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Demand for Home-Purchase Loans Hits 3-Year High

Mortgage applications were on the rise last week, with applications for home purchases — viewed as a leading indicator of future home sales — moving up to their highest level since May 2010, the Mortgage Bankers Association reported. Mortgage applications for home purchases increased 2 percent last week, while applications for refinancings, which make up the biggest bulk of the index, jumped 8 percent. Overall, MBA’s mortgage application index increased 7 percent last week, reflecting both applications for purchase and refinancings. MBA’s index covers more than three-quarters of all mortgage applications in the country. MBA reported that the average rate on 30-year fixed-rate mortgages fell to 3.59 percent last week, its lowest point since December. Source: “U.S. Mortgage Applications Up 7% Last Week - MBA,” The Wall Street Journal (May 8, 2013)

  • Home Prices In Arlington Continue To Hike

    Glendale
    The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.

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  • Inlet Cove is near Fort Belvoir and Potomac Mills

    Inlet Cove outside Belvoir
    Inlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene

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  • Pending Home Sales on an Upswing

    home inspector
    Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1…

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  • A Good Time to Buy a High-End Home

    Station Square
    Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient. Buyers with cash have the best opportunities. Buyers who need a mortgage should move…

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  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    The National Association of Realtors recently did a study about the characteristics of home buyers. Some of the findings might surprise you. Thirteen percent of buyers purchased a home with one or more parents and grandparents together with adult children. There were several reasons given for purchasing a multi-generational home. Cost savings; Children over the…

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Buyer Demand Soars, But Where Are the Houses?

Buyer demand is rapidly rising, but the housing market is realizing they may not have the inventory to meet it.  new construction “The housing turnaround seems to have caught almost everyone in the business by surprise,” The New York Times reports. “As desirable as the long-awaited improvement may be, the unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and bubble-like price jumps in places that not long ago were suffering from major declines.” After years of not building, homebuilders are scrambling to ramp up production to meet demand, but they’re facing delays from the availability of lots, scarcity of qualified labor, and obtaining permits. Meanwhile, investors have snagged foreclosures and short sales, limiting the availability of those on the market as well. In addition, more home owners — once underwater — are seeing the return of equity again for the first time in years, but still may be reluctant to sell as they wait for home prices to rise even more. Or, they might be wary of being displaced themselves if they sell due to the sudden buying frenzy, The New York Times notes. “You see a home go for sale and within a couple days there are three, four, six offers,” says home buyer Carrie Miskawi, who has been looking for a new home for the last six months. Sacramento real estate agent Tom Phillips says he’s even resorted to knocking on doors of homes to see if the owners might consider selling to one of his clients. The number of homes for sale is at its lowest level since 1999, according to the National Association of REALTORS®. But with mortgage rates still low and home prices off their peak, buyers are viewing it as an opportunity to jump in. Source: “Sudden Rise in Home Demand Takes Builders by Surprise,” The New York Times (March 20, 2013)

  • Julie Nesbitt

    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

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  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

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  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

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  • Good Shepherd Housing and Family Services

    Fairfax County
    Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…

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Demand Soars as Homes Are Selling Faster

Homes are selling faster as buyer demand picks up, leaving a very low supply of homes  left for sale, according to the latest February MLS data figures from Realtor.com. Homes in February sold faster than in any February since 2007, according to the site.
Julie Nesbitt
Julie sold another!
In February, homes were on the market for a median of 98 days—that’s down from 123 days in February 2011. In some markets, homes are spending even less than a month listed for sale, most notably in places like California. For example, in Oakland, Calif., homes spent a median number of 14 days on the market in February before they were either sold or removed from the market for other reasons, according to the Realtor.com data. Sacramento’s median number of days on the market was 21. A total of eight metros in the top 10 for fastest selling times were in California, with only Denver (median 28 days) and Seattle (median 33 days) rounding out the list. The median number of days on the market was also less than two months in places such as Phoenix, Washington, D.C., Detroit, Minneapolis, Atlanta, Dallas, Orlando and Fort Lauderdale. With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations, Curt Beardsley, vice president with Move, which operates Realtor.com told USA Today. Source: “Homes selling faster as buyers outpace supply,” USA Today (March 17, 2013)

  • Reviving A Stale Listing In 22314 In Alexandria In 22314

    Do you have a abode similar to 124 Roberts Ln #201 in Alexandria that hasn't sold? Did you know that in Fort Ellsworth:

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  • What Has Recently Sold At Lyon Village?

    Do you have a home in Arlington that won't sell? Did you know that in Lyon Village:

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  • Reviving A Stale Listing In Alexandria, Virginia In Alexandria

    Do you have a property similar to 301 N Beauregard St #114 in the City of Alexandria that isn't getting any action? Did you know that in The Fountains:

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  • Residences That Have Recently Sold At Arrowood — But Mine Hasn't? What's The Problem?

    Do you have a place in 22124 in Fairfax County that just isn't selling? Did you know that in Arrowood:

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  • Listings Similar To 10074 Daniels Run Way In 22030 That Have Sold At Farrcroft

    Do you have a home similar to 10074 Daniels Run Way in the City of Fairfax that won't sell? Did you know that in Farrcroft:

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Real Estate Elements of Value (DUST)

Regardless of its purpose, an item has some value if it satisfies four essential elements:
bench
Bench on the grounds of River Towers
  1. Demand: This means the desire to buy and an ability to pay.
  2. Utility: The item satisfies a human need or desire; such as shelter, income, or recreation.
  3. Scarcity: Limited in supply, as supply diminishes, value increases.
  4. Transferability: Able to transfer from one owner to another
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