If you are buying or selling a house this year in Arlington, you may be trying to wrap your head around all the real estate jargon. You've probably heard of a buyer's market and a seller's market(buyer's market benefits buyers, and seller's market benefits sellers). But, have you heard of a stratified market?
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During an open house in Alexandria buyers may not be afforded a lot of time to critically evaluate all the areas in the potential home. There are some major areas in an open home that will need to be evaluated with full scrutiny before a potential buyer can decide on making a purchase. The top (4) major areas that need to be fully evaluated are:
Front Door - this is after all the major doorway to your home. Buyers will need to evaluate the front door to decide if it makes a good impression or if it will need repairing before they move in.
Roof - this is a major area as without a roof there is no home. Buyers need to ensure the roof is not streaking or they is discoloration. They will need to ensure the roof has no cracks or a potential for any leaking.
Chimney - not all homes in Alexandria has a chimney but if the potential home a buyer is seeking has a chimney, the buyer will need to check that the mortar is in place and the cap has not started to disintegrate.
Basement - this should be the first place visited in an open house to determine if the area has any form of musty smell or any forms of mechanical appliances which will need evaluation.
Will Nesbitt, Principal Broker
Searching for a home is becoming easier every day with more access to web sites across the country Realtor.com is the king of real estate listings. There are real estate company sites such as nesbittrealty.com where you can access the local affiliates and all their listings in Northern Virginia. Or a little back door play is to go to the state board of realtors where they list all the local realtor boards and the local MLS sites.
1.nesbittrealty.com – The number 1 real estate web site. Has easy access to its real estate listings around the world. The “maps” "coverage areas" "find your perfect home" "just listed" "featured properties" website allows you to enter in your criteria and will notify you of any updates or new listing you can select to have the emails sent daily or weekly. Nesbitt Realty's system is state of the art in high tech features when you request information on any of their listings your request goes one stop and then directly to the agent’s phone who listed the home. During normal business hours you should get a return call within minutes with all the up to date information directly from the listing agent. No other real estate company or lead source has anything that approaches this system.Continue reading
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®.
Gambrel roof in Waynwood
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 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.”
Regional Numbers
* The PHSI in the Northeast declined 3.3 percent to 75.1 in March, but remains 27.2 percent higher than March 2009.
* In the Midwest the index increased 1.2 percent to 98.9 and is 18.5 percent above a year ago.
* Pending home sales in the South jumped 12.7 percent to an index of 121.2, which is 28.3 percent higher than March 2009.
* In the West the index rose 1.9 percent to 99.9 and is 8.8 percent above a year ago.
“Another encouraging sign is the improvement in the availability for jumbo and second-home mortgages,” Yun said. “As bank balance sheets strengthen, it is just a matter of time before lending of non-government-backed mortgages steadily opens up.”
Source: NAR
Here's a typical Craftsman home in Del Ray Alexandria VA
Rising home prices have created a market that favors sellers. Under these current market conditions, little
wiggle room for buyers on a budget is provided. In the previous year buyers in the market voiced that their top Real Estate sales stressor was a limited selection of inventory of homes for sale to choose from. Additionally, the year leading up to this year had notated that other top home buyer stressors were prices, competition, rising mortgage rates, and home shopping fatigue.
Here are the 2015 top home buyer stressors:
Affordability, prices jumped too quickly
Competition, other buyers want the same property
Circumstance, need to sell current property first
Down payment, didn't squirrel away enough to prepare
Unreasonable mortgage rates, can't make the move into home ownership just yet
Source: Top 6 Home Buyer Concerns on Realtor.com
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Many folks consider stairs and hallways as strictly utilitarian — a place to get somewhere else - but these spaces can be great for decorations.
Considering that stairs are often one of the first elements home buyers see when they enter the front door of a home for sale, beautifying the steps can be a smart investment.
Consider these ideas for making the stairway more attractive:
A few tastefully positioned flowers can really stand out on at a stairway
Paint a runner in a bold shade of marine paint. Or do it in a pattern, like a stripe or polka dot.
Carpet the stairs with a pattern that hides dirt – even if the rest of the house has hardwoods. (As an added plus, carpeted stairs are safer than bare, potentially slick ones.)
Tile the risers, the vertical part of the stairs that get scuffed easily.
original kitchen at Montebello
One of the biggest questions every condo buyer and home buyer has to ask is, "How much work am I willing to take on?"
Some folks want a turnkey residence. Some folks want a residence that has brand new modern appliances and cabinets. Some people want appliances and cabinets that have never been used.
Some people don't mind an older kitchen. Some people like the feel of a kitchen that was put in long ago.
Others like an older kitchen because they like the idea of ripping out the old and putting in the new. It can be very gratify---not to mention financially rewarding---to completely remake a residence. As a homeowner, or condo owner, you are the ultimate authority. It is your domain to decide what will stay and what must go. This can be a lot of fun.
Brand new kitchen at the Eclipse
But, remodeling can be a lot of work. Living through the dust and the inconvenience can be a hassle. If you don't know where to turn to, it can also be very expensive. But no matter how you personally resolve the issue, it's important to consider before you actually start shopping.
Kitchen
Some kitchens need a little TLC.
Kitchen with a view of the dining room
kitchen at Carlyle Square
Kitchen
Kitchen at Huntington Club
Traditional touches add a colonial feel to this kitchen at River Towers
Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.
Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:
1. Ignore the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Make purchases on credit before settlement. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimp on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buy without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.
“Using a real estate agent is a very good idea,” says the U.S. Department of Housing and Urban Development (HUD). "All the details involved in home buying [and selling], particularly the financial ones, can be mind-boggling. A good professional can guide you through the entire process and make the experience much easier."
Selecting the right professional is the key to a successful real estate transaction. Better than working with a simple real estate agent, you’ll want the services of a Realtor®.
What’s the Difference Between a Real Estate Agent and a Realtor?
More than two million people have earned real estate licenses but only a small percentage of these are Realtors in {Location_Name}. Realtors are members in good standing of the National Association of Realtors, their state association of Realtors and a local real estate board. Realtors are held to high standards of ethical behavior and must undergo continuing education annually to remain accredited.
All agents of Nesbitt Realty are Realtors!Nesbitt Team
For more information or to set up an appointment call Julie at (703)765-0300.
Are you considering renting in Northern Virginia? With remarkably low interest rates, perhaps you should consider buying? Here are 5 solid reasons that buying is better than renting.
Be your own landlord. The landlord picks the paint colors. The landlord decides whether pets or smoking is allowed. If you are the landlord, you make the decisions. And you decide whether to extend your lease or not.
Paying the principal is forced savings. Everyone knows that paying off a mortgage is better than paying rent forever.
Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.
Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.
Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.
Purchasers of second homes should be aware that, according to the IRS, taxpayers who are married and filing jointly can’t deduct interest on more than a combined total of $1 million of “home acquisition debt” for a primary and a secondary residence.
Entrance to the Torpedo Factory condos on a snowy day
Taxpayers also may deduct up to a combined total of $100,000 of home-equity debt on their first and second homes.
After refinancing, a home owner can only deduct interest on the original amount of the loan at the time they refinanced, plus $100,000.
Buyers and refinancers also can deduct loan fees – "points” – if the money was used to buy or improve their home. They can’t deduct them if they refinanced to lower the interest rate.
Source: Inman News, Tom Kelly (04/07/2010)
Julie Nesbitt
Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.
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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During an open house in Alexandria buyers may not be afforded a lot of time to critically evaluate all the areas in the potential home. There are some major areas in an open home that will need to be evaluated with full scrutiny before a potential buyer can decide on making a purchase. The top (4) major areas that need to be fully evaluated are:
