Americans on the Move Again, Census Says

After staying in place for years, bogged down by the financial effects of the recession, Americans are finally back on the move, according to the latest U.S. Census data.

In 2012, nearly 16.9 million people moved between counties, and 7 million made long-distance moves from one state to another. For long-distance moves, that figure was nearly 5 percent higher than 2010.

The recession had the effect of “freezing people in place” as they waited out a housing and economic slump, and now there’s “at least a thawing,” Kenneth Johnson, a demographer with the University of New Hampshire, told USA Today.

The median price of an existing-home rose to $212,100 this year compared to $166,200 in 2011, the National Association of REALTORS® reports. Many home owners “didn’t want to sell a house that they viewed as a low price,” says Jed Smith, an NAR economist. “Now that the prices are up, away we go.”

Where are they going? Many people are heading to the Sun Belt states: Florida, Arizona, and Nevada, Johnson says. They’re moving from Northeastern and Midwestern cities, such as Baltimore, Philadelphia, St. Louis, Cincinnati, and New York. For example, the state of New York lost about 136,000 residents in 2012.

On the other hand, metro areas such as Miami-Fort Lauderdale, which lost residents during the recession, regained population in 2012 — particularly as housing and the economy recovers there. Las Vegas; Jacksonville, Fla.; and San Jose, Calif., are other metros gaining residents after a loss, USA Today reports.

Source: “Census: Americans are moving again,” USA Today (Oct. 26, 2013)

Community Center Master Plan Reviewed by Residents of Montebello

Montebello’s thirty year old Community Center was the focus of the town meetings that took place on September 8th and 12th, according to Barbara Boykin (2013). The Community Center Master Plan (CCMP) is comprised of 19 possible

Will Nesbitt, Julie Nesbitt, and Stuart Nesbitt appear in the Montebello news letter

improvements that range in cost from $1000 to $852,305 (Boykin 2013). “Residents were asked to review the CCMP and indicate their priorities, as part of the ongoing development of the plan” said Boykin.

“President Doug Kennett or Vice President Greg Bender, Planning and Design Committee Chair Ford Chinworth, Thomas Kerns of Kerns Group Architects (KGA) gave an overview of the plan’s contents” said Boykin (2013). The CCMP, initiated in 2011, serves as an outline of possible projects to be developed, after the Fitness Center is completed, which is supposed to take place around 2015 (Boykin 2013).

Proposed enhancements are divided into three categories: site/exterior, lower level, and main level (Boykin 2013). The most expensive renovations include the redesign and relocation of amenities and offices on the main level. Proposed changes include the removal of raised floors in the lounge and café, expanded café seating, a market space reduction, and enlarged entries and restrooms (Boykin 2013). If the changes go through, the administrative offices would be changed to allow for more efficient office and meeting space (Boykin 2013).

 

Boykin, Barbara. “Residents Asked to Review Community Center Master Plan.” The Times of Montebello [Alexandria] 1 Aug. 2013: 1&5. Print.

What’s the difference between a Mid-Rise Condo and A High-Rise Condo?

Mid-rise condos have 4 to 8 floors. High-rise condos are 9 stories or more.  Most high-rise condos are located near the center of the city, which may provide a better commute to work. Most condos also include a variety of amenities, including laundry services, pools, convenience stores. Some condos even small grocery stores located within the building itself.

Recent Listings

Recent Listings

For more information or to set up an appointment call Stuart at (703)765-0300.

Washington Golf and Country Club is in Arlington VA

WGCC
Washington Golf and Country Club in Arlington VA

Washington Golf and Country Club is 120 acres of traditional private country club located in Arlington County Virginia near the Rock Spring neighborhood. This means that Washington Golf and Country Club is relatively close to Washington DC. Members and their guests enjoy

  • a golf driving range,
  • putting and practice greens,
  • a swimming pool,
  • 10 outdoor tennis courts,
  • a five-court indoor tennis facility, and
  • a well-equipped fitness center.

In addition, the clubhouse is Georgian-style renovated in 2004 and sits on one of the highest points in historic Arlington, Virginia. The clubhouse features formal and informal dining rooms, a tap room, a men’s grill, a ladies lounge, various outdoor dining areas, as well as a cocktail lounge, meeting and party rooms accommodating groups of 18 to 60 persons, and a large, attractive ballroom, with a capacity of 300-400. WGCC regularly hosts social events such as dances, formal dinners, receptions, and weddings.

The center-piece of the club is of course the golf course, one the most challenging 18-hole courses in Northern VA. The course as many pleasant vistas to the Potomac River beyond to the skyline of Washington. A staff of highly experienced professionals is responsible for full programs of golf, tennis, swim and dive and instruction for all age and gender groups.

6 Facts about Burgundy Farm Country Day School

1. Burgundy Farm Country Day School is located at 3700 Burgundy Road Alexandria VA, 22303

2. Burgundy Farm Country Day School‘s campus used to be a diary farm

3. Approximately one third of Burgundy Farm Country Day School are of diverse backgrounds

4. As of 2013 Burgundy has been living the tenets of holistic, developmental teaching, and personal care for 67 years

5. Burgundy Farm Country Day School also has a West Virginia location

6. The phone number for Burgundy Farm Country Day School is 703-960-3431

‘Missing Households’ Plague Housing Recovery

High unemployment among young adults is prompting a big loss in household formation that is critical for long-term housing demand, according to housing experts.

Of 25 to 34 year olds, about 75 percent were employed in September; that’s about the same as year-ago levels and near the levels during the recession, The Wall Street Journal reports.

Young adults who are unemployed are mostly opting to live with their parents and aren’t renting or owning their own place. Indeed, the number of adults under the age of 35 who are living at home is at the highest level since 1981. More than 30 percent of those aged 18 to 34 are living with their parents. The typical average is 28 percent.

As young adults put off home ownership, the number of first-time home buyers continues to be constrained. The National Association of REALTORS® reported Monday that first-time home buyers accounted for 28 percent of home purchases in September — down from 32 percent in September 2012.

But when young adults do get off the sidelines, it could prove a big boost to home sales.

“Assuming consistent population to household ratios and home ownership ratios, the 1.8 million individuals currently living at home would translate into an additional 590,000 households and roughly 200,000 additional home owners — roughly a boost of about 4 percent to the projected level of sales in 2013,” according to NAR’s Economists’ Outlook blog.

Source: “Did You Know: Pent Up Demand Among Young Adults Could Boost Home Sales by 200,000,” NAR Economists’ Outlook (Oct. 1, 2013) and “Employment Shows ‘Missing Households’ Still Weigh on Housing,” The Wall Street Journal (Oct. 22, 2013)

Why do I need to sign a buyer’s representation agreement?

July 1, 2012 agents are now required to have buyer representation in writing in the state of Virginia. Realtors must disclose which party represented in a transaction prior to showings. Without a clear understanding, many clients are hesitant to sign (perhaps you do not know the agent well enough to commit or think there is a fee for a buyer rep- there is not). I would recommend signing a limited agreement for a day to view 1 to 2 homes. If you are comfortable  with the agent after the initial meeting, then extend the agreement for the purpose of finding your home with that agent.

If you sign the buyer’s agency agreement, they will then represent you, and any information they have or can gather about the seller, will be shared with you. Your information will never be shared with the seller. The agent negotiates on your behalf, and represents you the best way they can. A good agent will provide all the pros and cons about a home. Since the agent views homes all the time, and presumably, you only buy a home once every 5 – 10 years, they will spot defects that you won’t.

For more information or to set up an appointment call Stuart at (703)765-0300.

Properties in Fairfax County

 

What are the homes like at Wilton Woods?

Wilton Woods homes are elegant and welcoming with the ambiance of the 1940’s and updates of the 2000’s. Many homes showcase 2 car garage and spacious layouts. Conveniently located in Franconia shopping is minutes away. Kingstowne shopping center provides local restaurants and retail shopping. Ridge view Park is located in the center of the neighborhood providing peaceful walking trails. Commuting is quick and easy. Wilton Woods has routine shuttle bus service too Franconia Metro and is minutes away from the beltway.

For more information or to set up an appointment call Stuart at (703)765-0300.

Contingencies in Real Estate Sales Contracts

Real estate contracts often have contingencies. A contingency is a clause in a contract that gives either the buyer or seller a way to get out of the contract if certain conditions or timelines aren’t met. A contract could be contingent on anything a buyer and seller agree to, but there are a few very common contingencies. Typical contingencies are:

  • financing
  • sale of home
  • home inspection
  • appraisal

Generally, a contingency only last for a period of time and the contingency expires. After a contingency expires, either the contract expires or the contingency expires depending upon the terms of the sales agreement.

For example, Mary needs to needs to sell her present home before being able to get financing on a new condo she wants to buy. So Mary makes her offer contingent upon the sale of her existing home. If Mary is able to sell her home sold within that time period specified by the contingency, she can go forward with her purchase of the new condo. But if she fails to sell within the specified time period, the condo seller has the option of getting out of the deal.

Whenever possible, seller’s prefer offers that don’t have contingencies. This is because sellers usually believe that they can find another buyer capable making a purchase without contingencies. However, in today’s market, sellers are more willing to accept contingencies than they have been in years. So contingencies, like appraisal and home inspection, are quite common and meet with little resistance from sellers.

The exact terms of a contingency, like everything else in a real estate contract, are negotiable. As your agent I can help guide you to make sure your contract has the right contingencies.

For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

October 2013 Photo Album