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214 Spring Place, Strasburg, VA

Brand new three bedroom end unit townhome for rent in Strasburg! Great commuter location close to Rt 81

Easy access to downtown Strasburg, shopping and restaurants. Enjoy living in a brand new community while being surrounded by history

Home is offered for $2175/month. Pets are considered case by case with deposit. No smoking please

 

Listing presented by Meghan Pachas, MAP Property Solutions LLC 

Have a Bankruptcy on Your Record? Here’s What to Know About Buying a Home

There’s no denying that bankruptcy is a serious financial challenge. But filing for bankruptcy doesn’t have to keep you from successfully applying for a mortgage; you just need to know how to navigate the process.

So how, exactly, do you do that?

recent article from realtor.com outlined tips for people who are looking to buy a home following a bankruptcy, including:

  • Understand you may need to wait. Most people will have to wait a certain stretch of time after filing for bankruptcy to apply for a mortgage—which can range from one year (for FHA loans) to two to four years (for traditional lenders). If you’ve recently filed for bankruptcy, do your research to see how long your lender will want you to wait before they’ll consider your loan application.
  • Take the time to build back up your credit. Filing for bankruptcy negatively impacts your credit score—so you’ll want to do everything you can to build it back up before applying for a mortgage. Apply for a few revolving lines of credit, pay your bills on time every month, and keep your balances low to help boost your score.
  • The more documentation you can provide, the better. If you filed bankruptcy due to an unforeseen, negative, or extenuating circumstance that kept you from being able to pay your bills—such as a serious illness or the death of a spouse—lenders may be more willing to work with you. Before you apply for your home loan, write a detailed letter explaining the circumstances behind your bankruptcy, and then submit that letter with documentation supporting your claims (like a note from your doctor or a death certificate).

303 Starry Way, Stephenson, VA 22656

Newer townhome in desirable Snowden Bridge! Four bedrooms, primary bedroom features private bathroom with soaking tub. Large closets in bedrooms, three full bathrooms. Spacious open kitchen and living room floor plan. No smoking and no pets Enjoy all the Snowden Bridge amenities: Basketball Courts, Common Grounds, Jog/Walk Path, Party Room, Picnic Area, Pool – Outdoor, Tennis – Indoor, Tot Lots/Playground

Offered for $2300/month

Buying New Construction? These Upgrades Will Deliver The Most Value

When you buy a new construction home, you can go with the baseline design, or you can invest in upgrades to customize your home.

But the question is—which upgrades are actually worth the investment?

recent article from realtor.com outlined the most valuable builder upgrades buyers should consider for their new construction homes, including:

  • Energy-efficient upgrades. Energy-efficient upgrades (like Energy Star windows or a smart thermostat) offer significant savings on utility bills—so consider investing in the upgrade while your home is being built to save money in the long run.
  • Kitchen upgrades. Kitchen upgrades can be pricey. But if you love to cook, investing in those upgrades during construction (for example, upgraded appliances, a kitchen island, or a pantry) can significantly change how you experience the space—and add value and enjoyment to the space for years to come.
  • Bathroom upgrades. Renovating a bathroom can be a long, disruptive, and expensive process—so if you’re buying a new construction house, make sure to install the bathroom upgrades (like upgraded flooring, tile, or bathtub) from the get-go.

Homeowners Should Have Some “Fear of Missing Out” on This Market

If you’ve been thinking about selling and hesitating or simply waiting, you may want to start thinking about how you’ll feel if you miss out on the best time to sell your house in a long time. You never know when (or if) conditions will be like this in the real estate market again.

It’s been a sellers’ market for quite some time now, and with rates going up significantly and home prices still historically high, there’s a lot of chatter about whether or not there’s a real estate “bubble” that’s about to pop. In particular, The Federal Reserve Bank of Dallas recently warned about the potential of a housing bubble and how buyers’ “fear of missing out” (FOMO) is making it worse.

On the other hand, a recent survey revealed that home buyers are still hopeful and feel that it will still be a good time to buy a home in the next three months.

That’s despite the fact that even though there have been signs and reports about the market slowing, according to this Realtor Magazine article, as of March sellers have still been:

  • Receiving an average of 5 offers on their home
  • Selling for above list price over 57% of the time
  • And 87% of listing sold in less than a month

Much of that may very well be fueled by buyers’ FOMO, but it can’t and won’t last forever. That’s how the real estate market works—it goes up, then it goes down, and then back up again in cycles. So even if you “miss out” on this moment in history, there will certainly be a time when home values are this high, or even higher.

But will there be such a combination of high values, low inventory, historically low rates, and high demand? And when will it happen? How will you feel if you “miss out” now?

Those are questions you need to ask yourself if you’ve been toying with the idea of selling your house.

The Takeaway:

Don’t be fueled by fear of missing out, but definitely think about how it would affect you if you did, because the market’s still in your favor…for now at least. If you’re going to sell in the next few years, now is as good a time as any to take advantage of the fact that buyers are still hopeful, offers are plentiful and over asking price, and homes are selling quickly.