5 Costly Mistakes First-Time Buyers Make

first-time buyer
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. There are few purchases in life that carry the financial and psychological weight of buying a home. Whether you are buying your first home, moving up to your dream home, or downsizing your home and your life after the kids have gone, it is important to understand the ground rules for success in the world of buying a home in {Location_Name}. Making the wrong decision in buying a home can have devastating and long lasting effects, while making a wise decision in home buying can greatly enhance the overall value of the investment in {Location_Name}. It is necessary to learn all you can about the world of home buying and mortgages before setting out to purchase the home of your dreams. While there are plenty of web sites designed to help first time homeowners learn all they can, most financial experts say that there is no substitute for the good old one-on-one learning. Fortunately, Nesbitt Realty can provide this kind of one-on-one learning. [learn more about buying real estate]   For more information or to set up an appointment call Julie at (703)765-0300.  

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.

12 Ways a Realtor from Condo Alexandria Can Help You

Will Nesbitt
Will Nesbitt at Watergate at Landmark
1. Your Nesbitt Realty Realtor® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a Nesbitt Realty Realtor® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices. 2. Your Nesbitt Realty Realtor® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties. 3. Your Nesbitt Realty Realtor® can assist you in the selection process by providing objective information about each property. Agents who are Nesbitt Realty Realtors® have access to a variety of informational resources. Nesbitt Realty Realtor® can provide local community information on utilities,
Julie Nesbitt
your Realtor Julie Nesbitt
zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell? 4. Your Nesbitt Realty Realtor® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required. 5. Your Nesbitt Realty Realtor® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your Nesbitt Realty Realtor® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements
Stuart Nesbitt
Stuart Nesbitt
(access rights) for utilities. Your Nesbitt Realty Realtor®, title company or attorney can help you resolve issues that might cause problems at a later date. 6. Your Nesbitt Realty Realtor® can help you in understanding different financing options and in identifying qualified lenders. 7. Your Nesbitt Realty Realtor® can guide you through the closing process and make sure everything flows together smoothly. 8. When selling your home, your Nesbitt Realty Realtor® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
Realtor Ron Ginyard
Ron Ginyard has the experience you need to successfully realize your real estate goals.
9. Your Nesbitt Realty Realtor® markets your property to other real estate agents and the public. Often, your Nesbitt Realty Realtor® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your Nesbitt Realty Realtor® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your Nesbitt Realty Realtor® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The Realtor® Code of Ethics requires Nesbitt Realty Realtor® to utilize these cooperative relationships when they benefit their clients. 10. Your Nesbitt Realty Realtor® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your Nesbitt Realty Realtor®, you do not have to allow strangers into your home. Your Nesbitt Realty Realtor® will generally prescreen and accompany qualified prospects through your property. 11. Your Nesbitt Realty Realtor® can help you objectively evaluate every buyer's proposal without compromising your marketing position.
Dillon Lee
Dillon Lee
This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your Nesbitt Realty Realtor® can help you write a legally binding, win-win agreement that will be more likely to make it through the process. 12. Your Nesbitt Realty Realtor® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your Nesbitt Realty Realtor® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement). For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

Single Family Homes less than $350k with easy access to the metro

If you have a friend who is looking for easy metro access, a 3 bedroom home and only wants to spend about $300k to $350k  it will be tough. But here are my best suggestions:
  • The Huntington Metro is also an option at with homes at Bucknell Manor and the Fort Hunt area. This is a traditional 1950’s neighborhood with lots of trees and good schools.  Huntington Metro has 4500 parking spaces, so it’s a great metro to live close to because you can park and ride.
  • I also like parts of Franconia near Van Dorn but there is no parking at the Van Dorn Metro. Springfield and Burke are quite suburban but there is parking at the Franconia Springfield Metro.
  • I doubt you can find anything in Alexandria or Arlington that comes close to fitting in your budget. It’s possible to find home not far from the Vienna Metro. If you head further out towards Centreville and Oakton you can might find a home that suits you and you can drive to park at the Vienna Metro.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

What your property manager should know …

Will Nesbitt
Will Nesbitt
If you own rental property, you probably should consider a property manager. If you don't know the answers to these questions, then you should definitely contact us to find out more about our property management services.
  • What is the proper procedure for filing a notice to pay rent?
  • What notices can permissibly be served to a tenant under the terms of a lease?
  • What important legislation is looming on the horizon regarding debt collection?
  • By law, what is the maximum security deposit you can collect in Virginia?
  • What rights do you have (or not have) regarding pets on your property?
  • What amenities are included (or not included) with your property?
  • What are the latest fair credit reporting rules and requirements?
  • What are the Federal and/or State laws that govern fair housing?
  • What questions are you NOT allowed to ask on an application?
  • What laws apply to abandoned personal property left behind by a tenant?
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.  

Nesbitt Family Photos

Here's a look at who you're dealing with when you deal with Nesbitt Realty. We are a family-business second, and a family first. We work together and play together. 

Nesbitt Realty is a real estate brokerage serving Northern Virginia. Locals trust us because we provide the same services as a national chain realty but with a hometown touch.

  • Our Agents

    Here are some of our top agents:
    • Will Nesbitt -- principal broker licensed in the Commonwealth of Virginia and the State of Maryland
    • Julie Nesbitt --- top producer with proven results and strong educational background
    • Ronald Ginyard --- retired USMC recruiter and technical sergeant, more than 15 years experience as a real estate agent
    • Stuart Nesbitt --- a local agent with deep community connections.
    • Andrew Patton --- a native and graduate of East Carolina University .

    [read more about our agents]

Nesbitt Realty

Equal Housing Opportunity

real estate brokers in Northern VA 1451 Belle Haven Rd. #222
Alexandria VA 22307
LICENSED IN VIRGINIA

703 765 0300

888 783 6391 (fax)

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

About Ral Partha

This is pulled from a letter from me to Bob Olley, a sculptor in England:
Since you never visited Partha, let me paint a quick picture. Let's start with the fact that Cincinnati is not the most beautiful city in America. It's not Detroit, but it is a failing/failed industrial town. This city was a river port back in the days when the Ohio River was an economically viable route to the Mississippi and beyond.
I've always felt the face of this miniature looked like Jack Hesselbrock.
I've always felt the face of this miniature looked like Jack Hesselbrock.
In the worst section of the worst part of this town there was a battery factory. When the battery factory failed or moved away, Ral Partha moved in. The facility looked like it was built upon oil-stained lead shavings mixed with gravel. The warehouse/factory was a cinder-block hovel with a wood-frame ceiling. The executive offices and sculpting studio was a cramped house filled with the dreams, fantasy posters, miniatures and collectible oddities. A thin layer of industrial dust covered everything in the cramped messy house. Taken together, it was a vertigo inducing mixture that made the minds of game junkies and fantasy dreamers swoon. .
The "house" had sculptors on the second floor. That's where I met Jim Johnson (he mainly sculpts for Reaper now) and Jeff Wilhelm. The first floor of the house had Jack Hesselbrock. Jack was a natural salesman, a down to earth guy and the type who would play a fighter in the RPG. You know the guy who just wants to roll dice and kill things. He "quit" smoking years ago, but he always reaked of nicotine and had yellow stained fingers. About once an hour he would steal away to the bathroom, which oddly enough, always smelled like tobacco. Along the same lines, he had one of the thickest manes of hair I've ever seen on a man over forty. The Cleric Brown (TM by Ral Partha Paints) hair on the top of his head seemed a shade lighter than the hair at his collar at the rear of his head. Jack had an infectuous smile and easy demeanor that quickly won him friends. Jack always bragged about how he was good with the money and how he was the only "business man" at Partha. Jack didn't have much interest in games anymore and he didn't really care about the product other than he wanted it to sell. Chuck was brooding, critical and acerbic. At conventions he liked to dress like Henry VIII and he gave a pretty good likeness---except for the fact that I never pictured Henry VIII as so likable and easy-going as Chuck. (He was always in a better mood at conventions.) Chuck loved miniatures and games and game conventions. He came to life when discussing the difference between a stone troll and a river troll. Chuck's office was in the factory and it was his job to oversee production and keep everything running smoothly. But Chuck didn't do that. Chuck didn't do much of anything. He didn't like work and he hated Jack. He felt like Jack didn't know the business because Jack not only didn't know the difference between a river troll and a stone troll, Jack didn't frankly give a shit what the difference was between a river troll and a stone troll.
Because Chuck never really lifted a finger to do anywork, someone had to manage production. That person was Mike Noe. Mike looked like Jesus with tatoos wearing a chain on his wallet and low-cut jeans over biker's boots. I never had the balls to tell him to his face, but I always saw Mike Noe as a bit of a Wormtongue. He had started off pouring lead into spincasters and by kissing Chuck's rear he had worked his way into a(n albiet filthy) office. He had lifted all of Chuck's duties from Chuck, except he let Chuck name the figures. That was the one thing which was sacred to Chuck. He picked the name that went on every package.
As a side note, I remember arguing with Chuck about the "Barbarian Empire". I said they can't be barbarians and an empire. By definition barbarians are ... BARBARIC. Savages don't build roads, collect taxes and raise legions. Barbarians muster hordes. Chuck won.
Back to the point, Mike Noe was smart enough to let Chuck think and do as he pleased. All the while he would tell Chuck, "If only you were running the company, everything would be better."
This fiction pleased Chuck greatly and blinded Chuck to Mike's other flaws. Meanwhile Mike would wink and nod to Jack and say, "Yeah, we all know Chuck doesn't do anything."
This strategy meant that Mike was indispensable in Jack's eyes, because Chuck was worthless. By the same token, Mike was always undermining Jack. Mike wanted nothing more than to depose Jack and set up Chuck as "king" because then Mike would really be running the show. Meanwhile, Mike was a hero of sorts to the marijuana-infested bikers who worked hot pewters in a cancer-causing carcass of industry. To those bikers who made little more than minimum wage, he made himself out like he was their hero---a man of the people who wanted nothing more than to give them all raises (were it not for that damn Chuck and Jack holding him back). They loved Mike because he was the defender of the afternoon pot-break.
Now onto this heaping pile of dung throw this tidbit: Jack was married to Chuck's ex-wife. That's right. You don't have to reread that sentence. I'll type it again. Jack started banging Chuck's wife before Chuck divorced her. I spent the night at Jack's house and met his wife. Nice lady. Nice house. She said Jack was so good with money, and Jack was so industrious. Jack's house had nothing in it which might indicate that he had anything to do with Partha. He had a nice billiard table in the basement, but our game was the first time he had played in years.
Chuck's house, as Jack and his wife liked to point out, was inherited. Chuck's parents left it to him and though it was in good condition when they passed away, it was not much improved since then. Chuck's wife was a little younger and a real fan of Xena the Warrior Princess. Chuck met her at a convention and she jumped his bones when she found out he was the "rich and famous" owner of Partha. She later learned what others knew. Being "famous" wasn't all it was cracked up to be, and Chuck had pissed away any opportunities at riches long ago. Chuck and I played a game about the Battle of Britain the night I stayed with him. He was like a kid. It was a load of fun as my Luftwaffe took his Limey bastards out of the air. He gave me the game afterwords. He gave me lots of other cool Partha momentos.
Chuck and Jack had a cordial but cold business relationship. They both talked about the nut in the other building and how Partha would be better off without the other one. But to my mind, Partha needed them both. Jack was the mind and Chuck was the soul. The worst part was, rather than working together, they worked to sabotage each other. For example,Chuck would only listen to Jack when he knew an idea would fail. This was so he could prove to Jack what an idiot Jack was. Jack was not to bright when it came to the games, but he knew enough to know that Chuck was just about worthless. He treated Chuck like he was worthless so that he became more worthless. Quite sad.
There were three other partners: a lawyer (who didn't much care about the thing---I never met him), Tom Mieir, and Rich Smethurst (a postman who loved games nearly as much as Chuck). Three out of five of these partners put Jack in charge. Tom Mieir was bitter because in his opinion he had been screwed out of royalties by Partha. Rich just wanted free lead. (He was the nicest guy and the best person I ever met who had anything to do with Partha.) I think Rich had it all figured out. He would deliver mail and occaisionally come to the factory to cast his own figures. If Partha made money that was just a bonus.
I don't know the last pieces of this puzzle, but I think I know the characters well enough to guess how it played out. Mixing fact with conjecture, I'll tell you how Mike Noe orchestrated the sale to FASA. TSR had recently been acquired by WotC and WotC was planning on pulling the licensing from Partha. This would take away at least 40% of Partha's business. FASA counted for another 30% of Partha's business and they knew they had Ral Partha over a barrel. If they took away the license, Partha wouldn't be finished but they would be in deep trouble. So FASA both threatened to take the license away but also offered to buy the company. Tom M. and the lawyer wanted out. They always voted to sell. Chuck and Jack were like some sort of brothers from literature---bound for life to the beast called Partha and a shared union with a woman. They would never vote to sell. Rich didn't care if it made money or not. Why sell? He just wanted more figures.
But Mike Noe wanted to be the king beneath the king. So on one of the Wiesmans' (FASA owners) many visits to Partha Mike laid out the plan to take the company. The Wiesmans cut a secret deal to promise to put Chuck in charge after the sale. Chuck voted to sell and thus stabbed his baby, his one true love, Ral Partha in the heart. True to their word, the dudes from Chicago fired Jack and put Chuck in charge ... for a time.
Chuck couldn't manage a damn thing. So, in the end Chuck got the axe and Mike got what he wanted. Mike was lord of Partha.
But then in a generous twist of Fate, the Wiesman's dicked over Mike Noe. They orchestrated the bankruptcy of Partha, looting all that they could before leaving the whole thing in a twisted and failed mess. Of course, afterwards Mike Noe took over Iron Wind Metals and he at last had his kingdom, but to my mind he was better off as a lieutenant in the best and brightest miniature company on the planet than a king of a cancer-ridden pile of shit.
This probably would make an interesting novel and this is only the half of it.
head shot   About the AuthorWill Nesbitt is the principal broker of Condo Alexandria / Nesbitt Realty. Will is a realtor who specializes in condos, townhouses and single family real estate in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.

How does number of bedrooms impact price if square footage is equal

Question:

All homes listed have 1.5 baths, are close in square footage (1200-1270 sq feet), historic, built in same time period (1870s-1880s), and located in the same neighborhood: Home #1: Sold for $517/sq ft this month. Three bedrooms. Two of three bedrooms are small but would accommodate twin bed, nursery, or office. Home #2: Sold for $518/sq ft this month. Two bedrooms. Renovated kitchen with granite, cherry, stainless. My house, home #3, sold for $480/sq ft one year ago. One true bedroom. Also has a large room (but no door) that is used as informal living space or could be a home office. A third small room is used as a laundry/walk-in closet. If the closet fittings were removed, it could be used as an office or nursery (it has windows). For listing purposes, it was counted as a second bedroom. To access the "laundry" room and the full bathroom from the rest of the house, you must walk through the bedroom. What is Home 3 worth now relative to Homes 1 & 2?

Answer:

The prices of residential real estate are often "notional". That is to say that notions in the buyers and sellers of real estate will impact the price in ways that we can't always quantify. In a large market like Alexandria, real estate is a commodity in the sense that it is difficult to find something the market hasn't already rewarded or punished. But is it not a commodity in the sense that you can tally a square footage price and add an amount per bedrooms or multiply the price by a certain factor based upon the number of bedrooms. Are they at the same address? In the same building? In your example above, what is the view from these units? Is the condition of these properties identical? Even a licensed appraiser with answers to all these questions would be hard-pressed to give you an answer without know the tax assessments and the contract price on these properties. In the end, a home is worth exactly what a buyer will pay for it, if the seller will sell for that amount.
Will Nesbitt
Will Nesbitt
Will Nesbitt is the principal broker of Condo Alexandria / Nesbitt Realty.

Cherry Blossoms and the monuments

Julie and I rode bikes from Old Town up to Washington DC to take a look at the cherry blossoms. We rode along the GW Parkway on the Mount Vernon Trail to Theodore Roosevelt Island and then we turned back crossing the river into the city. It was a pleasant morning and a good time. Will Nesbitt is the principal broker of Condo Alexandria.

Do you work with properties other than condos?

Because we do business as Condo Alexandria, I'm often asked: do you only work with condos? The answer is of course: no. Condo Alexandria works with all types of real estate in the Commonwealth of Virginia. But we do fill several niches and have expertise in a few specific areas that might be of interest to you.
home in Belle Haven
brick home in Belle Haven
Condo Alexandria serves the condo market in Alexandria (mainly in the West End and Old Town), Crystal City, Pentagon City, Arlington, Fairfax County, and Kingstowne. Our focus these days is on buyers and landlords. As a buyer's agent we are well equipped to find the property that suits you needs and make the sale proceed smoothly and quickly. As property manager we take the hassle out of being a landlord. We of course have listings for sale but if the time isn't right to sell, we'll let you know and advise you of your best options. Condo Alexandria also does business as Nesbitt Realty. In the capacity as Nesbitt Realty, we focus on homes and properties near our offices and homes. Our agents and I have particularly good insight in Alexandria especially around Bucknell and Belle Haven, but also in Kingstowne and Old Town. These neighborhoods have condos, but they also have single family homes and town houses. If you have questions or if I can be of service, please don't hesitate to contact me! If you need help finding properties please help yourself to our fast and free database of properties that are currently on the market. The number of listings that are available can sometimes be overwhelming, so feel free to contact me if you'd like for us to do the search.
Photo of Will Nesbitt of Condo Alexandria
Will Nesbitt of Condo Alexandria
Will Nesbitt is the Principal Broker of Condo Alexandria / Nesbitt Realty.