Old Town Real Estate Specialist
Delaine Campbell

The Real Estate Market

Inventory is really low right now in Old Town and Del Ray for properties under $800k. First time home-buyers and those looking especially in the $600 and under range are not finding many great properties. Some aren’t move in ready and need lots of work. That’s the trade-off you’ll have to think about. Also, can you live with 1 bathroom and add a 2nd bathroom? or another 1/2 bath? How much work are you willing to do or not do? ¬†Often times it’s not the fixing up, it’s coming up with the money after buying a house. Most buyers find it’s just easier for them to get the most mortgage and buy a move-in ready property. Coming up with $40k or more to do a renovation is more than most want to spend – or have. Plus, they don’t really know how to do it, they don’t have the time (most young buyers work long days) and free time is valuable. If you love the house it may be worth talking about taking out a renovation loan instead of a straight conventional (30 year fixed), so that you can roll the cost of the fix-up into your loan and get the work done before you ¬†move-in. This is great for buyers that have the luxury of time and can continue living in their current location for a month or so. If you are interested in learning about rehab loans give me a call. And I can also help you with renovation ideas and to understand the entire renovation process, what’s involved, and more. I have a very strong background in renovations (through my interior design business) and I have myself completed at least 10 renovations to buy and sell. Have a great day and if you need anything to do with Alexandria Virginia real estate give me a call. Happy to answer any of your questions or provide referrals.