7 Reasons to Own A Home

  1. Tax benefits. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.
  2. Appreciation. Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®.  The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.
  3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
  4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
  5. Predictability. Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.
  6. Freedom. The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.
  7. Stability. Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.

7 Common First Time Home Buyer Mistakes

Here are seven of the most common mistakes that first-time home-buyers make in Northern VA.

first time home buyer
First-time home buyers contact Nesbitt Realty!
  1. Some first-time home-buyers don’t do enough to make their offer look appealing to a seller. [Read more about Writing the Offer
  2. Some first-time home-buyers don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
  3. Some first-time home-buyers don’t understand how a buyer’s rebate can actually hurt their chances of buying a home.
  4. Some first-time home-buyers avoid getting a Realtor® because they wrongly believe they have to pay for a Realtor’s advice.
  5. Some first-time home-buyers don’t ask enough questions of their lender and end up missing out on the best deal.
  6. Some first-time home-buyers don’t act quickly enough to make a decision and someone else buys the house.
  7. Some first-time home-buyers don’t find the right agent who’s willing to help them through the homebuying process. [Read more about Buyer’s Representation]
Fort Hunt real estate agents.
Nesbitt Realty can help you buy and sell real estate in Fort Hunt.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

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For Housing Confidence, Millennials Lead the Way

Stuart, Aubrey and Kim
Millienials see a bright future.

They might be thought of as a nomadic generation unwilling to settle down, but a recent study by Prudential Real Estate reports millennials are more confident than any other age group that the real estate market will soon recover.

“There was a lot of negativity when all the problems in real estate were happening,” says Earl Lee, president and CEO of Prudential, “but this generation was either too young or too preoccupied with school at the time to notice.”

According to the study, real estate market confidence declines steadily for each successive age group. Eighty percent of 25-to-34 year olds have confidence in the market’s future, compared with 73 percent of 55-to-64 year olds who believe real estate is rebounding.

“Gen X and Gen Y are not as clued in to some of the troubles their parents have gone through in exactly the same way,” Lee says. As these younger would-be home owners enter the workforce and interact with others who own property, their desire to purchase a house increases, he adds.

This could translate into a significant spike in home sales among millennials, which would be good for themselves and the communities where they put down roots, Lee says.

“All of the monumental events that happen in a young person’s life start to focus them on real estate and what it has to offer,” he says. “These young generations are now all about local involvement, and what better place to do that than in a community where you own a home?”

— Melissa Kandel, REALTOR® Magazine

  • What Is Title Insurance?

    Title insurance protects the policy owner against loss in the event that the property’s title or legal ownership is something other than insured. It helps ensure that the property owner is assuming clear title for the real estate being purchased. Title insurance is different than other types of insurance in that it offers protection against…

    Read More

  • We rebate money to buyers.

  • Are You Looking To Buy A Home In Alexandria?

    Today we’re featuring this property for sale at River Towers in Alexandria Virginia. We highlight properties that are interesting, unique or just good deals. This 1 bedroom property is listed for $168,000. We like to keep our eyes open for home buying opportunities for our clients.

    Read More

  • Basics Of Home Buying in Arlington VA

    The most important investment you will ever make is probably the purchase of a home. Finding the right home in Arlington can be challenging but that’s why Nesbitt Realty is here.

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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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first-time buyer
Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.

First-Time Home Buyers: This Spring’s ‘Wild Card’?

First-time home buyers represented the fastest growing segment of home purchasers for January and February, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

Meanwhile, current home owners looking to move up posted the largest drop in market share in the month, dropping to the lowest market share recorded of current home owners since last June.

Current home owners make up 42.5 percent of the market share, while first-time home buyers share climbed to 34.5 percent of home purchase transactions in February, based on a three-month moving average. First-time home buyers posted its second monthly increase, after reaching a four-year survey low of 32.9 percent in December.

The survey showed that first-time home buyer traffic reached a four-year high in February.

“First-time home buyers are the wildcard in the upcoming spring-summer home buying season,” says Thomas Popik, research director for Campbell Surveys. “We see strong first-time homebuyer traffic, but it’s still not clear that the traffic will translate into increased purchases, because first-time home buyers are dependent on low-down-payment financing, such as FHA mortgages, and announced FHA program changes will take effect this spring.”

Current home owners are expected to increase their home purchases this spring, with the survey measuring a big jump in home buyer traffic among this group of buyers too.

Also, investors’ share of home purchases climbed to a four-month high in February, accounting for 34.5 percent of transactions.

Source: Campbell/Inside Mortgage Finance HousingPulse Tracking Survey

  • What Is Title Insurance?

    Title insurance protects the policy owner against loss in the event that the property’s title or legal ownership is something other than insured. It helps ensure that the property owner is assuming clear title for the real estate being purchased. Title insurance is different than other types of insurance in that it offers protection against…

    Read More

  • We rebate money to buyers.

  • Are You Looking To Buy A Home In Alexandria?

    Today we’re featuring this property for sale at River Towers in Alexandria Virginia. We highlight properties that are interesting, unique or just good deals. This 1 bedroom property is listed for $168,000. We like to keep our eyes open for home buying opportunities for our clients.

    Read More

  • Basics Of Home Buying in Arlington VA

    The most important investment you will ever make is probably the purchase of a home. Finding the right home in Arlington can be challenging but that’s why Nesbitt Realty is here.

    Read More

  • 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

    Read More


first-time buyer
Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.

What is a Buyer Agency Agreement?

Stuart at Porto Vecchio
Stuart Nesbitt, a chip off the old block

A buyer agent is a real estate agent that represents the buyer. A Listing Agent is an agent that represents the Seller. The buyer agent does not get paid to show homes to clients. A buyer agent only gets paid if the buyer contracts for and purchases a home.

Your buyer agent can show you one house or show you dozens of houses. Your buyer agent can work with you one day before writing an offer for you to purchase a home, or your agent can work with you for months. Often, a buyer agent will tour houses with their clients to get better understanding of what the client wants. The buyer’s agent also does extensive research of the local real estate market. Once the buyer agent has identified a number of prospective purchases the agent follows up with phone calls to listing agents. The wise buyer’s agent calls listing agent to learn details which my exclude some homes and bring other homes to the forefront.

After a buyer finds a home to purchase, the buyer agent works to prepare and present the offer, negotiate the contract. The agent attends to deadlines, inspections, appraisals, loan approval,o ordering title and so on. In order to perform these duties, the Commonwealth of Virginia requires the broker and prospective buyer sign a Buyer Agency Agreement. Some of the points addressed in that Agreement are:

  • The type of property the buyer seeks
  • The length of time the agreement will be in effect
  • The duties and responsibilities of a buyer’s agent
  • A commitment to protect the buyer’s privacy
  • The nature of the legal, ethical and fiduciary responsibilities of the agent
  • How the agent is paid.  (The buyer does not pay any fee for a buyer’s agent.)
  • The buyer acknowledges that they are not the client of another Broker.
  • The agreement makes clear that we will not unlawfully discriminate against any prospective Seller
  • The purpose and place of legal and tax counsel
  • The agency agreement is governed by the laws of the Commonwealth of Virginia
  • The agreement may contain additional provisions that might be unique to this particular relationship between the buyer and the agent

 

Home Buying is a Part of Growing Up.

House in Lyon Village
Lyon Village is located in Arlington VA

Of course as a homeowner you’ll be responsible for maintenance and repairs on the house. As a condo owner, many of these responsibilities are handled by the condo association. Either way, if you commit to buying a home you’ve identified yourself as the type of person who has taken charge of his or her life. A homeowner can paint the wall any color. A home owner doesn’t need the landlord’s permission to get a cat.

As a homeowner you’re more likely to be a part of the neighborhood watch and the garden club. According to some studies, home owners are more likely to vote, and more likely to participate in local government activities. As a condominium owner you have become one of America’s landed gentry. According to the Rossi and Weber National Survey of Families, home owners possess significantly higher levels of self-confidence than renters.

Tax advantages are one of the biggest financial benefits of home ownership. The typical home owner that pays a $1,000 house payment will realize tax savings of about $120 each month. (As a general rule, most homeowners can deduct most or all of their interest payments on their home loan, property taxes and loan points, but check with your tax adviser about your situation.) What this means is that next year your rent won’t go up, but your liability will go down. Generally if you can afford the cash flow, it’s cheaper to buy than to rent. Because you’re a homeowner, you know what this means.

This increase confidence and wealth will have an impact on your family life as well. According to Boehm & Schlottmann, University of Tennessee, “Children of home owners are 59% more likely to become homeowners. Their children are also 25% more likely to graduate from high school and 116% more likely to graduate from college.”

Palazzo is located near King St. and I-395.
Palazzo is located near King St. and I-395.

As an owner, you’ll stop paying rent and you’ll start building ownership equity. A survey of consumer finance by the Federal Reserve Board found that the median net worth of most modest-income owners is almost $60,000 compared to less than $10,000 for renters in the same income group.

In many cases, your home will provide you with more privacy than rental living. For some, this means a quieter living environment, for others it’s the ability to have a grow garden, have a backyard barbecue or a build a garage. You’ll have the freedom to make whatever changes or improvements you like. Now that you control your living environment, you can make adjustments as your family changes or just as your personal taste dictates.