Typical Homeowner In Alexandria Increase Home Equity By $10k

Realty and Property Management

Homeowners in Alexandria have increased their home values along with their equity by $10k in the past year. Home prices in Metro had an increase of nearly 4% in the first quarter with existing single family home price at $254,800. In Alexandria the price in single family homes rose by 86% with metro areas seeing double digit increases. Due to higher home prices affordability decreased last year however family median incomes rose in the first quarter. A homeowner making a 5% down payment would need an income of $60,143 to purchase single family home while a homeowner making a 10% down payment will need an income of $56,978 and a homeowner making 20% down payment will need $50,647.

In Alexandria existing home sales rose 4.3% in the first quarter which was a decrease of 4% from the previous year. Existing single family home prices had an increase of 2.5% at $225,700. Continue reading

What Is A Single Family Home?

detached home in Mt Vernon

A single family home is a stand alone/detached property or structure maintained and used as a single dwelling unit. A single family home is classified as detached as it doesn’t share a common wall or roof with any other dwelling. These houses are built on their own land and the area around the house is for the homeowner’s private use. A single family house has its own entrance and exit which provides direct access to the neighborhood or the main street depending on the location of the house. Owning a single home can be expensive however it provides you with extra space and extra privacy which is a plus for some homeowners.Continue reading