By Nesbitt Realty – a family business
Alexandria is not closed! There are a great many Things to Do in Alexandria Now.Whether you’re looking for a new neighborhood to stretch your legs and get outside, need the perfect activity for entertaining family visiting from out of town or are longing to dine outside and toast reopening, Alexandria, VA is ready to welcome you.
The Northern Virginia housing market has not seen the traditional lull in activity that generally comes with fall. Homes are selling at a record pace and, in many areas, at record prices. You may want to check how this is affecting your homes value with our free home evaluation. Source: Northern Virginia housing market seeing ‘truly staggering sales volume’ | WTOPNorthern Virginia saw nearly $1.5 billion in residential real estate sales in September, a 58% increase over last September, with 2,166 homes sold last month.
Crafting contracts may look simple, but clients going it alone may be clueless about the risks involved.This week I was speaking with a landlord who has his tenant on a lease that the landlord prepared. The lease (like most leases) describes a total amount due under the lease. In this case (as in most cases) the total amount due was equal to 12 times the monthly rent. However, the landlord had scratched out the term and changed it to "indefinite". Both parties initialed that change. The landlord intended that to mean that the tenant could stay forever, but that there would be annual increases to cover the condominium fee and taxes (which always go up). But the contract seemed to imply that the tenant had a lifetime tenancy. I referred the landlord to an attorney as this could be a real mess. My advice is don't write your own lease. Simple changes and oversights or errors put both parties at risk for catastrophe. Source: Don't Fill in the Blanks
We all hate it, but sometimes, a deal falls through. When a contract collapses prior to closing what happens to the escrow money? Well, that all depends on how and why the deal fell apart. For example if the sale was canceled because of the home inspection or because of the condominium or HOA docs, provided the notice was timely, then the escrow is simply returned to the buyer. But it's not always that simple. When the parties cannot come to an agreement as to the release of escrow, and they make conflicting demands for the funds, the escrow agent will generally not be able to release the funds to either party. An escrow agent (or broker) shouldn’t release funds unless both parties sign a release. As real estate brokers and agents, we are specifically prohibited from giving legal advice, but our experience is sometimes helpful. So, if you're involved in a sticky situation, your first resource is your Realtor. If your situation evolves into a legal question, then your Nesbitt Realty Realtor has access to a legal hotline which can answer some basic questions. However, if the situation is too complicated to be resolved by a simple and straight-forward question, your Realtor is obligated to recommend that you consult your own attorney. Source: Money Issues After a Failed SaleKnow how escrow funds are handled if a deal falls through.
Plagued by lack of inventory, more cities and states are doing away with single-family zoning to offer more housing options.California has a shortage of affordable housing and some say it's because we are "drunk on sprawl"---meaning there is too much land and space devoted to single-family residences and not enough land zoned for multi-family use. One of the things that is nice about the Northern Virginia market is that, although the market is pricy, there is a wide variety of options. The market includes ranges from budget to super-luxury. We have tiny homes and sprawling estates. You might be surprised to see the actual make-up of what's available by price category and size. Check out our charts and see for yourself. Source: ULI: Housing Shortage Tied to Single-Family Zoning
By Lindsey Sullivan | [email protected] The Alexandria School Board began conducting its bi-annual review of the memorandum of understanding between Alexandria City Public Schools and the AlexanSource: School board considers removing APD from schools | Alexandria Times| It's actually hard for me to understand how the police are the problem.
Fairfax County Public Schools kicked off the 2020-21 school year in September with nearly 8,900 fewer students – roughly the equivalent of four high schools.Will this have an impact on the housing market? That's open for debate, but it's definitely eye-opening. Source: Fairfax school enrollment drops nearly 5%; taxpayers unlikely to get a break | WTOP
Families cramped together around a kitchen table, working, and learning online isn’t sustainable for productivity. Now, more home builders and interior designers are carving out workspaces.Source: Homework: The Rise of the Home Office
More than 2.1 million U.S. households can’t afford a median-priced new home due to rising lumber costs, builders say.Source: Record-High Lumber Costs Drive Up New-Home Prices
