Buying

Big Jump Expected in New U.S. Households

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Millions of young adults are beginning to move out of their parents’ homes and create new households at the fastest rate since 2007. Some housing experts are predicting these young adults may provide a major jump to U.S. housing starts–possibly by more than 50 percent, even by next year–and increase housing consumption at a rate nearly double that of the past two years, Bloomberg News reports.

In 2011, between 750,000 and 1 million new households are expected to be created, says UBS Securities LLC’s Maury Harris and IHS Global Insight’s Patrick Newport. In the year ended March 2010, new households stood at 357,000–the lowest on record, according to U.S. Census data. The “depressed rate” in new household formation has continued to jeopardize the housing market’s recovery, experts say.

But as the employment picture continues to improve, more young adults are leaving Mom and Dad’s house and making a new home for themselves. The “moving-back-in-with-Mom-and-Dad phenomenon” had caused a backlog of pent-up households, Charles Lieberman, chief investment officer with Advisors Capital Management LLC in Hasbrouck Heights, N.J., told Bloomberg News. “Improved economic conditions” will “enable these households to split up and resume living in their own residences.”

Housing starts are expected to get a boost to about 648,000 this year and near 900,000 in 2012 (it stood at 586,800 last year), says Brad Hunter, chief economist and national director of consulting for Metrostudy. The increase in housing starts, he says, reflects a “shadow demand” for new homes among family members who have moved in together because of economic conditions.

“The demographic component of housing demand is strong,” he says. “It’s just the economic and psychological components that are holding things back.”

Source: “New Households Form at Fastest Rate Since ’07 in Resurgent U.S.,” Bloomberg News (May 1, 2011)

Determining the Property Value when Deciding where to Live

May 1st, 2011

by Ace.

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Determining the value of a property when deciding where to live can be accomplished with the expertise of licensed real estate agents.

There are 3 factors that dictate the price of a property:

Location
Uniqueness and architectural design
Improvement values

A competitive market analysis can be provided are based on:

Properties that is comparable within the area
Adjustments with property size and conditions differences
Location and the sale or rental date of the property differences

Real estate costs are certainly open to negotiations but there are factors that affect the market including localized areas. These factors include:

Changes in zoning
New construction
Properties that are condemned
Changes in patterns of traffic

Single Family Homes or Condo – Townhouse Homes?

Apr 27th, 2011

by Ace.

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Deciding on whether a single family home is much more suitable than a condominium or townhouse home requires much thought and consideration. But in the end it still comes down to what you want.

Here are a few facts to consider:

Single Family Homes

Close knit community with possible green spaces
No monthly homeowners/condo fees
Less strict community rules and regulations
Restrictions cannot be imposed by an association without your consent.
Less restriction and fees with parking

Condo and Townhomes

All expenses towards maintaining your home is covered by the condo fees such as common area repairs, roof repairs, other maintenance and repairs.
Controlled access for some
Amenities available for the community such as clubrooms, pools, gyms and more
Shuttle services are offered as well as public transit service

After Presenting an Offer

Apr 23rd, 2011

by Ace.

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After the process of picking out your dream property, the offer is to be written along with proof of Earnest Money and lender approval, your real estate agent will present the offer to the selling said.

This is where we, real estate agents use our expertise in presenting the offer, because it just doesn’t end there. It’s not simply handing the documentation to the listing agent and then wait patiently for their response. It is essential that the offer be over and for the fact that bargains do not last forever, we call up the listing agent to inform that the offer had already been sent over.

It is during this conversation that details be shared with the listing agent such as background information about our clients as to what would reflect as to what you would be looking for. We can describe as to how qualified you are to buy the property and how many properties we have looked at and that there are certain aspects or features about that home you sincerely appreciate.

As real estate agents, we review and explain all details of the offer such as inspections, date of closing, contingent or non contingent, pricing and the like. We also discuss a timeline to outline the milsestyones from the offer to settlement.

Contact Nesbitt Realty

http://nesbittrealty.com
1451 Belle Haven Rd. #222
Alexandria VA 22307
LICENSED IN VIRGINIA
703 765 0300
888 783 6391 (fax)

Pre-approvals Before Home Purchasing

Apr 22nd, 2011

by Ace.

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Purchasing a home is a process that cannot go smoothly unless you take it step by step. This is where having a real estate agent is important.

It is essential that you are prepared and already have a loan secured. Securing it early will assist you in making decisions with your home purchase.

With a secured loan, you can either broaden or lessen your prospective homes as you would need the price to be within your budget while your offer will be good one as you are ready to buy. Getting the finances in order will make the process quicker without hindrances.

Let a real estate agent assist you with your home purchase decisions.

A Realtor’s Purpose

Apr 20th, 2011

by Ace.

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Finding a quality home to suit your taste will require a licensed real estate agent who offers expertise and connections if it is to purchase or rent a home. What would a realtor’s purpose be then?

Security. Even if you know what exactly what you are looking for in a home, you’ll need a realtor’s expertise to assure the quality of your potential home
Economy. You wouldn’t want to pay more for your new home and sell your old home for less than what it should be. A realtor has the access to the market information to make sure you get your right price.
Diversity. You may be able to view homes through public listings, but many of the best and perhaps your desired home will require you to have a realtor to view them.

Most of all, the whole process of hunting for your new home will be time consuming and challenging and that includes the right title transfer, financing and negotiating. If you want the peace of mind of finding your dream home, a realtor’s expertise serves its purpose.

Let our licensed real estate agent assist you, contact us at:

Nesbitt Realty

nesbittrealty.com
1451 Belle Haven Rd. #222
Alexandria VA 22307
LICENSED IN VIRGINIA
703 765 0300
888 783 6391 (fax)

Survey: Americans Still Optimistic About Housing

Apr 12th, 2011

by Will Nesbitt.

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A sluggish real estate market hasn’t shaken the confidence of the public in how it views home ownership, according to a new study by the Pew Research Center. Eight in 10 adults (or 81 percent) say owning a home is the best long-term investment a person can make, according to the Pew study of about 2,000 adults conducted in March.

“Home owners are not blind to what has happened to home prices, nor are they expecting a speedy recovery,” according to the Pew study. In fact, of the home owners surveyed, about half said their home is worth less now than before the recession, while 31 percent said their home’s value has stayed the same.

Nevertheless, 82 percent of home owners who say their home is worth less now than before the recession either strongly or somewhat agree that home ownership is the best long-term investment a person can make, according to the survey.

The value of home ownership even continues to emerge on top when home owners were surveyed and asked to rate the importance of four long-term financial goals. Home ownership and “being able to live comfortably in retirement” rated the highest–viewed as either extremely or very important by 80 percent of respondents.

Yet, their optimism about home ownership doesn’t mean they’re completely happy with their current home. Nearly a quarter of all home owners surveyed said that if they had it to do all over again, they would not buy their current home. Most of the “buyer’s remorse” complaints were about the home itself or its location. Only 31 percent of those surveyed cited financial factors, such as the home losing value or their own changing financial situation.

Source: “Home Sweet Home. Still.” Pew Research Center (April 12, 2011)

Got Duke?

Feb 24th, 2011

by Winter H..

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Duke Street is a popular and vivacious street in Alexandria. It is lined with offices, high-rises, shops, and restaurants. It is quite the eclectic mix of old and new. Alexandria is rich with history and full of new life as it has grown to be one of Northern Virginia’s top places to settle. Local delicacies are easy to find and the adventurer never gets bored.

Landmark Mall caters to traditional shoppers with stores such as Sears, Macy’s, and Victoria Secret. There is plenty to do to pass the time. Walking down the street you can explore various international cuisines such as Mayur Indian Restaurant. This is fine Indian dining that any palate could enjoy. You have a number of choices if you prefer Asian, Italian, or American cuisine. Whatever your taste buds desire, you will not be disappointed.

There is no shortage of history with civil war reenactments, 200 year old buildings, and monuments. Tourists are amazed at the amount of historic richness that the city itself has managed to preserve and pass on from generation to generation. Walking down Duke can almost transport you back in time but you are quickly reminded that it is 2011 by all of the modern hot spots available.

Located in the heart of one of 2011 Dozen Distinctive Destination winners, this street is sure to leave a memorable impression. Its year round draw has kept visitors swarming in year after year.

Showing properties 1 - 5 of 38. See more Shirley Duke.
(all data current as of 5/23/2012)

$141,900 : 5340 Holmes Run Pkwy #317, Alexandria

1 bed, 1 full bath

Home size: 849 sq ft
$250,000 : 803 Howard St N #456, Alexandria

2 beds, 2 full baths

Home size: 1,026 sq ft
$224,900 : 4316 Duke St, Alexandria

2 beds, 1 full bath

Home size: 864 sq ft

Lot size: 3,005 sqft
$875,900 : 315 N Latham St, Alexandria

5 beds, 4 full, 1 part baths

Home size: 3,152 sq ft

Lot size: 9,323 sqft
$415,000 : 339 Pickett St S #25, Alexandria

4 beds, 3 full, 1 part baths

Home size: 2,008 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Small Houses Squeeze Out McMansions

Feb 16th, 2011

by National Association of Realtors.

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Home sizes continue to shrink across the country as families look to downsize and move closer to the city.

“A McMansion was a trophy–often times a house with five or six bedrooms when you only needed two,” says Scott Phillips, a real estate agent with Keller Williams in Cleveland.

The median home size in 2008, the most recent year for data, is 1,825 square feet, according to the National Association of REALTORS®. First-time buyers are buying even smaller at 1,580 square feet.

Phillips says home owners aren’t just downsizing but they are also moving closer to the city.

“People like to live where they’re closer to the amenities, the parks, night life, grocery stores,” he says.

Source: “McMansions Out of Vogue in New Economic Reality,” Gannett News Service (Feb. 11, 2011)

Builders Reveal Utility Costs of New Homes

Feb 15th, 2011

by National Association of Realtors.

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Home builders are using the energy efficiency of new homes to try to get buyers buying. For example, KB Home is giving buyers an estimate up-front of what their monthly gas and electric bill will be in their new home, as well as insight into where the home ranks on an energy efficiency scale.

Similarly, McGuyer Homebuilders Inc., based in Houston, has begun providing its customers with estimates of what the annual heating and cooling portion of their utility bills will be on homes. If the buyer ends up with higher utility bills than what’s estimated, McGuyer will even reimburse them the difference in the first two years.

Sales of new homes have fallen flat in the last few years, sinking last year to its lowest level since 1963. Home builders are banking on energy efficiency to try to lift new-home sales.

They call their approach similar to that of automakers, which have provided miles-per-gallon labels on vehicles, a move that ultimately helped make fuel-efficient cars more popular in the market.

“It’s the biggest purchase decision that people are making at that time in their lives, and typically they have no idea what it’s going to cost to truly own the thing until they’ve been there for several months,” Jeffrey Mezger, KB Home’s president and CEO, told the Associated Press. “It’s a cost of home ownership that hasn’t been out there.”

Source: “Homebuilders Take Page From Automakers, Tell Buyers What Their Monthly Utility Bill Will Cost,” The Associated Press (Feb. 14, 2011)

Buying

Big Jump Expected in New U.S. Households

Determining the Property Value when Deciding where to Live

Single Family Homes or Condo – Townhouse Homes?

After Presenting an Offer

Pre-approvals Before Home Purchasing

A Realtor’s Purpose

Nesbitt Realty

Survey: Americans Still Optimistic About Housing

Got Duke?

Small Houses Squeeze Out McMansions

Builders Reveal Utility Costs of New Homes

703 765 0300

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