Pending Home Sales on an Upswing

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®.

single family residence
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

Properties in Fort Hunt

What do real estate agents do?

on the lawn of the White House looking toward Washington Monument
Julie is a Realtor serving Northern Virginia

Real estate agents act as go-betweens for buyers and sellers of real estate property. With certain exceptions, anyone who assists with the sale of real estate in the Commonwealth of Virginia is required to be licensed by the state.  Each and every real estate agents must be affiliated with a real estate broker. A broker is a real estate profession who has higher educational requirements and who has a minimum of three years of full-time experience as a real estate agent. A realtor is a real estate agent or broker who is a member of the National Association of Realtors. As a realtor, agents and brokers agree to ascribe to a high standard of ethics and participate in continuing education programs.

In most cases, a real estate agent works for one party, either the buyer or seller, renter or landlord. The agent uses his or her specialized training to best represent the clients’ best interests. In some cases, the agent will work in a dual capacity representing both sides of the transaction.  In all cases, the agent’s first duty is to truth and honesty. But when you choose a real estate agent, don’t be afraid to ask about what obligations state law imposes.

Some agencies have up-front fees or retainers.  It’s okay to shop around and to interview several agents and agencies to find the one that you feel most
comfortable working with, but it’s only fair to the agent and to yourself to settle on one agent to sell or buy a home. Although it is your right and duty as a consumer to shop around, it is unethical and unfair to work with more than one agent at a time. An experienced agent will always ask if you already have representation. This way the agent won’t waste his time or accidentally interfere with the relationship you already have.

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

Properties in Cameron Station

Selling Your Home or Condo in Northern Virgina using the Internet

Stuart Nesbitt with Spring attire
Stuart Nesbitt with Spring attire

According to National Association of Realtors’ 2008 Profile of Home Buyers and Sellers, now over 80% of people use the Internet as a primary tool in their search for a new home. Sites like NesbittRealty.com are used by more and more people every day. Some claim that, “Internet condo buyers devote more time to research before working with a real estate agent. But after that, they move quickly, spending just two weeks looking for a new condo, new home, pre-construction condo, townhome, or loft with an agent.”

Although some of our clients know exactly what they want and view only a few homes or condos, many of our clients relentlessly research and analyze neighborhoods and homes before taking time to tour properties listed for sale. We find that our site and our Guide have complemented–not diminished–the role played by our real estate agents and realtors. Most Internet condo, townhome, loft, or single family home buyers use an agent in the home buying process.

Our site provides a convenient method to do research about Northern Virginia home listings. NesbittRealty.com provides resources for home buyers and investors looking for new real estate opportunities. If you’re reading this now then you have a clue just how big our Internet presence is.  Contact us to sell your home on Condos and Homes today!

“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. 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!

What Does a Realtor Do?

Realtors are required by law to:

  • perform necessary and customary acts to assist in the purchase or sale of real estate.
  • perform these acts in good faith and with reasonable care.
  • properly account for money or other property placed in his or her care.
  • disclose “adverse material facts” which are, or should be, within the agent’s knowledge.

Realtors can help buyers pre-qualify for mortgages and keep abreast of the latest home listings. They can assist sellers in preparing their homes and screening potential buyers. They can show investors the properties that fit their risk profiles and long-term investment strategies.

Nesbitt Realty can quickly locate the perfect home for you, or sell your home in the shortest possible time frame. Our agents can efficiently organize and coordinate meetings with potential buyers and sellers.

A Nesbitt Realty Realtor will be well acquainted with the important things you’ll want to know about the neighborhood you may be considering:

  • the quality of schools,
  • the safety of the community,
  • traffic volume,
  • price,
  • Metro accessibility
  • nearby parks and attractions

Our agents have immediate access to homes as soon as they are put on the market, saving you hours of wasted drive-around time. When you’re ready to make an offer on a house, our Realtor will help structure the deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages and guide you through the mounds of paperwork.

When it comes to selling your home, a Realtor will save you time and aggravation. Their commission will vary depending on your location. Realtors pay for all advertising, schedule all open houses and make sure potential buyers are qualified. The money they can save you is often more than the cost of their commissions.

Why use a realtor?

Realtor pin
Realtor

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS(r) are properly called REALTORS(r). They proudly display the REALTOR “(r)” logo on the business card or other marketing and sales literature. All agents and brokers at Condo Alexandria are Realtors. REALTORS(r) are committed to treat all parties to a transaction honestly. REALTORS(r) subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR(r) again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR(r).

But if you’re still not convinced of the value of a REALTOR(r), here are a dozen more reasons to use a Realtor from Condo Alexandria.

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

What is a realtor?

According to the National Association of Realtors:

A real estate agent is a REALTOR® when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice
for Real Estate® — the world’s largest professional association.

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of
the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 to today’s 720,000 members. NAR is composed of residential
and commercial REALTORS®, who are brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry. Members belong to one or more of some 1,700 local associations/boards and 54 state and
territory associations of REALTORS®. They can join one of our many institutes, societies and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections.

REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. Working for America’s property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

Our agents are abides by this Code of Ethics and Standards of Practice. We strive to give our clients value by staying current and knowledgeable about the sales and purchase process. We also constantly increase and improve our knowledge of Northern Virginia’s communities, amenities and condominiums.

For more information or to set up an appointment call Julie at (703)765-0300.
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How does a real estate agent become a REALTOR?

RealtorA real estate agent is a professional licensed to buy, sell and manage real estate for a fee on the behalf of others. Not all real estate agents are REALTORS.  A broker is a real estate agent who has reached a higher educational standard and who accepts certain additional responsibilities commensurate with this level of licensing. The term “Realtor” is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors.

A real estate agent or broker who joins the National Association of Realtors is a Realtor.  The National Association of Realtors (NAR) claims to be world’s largest professional association. The single biggest distinction between a real estate agent and a Realtor is that all Realtors agree to abide by a strict Code of Ethics. From their voluntary adherence to a Code of Ethics to their incomparable knowledge of real estate processes, Realtors are the experts of residential and commercial property transactions.

Stuart and Will
A broker has a higher experience level and higher educational requirement than an agent, but both are Realtors.

Founded in 1908, National Association of Realtors has grown from its original nucleus of 120 members to more than 1 million today. National Association of Realtors is composed of Realtors who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry.

Realtors belong to one or more of 1,700 local associations/boards and 54 state and territory associations of Realtors and can join one of our many institutes, societies, and councils. Brokers and agents of Condo Alexandria are members of the Northern Virginia Association of Realtors. Additionally, National Association of Realtors offers members the opportunity to be active in our appraisal and international real estate specialty sections. Realtors are pledged to a strict Code of Ethics and Standards of Practice.

Working for America’s property owners, the National Association of Realtors provides a facility for professional development, research, and exchange of information among its members. Condo Alexandria agents and brokers take advantage of educational opportunities with the National Association of Realtors and the Northern Virginia Association of Realtors to continue expanding our knowledge of all aspects of real estate related expertise.

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

What are Real Estate Agents?

  • Real estate agents are go betweens for buyers and sellers for real estate property.  Realtor Logo
  • All real estate agents have to be licensed by their state or such as of the Commonwealth of Virginia.
  • Every real estate agent has to be affiliated with a real estate broker. A broker is a real estate profession with higher educational requirements and a minimum of 3 years of full time real estate experience.
  • A realtor and broker have to be a member of the National Association of Realtors.
  • Both realtors and brokers agree to follow the high standards of ethics and participate in any continuing education programs.
  • A real estate agent represents a buyer or seller, renter or landlord, having their best interest at heart.
  • Agents can work in a dual capacity in certain circumstances representing both parties.
  • A real estate agent’s duty is to truth and honesty and will explain what obligations state law imposes.

It is alright for you to shop around and decide on which agents and agencies you could work with comfortably, it is fair and ethical that you work with only one agent to help you buy or sell your home. This is the reason why real estate agents will ask you if you already have representation prior to working with you.

For more information or to set up an appointment call Julie at (703)765-0300.
Nesbitt Realty
Nesbitt Realty is a family-business and we are ready to serve you.

What is an ABR?

The ABR acronym is short for Accredited Buyer Representative. The Accredited Buyer’s Representative (ABR®) designation is designed for real estate buyer agents who focus on working directly with buyer-clients. Accredited Buyer’s RepresentativeWhen you work with an Accredited Buyer’s Representative you know that your rights are represented by a professional agent who is trained and experienced in handling the needs of buyers. There are four requirements which a real estate agent must meet to attain and use the ABR® designation:

  1. Previous and documented experience representing the needs of buyers and experience actually closing real estate sales.
  2. Successful completion the Accredited Buyer’s Representative (ABR®) Designation Course.
  3. Successful completion of one of the ABR® elective courses.
  4. Membership in good standing in the Real Estate Buyer’s Agent Council (REBAC) and the National Association of REALTORS®.

    at the Waterview
    Julie is on the rooftop deck at the Waterview in Rosslyn VA. Julie is an Accredited Buyer's Representative.