builder for 25 years before becoming a realtor and the answer to your question is that it depends.
Here is a link to homes sold in the 20147 and 20148 zip codes in the last year above $900K. There are 15 of them with an average days on the market of 83 days.
So what does this mean? That homes in that price range sell at a pace of 1.25 homes per month.
You need to mindful of how your proposed home compares to those comps in terms of similar attributes, upgrades, location, amenities, builder quality and reputation etc..
There are many factors that contribute to the sales price.
It is also important that you work with someone who can get you the best deal possible for that particular builder which also involves many factors.
Hope that helps! Give me a call if you would like some help on this.
Thanks,
Dan Ritchey
Keller Williams Realty
Loudoun Gateway (Ashburn)
703-999-0167
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Thu Mar 24, 2011
T Yankov answered:
You should consider the opportunity cost of the built-in equity in your townhouse. If you sell it now, you will not have to pay any capital gains tax on the net profits (up to 500K for married couples filing jointly) and you can invest the profits in a non-real-estate investment (such as a no-cost mutual index fund). Keep in mind that the 50K amount you have given us will cover your real estate agent's fees and other transactional costs involved in buying a second home, so your net profits will be much less than 50K.

Consider whether owning two homes would give you sufficient diversification. If owning two homes would place more than 80% of your assets in real estate, you should probably avoid that if you can rather be putting all of your eggs in one basket. As someone else pointed out, home prices in your area are not likely to appreciate much for the next few years.

More importantly, if you rent it out for more than three years and then decide to sell, you will no longer be able to claim an exemption from the capital gains tax -- the IRS requires that you have lived in your home for at least two of the last five years. This means that you will have to either sell before renting it for 3 years or make it your primacy residency again before selling to meet the two year requirement.

Calculate how much of your principal will be paid off if renting it for 3 years plus expected appreciation (I don't think there will be much of the latter in your case). Then compare that number to the expected return you can expect to get in the stock market if you invested the net proceeds from the sale (at a conservative 8% historical annual return average) over three years, and see which one makes more sense.
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Thu Mar 26, 2009
Jackie Hagenston answered:
Risk is a very personal thing. The other posts raised some valid questions---your next steps, if you are comfortable with and completely understand what you are taking on becoming landlords, is to speak with a reliable loan officer. They should be willing to go over all possible scenario's with you to see what position each puts you in financially. They can chat with you about whether your wife's job change, your new HELOC payment, and your lack of reserve savings may be obstacles for even qualifying for a home loan.

Another option would be to consider doing an FHA loan on the DE purchase (3.5% down). That would involve upfront Mortgage Insurance, however, it can be rolled into the loan.

Take time to list all expenses of keeping the Ashburn TH as a rental-insurance, repairs, HOA, taxes, HELOC payt, and what you would do if you had a renter who wasn't paying you rent at all or on time, or one who trashed the place. Would you pay each month for it to be professionally managed? It is crucial that you can handle both properties financially, and have reserves set aside for the unexpected's.
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Market Conditions in Ashburn Zip Codes

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