Corner view
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 especially quickly. With the Federal Reserve ending its purchases of mortgage securities this month, the mortgage market is likely to rise from its current low level. Even if prices fall further, the rising cost of borrowing could eliminate any savings.
As Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, says, this is a "very good time to be a buyer at the high end."
Source: The Wall Street Journal, Nick Timiraos and James R. Hagerty (03/27/2010)
Selling A House As Is: What Does It Mean To You As The Buyer?
What goes through your mind when you see the term "as-is" in a property listing in Arlington? While some people may see this as a warning, others like real estate investors may see it as an opportunity. But what exactly does "as-is" mean?
5 Questions to Ask a Home Inspector in Northern VA
Home buyers in Northern Virginia are well advised to interview a home inspector before hiring that inspector. What should you ask if you're going to hire a home inspector in Arlington, Alexandria or Fairfax County? Here are a few ideas for questions.
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…
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.
When prices were declining, many home sellers were having a lot of trouble accepting the market value of their properties. Even though the prices might seem high to those moving to Northern Virginia, some sellers are still adjusting to the market.
We tell them the odds. Calculate the absorption rate in their area. Divide “1” by the number of months of housing inventory. For instance, if there are 12 months of inventory on the market, the probability of selling in any given month is 8.3 percent. The probability of not selling is 91.7 percent.
We explain the cost of not selling. That includes paying the mortgage, insurance, utilities, etc., plus the cost of any further price declines.
We compare the price per square foot. Show the seller the prices of comparable homes sold on a price-per-square-foot basis.
We point out how much lenders are willing to loan on similar properties. If a house can’t qualify at the price the sellers seek, few will be able to buy it.
We show them the goods. Take sellers on a tour of competing properties and show them the online tours of those that sold previous.
We use online pricing tools. Sites such as NesbittRealty.com help us demonstrate competitive pricing.
Nesbitt Realty explains these fact so that sellers can make an informed choice about selling a home or condo today.
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:
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:
As the inventory of for-sale homes remains at low levels, sellers are getting more comfortable at the bargaining table and telling buyers to cool it with the contingencies. In competitive situations that attract multiple bids, some sellers are even telling buyers they want an offer without mortgage contingencies.
A mortgage contingency, often included in sales contracts, provides buyers with a safety net of being able to get out of the deal without forfeiting their down payment in case they are unable to obtain financing within a certain timeframe.
Some sellers are telling buyers they want non-contingent offers — and better yet, make it all-cash too.
“When you have a market that’s heating up, sellers feel emboldened to say to buyers, ‘I’m not going to give you this clause because I don’t want to take the risk that you can’t get your mortgage,” Marc Israel, the executive vice president of the title insurer Kensington Vanguard National Land Services, told The New York Times. “The last thing sellers want to do is tie themselves up with a buyer for some extended period of time just to have the buyer cancel the contract.”
This has put some buyers in a risky spot. If their financing is delayed or denied for any reason — which isn’t that uncommon in a tight lending environment — buyers may be left with having to turn over their down payment.
Peggy Aguyao, an executive vice president of Halstead Property, says in New York it’s not uncommon for even higher bids to be passed over by sellers in favor of lower bids because they are non-contingent or all-cash offers.
Gea Elika, a principal broker at Elika Associates, an exclusive buyers’ brokerage, says his brokerage never advises clients to proceed without a mortgage contingency. For those clients who insist, “we’ll try to go to a major lender that’s preapproved the building in the last three months. Then we may try to find a portfolio lender as a backup.”
Source: “Mortgages: When a High Bid Isn’t Enough,” The New York Times (May 9, 2013)
“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
A survey of Canadian home owners finds that smoking in the home can reduce the home’s value at resale by up to 29 percent. The potential loss on a home could be up to $107,000 on the average home price of $369,000 in Ontario, according to the study sponsored by Pfizer Canada, a pharmaceutical company.
Fifty-six percent of the real estate agents and brokers included in the survey said most buyers are turned off by a home where the home owners have smoked. Twenty-seven percent say that buyers are unwilling to even consider a home in which the home owners smoked.
“Many prospective buyers are really put off by homes that have been smoked in and they can be very challenging to sell," says David Visentin, a real estate professional and co-host of the W Network's "Love it or List it" program.
Source: “Smoking can reduce your home's value by 30%, survey finds,” CTV News (April 16, 2013)
5 Sure Signs That Its Time To Sell Your Home
When should I sell my home? This is not always the easiest question to answer. A lot of people don't plan on living in their first, second, or even third home forever, but still knowing when to let go and move on can be tricky. It can feel like ending a long term relationship, it's…
6 Budget Tips For Staging A House To Sell In Arlington
If you are trying to land a great deal for your property in Arlington, then you can't afford to overlook home staging. You'll want to hold a terrific open house- one that leaves the attendees entranced. And the good thing is, you can do that without having to break the bank.
Staging Hints For Sellers With A Place At Stratford On The Potomac In 22308
Are you planning to list your residence? A home that isn’t staged may sell if properly prices. On the other hand, a staged place of residence will sell faster and for more money. What steps can you take now to sell your split foyers-style house in a Split Foyer-style community?
We can help you sell your property quickly and at the highest price possible.
Here are four things sellers should understand about today’s market to make their homes as saleable as possible:
Time and time again, we find that real estate pricing is very local. That means real estate professionals and homeowners need to closely examine comparables. We have to see what nearby properties have sold for in the past three months. We also look at the competition and what's under agreement. The bottom of the market is probably behind us, but it's hard to know how much your home will sell for today until we study trends in your home's "micro-market".
Online marketing works. Therefore it's important to get high-quality property pics online.
Don't wait for a home inspection. Fix what you can and disclose what you can't. Every home has problems, but disclosing quirks and problems builds trusts and makes selling a property go smoothly. When the buyer discovers defects, there are last-minute re-negotiations, cold feet and sometimes the deal explodes.
There is no more cost-effective marketing than cleaning your home. By "clean" we mean clean, clean, super-clean: A clean and clutter-free property makes potential buyers likely to pay more.
In {Location_Name} who sets the price?
Agents at Nesbitt Realty understand that no matter what you've been told Realtors in {Location_Name} really have no control at all over the real estate market, only the plan behind marketing.
Our Realtors never determine the asking price - the seller does. We can provide Realtor advice, but the seller makes the final decision. This not only applies to the list (asking) price, but it especially applies to the selling price. By the same token, we cannot control the offer price. We can only present the offers that are actually made. None-the-less, if the seller does things right and takes each step by step, together we’ll set a listing price in the right area and have no problems selling your property.
[Learn more about selling your property]
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…
Rising home prices have helped more home owners make their way above water again, with 1.7 million residential properties regaining equity in 2012, according to the latest figures from CoreLogic. The number of mortgaged home owners with equity now stands at 38.1 million.
More home owners are expected to soon join them: About 1.8 million homes will regain equity if home prices rise by another 5 percent—which most economists have forecast for this year.
“In the fourth quarter we again saw an improvement in the equity position of households,” says Mark Fleming, chief economist for CoreLogic. “Housing market improvements, particularly in the hardest hit states, are the catalyst for households to regain equity and become participants in 2013’s housing market.”
While the numbers are improving, many home owners are still underwater: About 21.5 percent—or 10.4 million—of all residential properties with a mortgage still retained negative equity at the end of the fourth quarter of 2012. That number is down 22 percent, year-over-year.
Nevada has the highest percentage of homes with negative equity (at 52.4%), followed by Florida (40.2%), Arizona (34.9%), Georgia (33.8%), and Michigan (31.9%). These five states alone account for 32.7 percent of the total amount of negative home equity in the U.S., according to CoreLogic.
Some additional findings from CoreLogic’s latest report:
The majority of homes that have equity tend to be on the higher end of the real estate market. Eighty-six percent of homes valued at more than $200,000 have equity, compared to 72 percent of home less than $200,000.
About 3.9 million home owners with negative equity have both first and second liens. Their average mortgage balance is $296,000 and their average underwater amount is $80,000.
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
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…
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…
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…
Homes in Belmont Bay
In a buyer’s market, sellers have little room for error when putting their home on the market or they risk having their property linger. Sellers should take caution to avoid the following common traps, according to a recent article at MSNBC.com.
Overpricing the home. Home values have dropped considerably since its peak in 2006, but sellers still are often tempted to list a home based on what they paid for it. Eventually they realize their error and have to reduce their price, sometimes several times. In the past month, 23 percent of homes listed for sale on Zillow have reduced their price.
Relying too much on just comps. Size up your competition currently on the market, not just the homes that have already sold. Evaluate homes with a listing price similar to yours to see how well yours stacks up against the competitions and how you can differentiate.
Failing to take into account the home’s web appeal. Photos are key when marketing a home online. Be sure to include lots of high-resolution photos of the interior, including of the areas in a home that buyers most care about, such as kitchen, living spaces, and bathrooms, experts say.
Hovering during showings. Sellers certainly shouldn’t be home for showings, but as a seller’s agent, either should you. Lurking sellers or seller agents may make buyers nervous. Other real estate agents often want privacy with their buyers so they can gather true feedback about the house.
Source: “Six Common Mistakes That Home Sellers Make,” MSNBC.com (April 11, 2011)
Lola, Urban and Will
One of the best things about being a real estate professional is that many of the folks we serve become friends. For a period of time when we managed Lola's condo in West End Alexandria. Eventually, she decided to move to Sweden with her husband Urban so she asked us to help her with the sale of her property. The overseas transaction was just one of the difficulties with this sale, but in the end it all turned out for the best.
Gifts from Sweden
Urban and Lola live in Stockholm Sweden now---Urban is Swedish afterall. But When Urban and Lola came to Northern Virginia for the holidays and to visit family they were kind enough to bring gifts. The little thank you's of life make a big difference.
Fifty-six percent of the real estate agents and brokers included in the survey said most buyers are turned off by a home where the home owners have smoked. Twenty-seven percent say that buyers are unwilling to even consider a home in which the home owners smoked.
“Many prospective buyers are really put off by homes that have been smoked in and they can be very challenging to sell," says David Visentin, a real estate professional and co-host of the W Network's "Love it or List it" program.
Source: “
