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Author: Will Nesbitt

Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia. Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with NesbittRealty.com Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.
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Who’s Buying and Selling?

The median time on market for all homes was 74 days in February, which is 24 percent below 97 days in February 2012. Short sales were on the market for a median of 101 days, while foreclosures typically sold in 52 days and non-distressed homes took 77 days. One out of three homes sold in February was on the market for less than a month.
bench
Lobby at Montebello
First-time buyers accounted for 30 percent of purchases in February, unchanged from January; they were 32 percent in February 2012. All-cash sales were at 32 percent of transactions in February, up from 28 percent in January; they were 33 percent in February 2012. Investors, who account for most cash sales, purchased 22 percent of homes in February, up from 19 percent in January; they were 23 percent in February 2012. “There was an upward bump in the shares of investor and all-cash closed purchases in February. These sales result from purchase offers during the holidays when shopping activity by traditional home buyers slows, but investors, who typically pay cash, remained active,” Yun said. “This is a seasonal pattern, but we’re now seeing a general increase in buyer traffic, which is 25 percent above a year ago.” Single-family home sales slipped 0.2 percent to a seasonally adjusted annual rate of 4.36 million in February from an upwardly revised 4.37 million in January, but are 8.7 percent above the 4.01 million-unit pace in February 2012. The median existing single-family home price was $173,800 in February, which is 11.3 percent higher than a year ago. Existing condominium and co-op sales rose 8.8 percent to an annualized rate of 620,000 in February from 570,000 in January, and are 21.6 percent above the 510,000-unit level a year ago. The median existing condo price was $172,500 in February, up 13.9 percent from February 2012.

  • Julie Nesbitt

    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

    Read More

  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

    Read More

  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

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  • Good Shepherd Housing and Family Services

    Fairfax County
    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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Existing-Home Sales and Prices Continue to Rise

February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORS®. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January, and are 10.2 percent above the 4.52 million-unit level seen in February 2012. February sales were at the highest level since the tax credit period of November 2009.

Economic Recovery

Lawrence Yun, NAR chief economist, said conditions for continued housing improvement are at play. “Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable,” he said. “The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive.” Total housing inventory at the end of February rose 9.6 percent to 1.94 million existing homes available for sale, which represents a 4.7-month supply at the current sales pace, up from 4.3 months in January, which was the lowest supply since May 2005.Listed inventory is 19.2 percent below a year ago when there was a 6.4-month supply. The national median existing-home price for all housing types was $173,600 in February, up 11.6 percent from February 2012. The last time there were 12consecutive months of year-over-year price increases was from June 2005 to May 2006. The February gain is the strongest since November 2005 when it was 12.9 percent above a year earlier. “A strong rise in home values is contributing to housing wealth recovery, which has risen by $1.4 trillion in the past year and looks to top that increase this year,” Yun said. “The extra consumer spending arising from growth in housing wealth is expected to be $70 billion to $110 billion this year.” Distressed homes — foreclosures and short sales — accounted for 25 percent of February sales, up from 23 percent in January but down from 34 percent in February 2012. Fifteen percent of February sales were foreclosures, and 10 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value in February, while short sales were discounted 15 percent. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.53 percent in February from 3.41 percent in January; it was 3.89 percent in February 2012. NAR President Gary Thomas said interest rates remain extraordinarily low. “In the history of mortgage interest rates since 1971, the 30-year fixed rate has been below 4 percent in only 15 months, and those have all been in the past 15 months,” he said. “Even with rising home prices, affordability remains historically favorable because home prices over-corrected during the downturn. This means there is still great value for buyers in the current market.”

  • Home Prices In Arlington Continue To Hike

    Glendale
    The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.

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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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  • Pending Home Sales on an Upswing

    home inspector
    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…

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  • A Good Time to Buy a High-End Home

    Station Square
    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…

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  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    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…

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What is a “flash sale”?

Belle View condo
Belle View condos is one of many areas in Northern VA that are currently "hot".
Some housing markets are heating up so much that homes are selling in less than 24 hours—also known as a “flash sale.” I recently had a client that was caught in a torrent of flash sales. She put in offers on several homes that were sold in one day at prices that equaled or exceeded the list price.  Her purchase was a flash sale: she made an offer on the day that the property was listed.

Listing your home for sale in {Location_Name}

Listing a home for sale involves a bit more than simply putting a sign out on the lawn and waiting for a buyer. When you decide to list your home in {Location_Name}, it’s wise to work with a real estate agent who can take you through the process. A Nesbitt Realty agent will take the time to carefully walk through the home with you. Our Realtor will go over what you can do to improve the property for a quicker sale and a better asking price. Our Realtor will go over the comparable sales in your area and suggest the best listing price. Once you’ve agreed on the asking price, we will sign an agreement with Nesbitt Realty that lays out the details, including commissions, duration, and more. Nesbitt Realty will take professional photographs throughout the home, and then list the property on the MLS. Our marketing will drive home buyers to you ensuring a quick sale at the highest possible price. [More about listing your home for sale with Nesbitt Realty]

2013 Home Buying Season Kicks Off Early

Home prices are rising, the number of homes for-sale is showing a slight increase, and homes are selling faster—all signs that spring is in the air in real estate, according to the latest MLS data released by Realtor.com®. Nationwide, median list prices continue to tick up, reaching $189,900 in February. Inventories last month increased 1.15 percent month-over-month, after recently hitting record lows. Also, homes are selling faster with the median age of inventory at 98 days, a 9.26 percent drop from the previous month. “As we enter the busiest time of the year for home buyers and sellers, our latest housing trend data shows just how competitive the market is with a significant housing recovery well underway,” says Steve Berkowitz, chief executive officer of Move Inc. “Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions.” Median list prices were up 5 percent or more in 51 markets on a year-over-year basis, according to realtor.com®. California markets are seeing some of the highest increases in list prices as well as some of the largest declines in for-sale inventory. Other top performing markets include Phoenix, Seattle, and Denver, according to realtor.com®. “However, many smaller industrialized markets in the Midwest and the Northeast registered year-over-year price declines, as did Philadelphia, Chicago, and New York City,” Lexie Puckett reports in a recent realtor.com® blog post. “While the number of markets experiencing year-over-year list price declines had been increasing, this pattern appears to be turning around as home list prices increased in 78 markets last month on a year-over-year basis and declined in 39.” Source: “Spring Home Buying Season Starts Early According to Realtor.com’s February Trend Data,” RISMedia (March 18, 2013)
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Taxes Are Tricky for Second-Home Buyers

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.
Torpedo Factory entrance
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
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

    Read More

  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

    Read More

  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

    Read More

  • Good Shepherd Housing and Family Services

    Fairfax County
    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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Young Adults’ Finances May Be Hard to Repair

Young generations were badly hit in the recession, and it could have widespread effects on their lives, from delaying home ownership to starting a family and having children to even one day eventually retiring. A new study from the Urban Institute shows that those under the age of 40 have accumulated less wealth than their parents did at the same age. That coincides with a time when the average wealth of Americans has doubled over the last quarter-century , according to the study. “In this country, the expectation is that every generation does better than the previous generation,” Caroline Ratcliffe, an author of the study, told The New York Times. “This is no longer the case. This generation might have less.”  Credit Cards Young adults are facing stagnant pay, a tough job market, soaring student loan debt, and some who did own a home may have faced lost equity or even foreclosure during the housing crisis. Will younger adults ever be able to catch up? According to the Urban Institute study, if a person delays buying a home to age 40 instead of age 30, that alone could result in a $42,000 loss in home equity by the time that person reaches age 60. Still, “strong and sustained job and wage growth would cure many of the ills facing younger workers,” The New York Times reports. “But their delayed or diminished wealth accumulation might still have a lasting impact on their finances.” Source: “Younger Generations Lag Parents in Wealth-Building,” The New York Times (March 14, 2013)

  • 6 Important Things That Most Home Buyers Regret Overlooking

    brick home
    It was the perfect home—until it wasn’t. Sadly a great number of buyers swoon over a home in Arlington, only to realize shortly after moving in that they overlooked something major, causing them serious buyers remorse.

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  • Finding your dream home

    To buy, sell, rent, or manage property dial Nesbitt Realty (703) 765 0300
    We аll wаnt tо find оur drеаm hоmе аnd wе thіnk іt іѕ easy. However, аftеr dоіng thе ѕеаrсh bу оurѕеlvеѕ, we ѕlоwlу bесоmе fruѕtrаtеd аnd tіrеd. When this hарреnѕ, wе ѕеttlе fоr ѕоmеthіng less. Finding thе rіght home fоr uѕ ѕhоuld nоt bе that difficult. Thеrе are simple wауѕ tо find them. First, wе…

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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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  • Relocating to Alexandria? Nesbitt Realty (703) 765-0300

    New in Alexandria? Nesbitt Realty (703) 765-0300 to buy, sell, rent, and property management
    Welcome to Alexandria.

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  • New Construction Buying Tip

    We help home buyers.
    If you're thinking of buying a newly-built condo or new house, you probably already know that every new development will have its own sales staff. These people are often friendly, helpful and very knowledgeable about the new development. However, these folks work to sell this property only, because the sale staff works for the builder.…

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Views of the Potomac

Search for water-oriented homes in Northern VAAre you seeking a water-view or waterfront home? Try our map search below.

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Americans Expect Home Prices and Mortgage Rates to Increase

This is a reprint of a News Release from Fannie Mae. Click here to read the full release on the Fannie Mae website. A house on moneyConsumer attitudes toward the economy and housing continue to diverge this winter, according to Fannie Mae’s February 2013 National Housing Survey results. On the one hand, consumers continue to express strong positive attitudes toward housing. On the other hand, sentiment about the economy and household finances is stalled. Average 12-month home price expectations and the share of consumers who believe home prices will go up over the next year both rose to record highs, and the percentage of Americans who say mortgage rates will rise reached its highest level since August 2011. At same time, Americans’ views on their personal financial situation, household income, and the direction of the economy fell or remained flat. “Despite fiscal headwinds and political uncertainty, consumer sentiment toward housing is robust and continues to gather strength,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “We expect home prices to firm further amid a durable housing recovery, gradually reducing the population of underwater borrowers and helping to boost the share of consumers who say that now is a good time to sell.” “Since reaching its trough last September, the share of consumers expecting mortgage rates to rise has trended up,” continues Duncan. “However, despite historically low mortgage rates, nearly half of borrowers have never refinanced their mortgage. Combined with the scheduled year-end HARP deadline, rising rate expectations should prompt some borrowers to refinance soon to take advantage of more favorable mortgage terms and add to their disposable income, helping to offset ongoing fiscal drag.” Survey Highlights Homeownership and Renting
  • The average 12-month home price change expectation increased 0.5 percent over last month to 2.9 percent, the highest level since the survey’s inception.
  • At 48 percent, the share who believe home prices will go up in the next 12 months also reached a survey high, while the share who believe home prices will go down held steady at the survey low of 10 percent.
  • The percentage who think mortgage rates will go up increased by 4 percentage points to 45 percent, the highest level since August 2011, while those who think they will go down held steady at 7 percent.
  • Twenty-five percent of respondents say it is a good time to sell a house, the highest level since the survey’s inception in June 2010.
  • At 3.9 percent, the average 12-month rental price change expectation increased 0.2 percent over January.
  • Fifty percent of those surveyed say home prices will go up in the next 12 months, holding steady from January at the highest level since the survey’s inception.
  • The share of respondents who said they would buy if they were going to move increased by 2 percentage points to 67 percent.
The Economy and Household Finances
  • At 38 percent, the share of respondents who say the economy is on the right track has held steady over the past three months.
  • The percentage who expect their personal financial situation to get better over the next 12 months fell by 2 percentage points to 41 percent.
  • Twenty-one percent of respondents say their household income is significantly higher than it was 12 months ago, a 2 percentage point decrease from last month.
  • Thirty-one percent report significantly higher household expenses compared to 12 months ago, a 7 percentage point decrease and the lowest level since June 2010.

  • Julie Nesbitt

    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

    Read More

  • Enjoying Winkler Botanical Preserve

    We had a great time walking the trails. 

    Read More

  • Don’t take chances with real estate.

  • REDUCED: 7202 Churchill Rd, McLean

    Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000

    Read More

  • Good Shepherd Housing and Family Services

    Fairfax County
    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…

    Read More

Pocket Listings Heat Up: Good or Bad?

Pocket listings -- off-market listings that are marketed directly by the seller’s real estate agent or broker -- are growing in number, according to news reports. Sellers must agree to "pocket listings"; otherwise they aren’t permitted. Some sellers agree to such arrangements to “test the waters” first with selling or to avoid a large number of people from entering their home, or they may seek privacy, like in cases of celebrities or public figures. Some real estate professionals argue the rise in pocket listings is hurting the housing market because these homes are given limited exposure and are making it more difficult to compare homes and prices. Usually with pocket listings, brokerages complete the entire transaction in-house, thus collecting both the seller and buyer commission. “Pocket listings are a good segment of our business,” writes one real estate professional on the RISMedia Facebook page. “Regarding cons with agents taking in full commissions ... we charge a flat rate for our pocket sales, much less than a full-percent commission.” But many agents note that the majority of pocket listings are eventually entered into the MLS. Source: “Pocket Listings: Helpful or Harmful?” RISMedia (March 14, 2013)