Are you considering renting in Northern Virginia? With remarkably low interest rates, perhaps you should consider buying? Here are 5 solid reasons that buying is better than renting.
Be your own landlord. The landlord picks the paint colors. The landlord decides whether pets or smoking is allowed. If you are the landlord, you make the decisions. And you decide whether to extend your lease or not.
Paying the principal is forced savings. Everyone knows that paying off a mortgage is better than paying rent forever.
Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.
Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.
Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.
What exactly Does a Realtor in {Location_Name} Do?
Law requires realtors to:
Perform certain mandatory and standard acts to help out with the purchase or sale of real estate.
Properly account for the money or alternative property placed in her or his attention.
Disclose untoward material facts that are, or should be, inside the broker’s knowledge.
Sellers can be assisted by Realtors in screening prospective buyers and preparing their homes. Realtors can demonstrate to investors the properties that meet their risk profiles and long-term investment strategies.
Nesbitt Realty can quickly locate the perfect home in {Location_Name} for you. Our real estate pros can efficiently organize and coordinate meetings with sellers and potential buyers. A Nesbitt Realty Realtor is well acquainted with all the important things you'll want to learn about the area you may be considering:
the quality of schools,
association fees,
Metro availability,
community amenities such as shops, parks and restaurants.
Our brokers have immediate use of homes when they are put on the market, saving you hours of wasted drive-around time. When you’re prepared to make an offer on a house, our Realtor will help structure the deal to help you save money. She or he will clarify the pros and cons of different types of mortgages and guide you through the piles of paperwork.
For more information or to set up an appointment call Stuart at (703)765-0300.
If you're thinking of hiring a builder for custom work, here are some points to consider:
Hire a good real estate attorney who has experience with new-construction contracts, knows state law, and is familiar with the issues unique to the area in which the property will be built.
Talk to other customers. Ask how satisfied they are with the builder and how his projects have held up over time.
Investigate. Search the builder’s name and company online and make sure that there aren’t lots of complaints about him.
Expect him to negotiate. In this market, a potential customer should be able to expect that a builder will be flexible.
Are you looking for new construction in Northern VA?
Owner financing can help sell a property in this challenging market.
Banks generally are willing to accept rent credits for an option to buy as an acceptable down payment, but both buyers and sellers must follow these guidelines for Fannie Mae and Freddie Mac to sanction the transaction.
The rental amount must be determined by a property appraisal with the credit for the down payment clearly calculated as the difference between market rent and actual rent paid for 12 months. For instance, if market rent is $1,000 and rent paid is $1,200, $200 could be credited monthly toward the down payment.
The rent/purchase agreement must be for a minimum of 12 months. The contract must clearly specify a rental amount as well as the portion to be credited toward the purchase.
The buyer will need copies of canceled checks or money order receipts for 12 months, proving rental payments to persuade the bank to credit the funds toward the down payment.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Sometimes a seller will ask to take possession of the property prior to closing. If the buyers need a place to live until their property closes, tell them to stay with a friend, relative, in a hotel, or send them on a vacation, but whatever you do, avoid allowing them to take possession of the property prior to closing.
Carlyle Towers Bedroom
The liability is too great and the risk of failure to close too severe when sellers let buyers move in early, but if such a situation is unavoidable, here are some of my key recommendations.
Insist that the buyers sign a separate lease agreement with a two- or three-month security deposit.
Use a lease agreement generated by an attorney or other real estate professional.
Make sure that there is appropriate insurance in place. Standard homeowners insurance doesn’t cover the situation.
Document the condition of the property with extensive photos and videos.
For more information or to set up an appointment call Stuart at (703)765-0300.
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?
Stuart Nesbitt, a chip off the old block
The recent rises in asking prices has been outpacing the increases in rents, but home buying still may make more financial sense, a new study shows. Owning a house was found to be 44 percent cheaper than renting, according to the latest study from Trulia that compared the costs of the two.
The study found that owning is less than half the cost of renting in 46 of the 100 largest metros. “Buying a home is cheaper than renting in all of the 100 largest metro areas,” according to Trulia.
Falling mortgage rates are helping to keep home buying more affordable. But depending on where you live, the difference between owning versus renting can be big or small. For example, in San Francisco, home ownership was found to be 19 percent cheaper than renting, whereas in Detroit owning a house is 70 percent cheaper than renting.
Source: Trulia Trends
King Street Metro Station
“Location, location, location near public transportation” may be the new real-estate mantra according to a new study released today by the American Public Transportation Association and the National Association of REALTORS®. Data in the study reveals that during the last recession, residential property values performed 42 percent better on average if they were located near public transportation with high-frequency service.
“When homes are located near public transportation, it is the equivalent of creating housing as desirable as beachfront property,” APTA President and CEO Michael Melaniphy said. “This study shows that consumers are choosing neighborhoods with high-frequency public transportation because it provides access to up to five times as many jobs per square mile as compared to other areas in a given region. Other attractive amenities in these neighborhoods include lower transportation costs, walkable areas, and robust transportation choices.”
“Higher home values reflect greater market demand for areas near public transportation,” said NAR Chief Economist Lawrence Yun. “Transportation plays an important role in real estate and housing decisions, and the data suggests that residential real-estate near public transit will remain attractive to buyers going forward. A sound transportation system not only benefits individual property owners, but also creates the foundation for a community’s long-term economic wellbeing.”
The study, The New Real-Estate Mantra: Location near Public Transportation, investigates how well residential properties located in a half-mile proximity to high-frequency public transportation or in the “public transit shed” have performed in holding their value during the recession compared to other properties in a given region.
While residential property values declined substantially between 2006 to 2011, properties close to public transit showed significantly stronger resiliency. In Boston, residential property in the rapid-transit area outperformed other properties in the region by 129 percent. In the Chicago public transit-area, home values performed 30 percent higher than other homes the region; in San Francisco, 37 percent higher; Minneapolis-St Paul, 48 percent; and in Phoenix, 37 percent.
“Stable property values in areas with public transit access have a number of policy implications,” Melaniphy said. “As Congress and state and local governments look for ways to accelerate economic growth, this study shows that investing in public transportation is a boon to revitalizing our economy.”
“When consumers choose a home, they also choose a lifestyle. Shorter commutes and more walkable neighborhoods matter to a growing number of people, especially those living in congested metro areas,” Yun said.
Source: NAR
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…
With inventories at 13-year lows, real estate professionals are getting creative in trying to convince home owners to sell.
Julie sold another!
“There’s such little inventory that my joke is it’s like the last shrimp at the buffet at a cocktail party and everyone’s jumping on it to try and get to it,” Boston-area real estate pro Ken Snyder told American Public Media.
Snyder has been posting stories on his social networks about how he’s getting six or seven offers on properties from the high buyer demand, but then adds “Sellers, hello? Where are you?!” His messaging is working. Owners who had been renting a loft saw his Facebook post and decided to sell after all.
To try to get more listings, some real estate professionals are also holding first-time home-seller seminars. And real estate professional Gary Rogers says he’s been writing personal letters to sellers.
But real estate professionals say that many owners fear selling because they’re scared that once their home is sold they won’t then have any place to move to due to the low inventories.
Source: “Realtors Ask: ‘What can I do to get you OUT of that House?” American Public Media (March 20, 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.
If you want to sell your home, Nesbitt Realty can sell the property in {Location_Name} fast and at the best price. Our Realtors are experienced and familiar with the real estate market in Northern Virginia. A Realtor can help you determine the best listing price for your property. We know how to market your home to get the best price as quickly as possibly. Nesbitt Realty knows how the home selling process in {Location_Name} works, so we are ready to assist you every step of the way. Nesbitt Realty has access to the MRIS (our local multiple listing service). MRIS is the MLS database that agents use to find homes for sale in the area. Our agent will add your property to it. Working with a Realtor will make the home selling process run smoothly and much simpler than if you attempt to do it on your own. We're a local family-run business and we appreciate the opportunity to serve your needs.
Learn more about selling your home
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…
The Federal Reserve’s policy-making committee announced it will continue to hold down short-term interest rates, which in turn will help keep mortgage rates low. But there is question of how much longer the central bank will do this.
The Fed said it will continue to buy $85 billion a month in Treasuries and mortgage-backed securities, but would reduce its asset purchase — known as “quantitative easing” — if job growth continues at its current pace.
Last year, the Fed committed to holding short-term interest rates near zero for as long as unemployment remained above 6.5 percent. In February, the unemployment rate was 7.7 percent. Many economists don’t expect unemployment to drop to levels around 6.5 percent until 2015.
However, Fed Chairman Ben Bernanke noted Wednesday that there is not consensus among the policy-making committee on how much longer to continue quantitative easing.
The committee recognized progress in the economy and job growth in recent months, noting “a return to moderate economic growth following a pause late last year.”
Bernanke has testified to Congress that quantitative easing has helped revive the housing market. Mortgage rates have fallen near all-time lows, with the average 30-year fixed-rate mortgage averaging 3.63 percent on March 14, according to Freddie Mac. In November 2012, 30-year rates fell as low as 3.31 percent.
Housing is “coming back, it’s real, and it’s going to be a positive driver,” said Jeff Fettig, the chief executive officer of Whirlpool Corp., the world’s largest appliance maker. “For every 6 percent increase in existing-home sales you see a 1 percent demand increase in appliances.”
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…
Last year, the Fed committed to holding short-term interest rates near zero for as long as unemployment remained above 6.5 percent. In February, the unemployment rate was 7.7 percent. Many economists don’t expect unemployment to drop to levels around 6.5 percent until 2015.
However, Fed Chairman Ben Bernanke noted Wednesday that there is not consensus among the policy-making committee on how much longer to continue quantitative easing.
The committee recognized progress in the economy and job growth in recent months, noting “a return to moderate economic growth following a pause late last year.”
Bernanke has testified to Congress that quantitative easing has helped revive the housing market. Mortgage rates have fallen near all-time lows, with the average 30-year fixed-rate mortgage averaging 3.63 percent on March 14, according to Freddie Mac. In November 2012, 30-year rates fell as low as 3.31 percent.
Housing is “coming back, it’s real, and it’s going to be a positive driver,” said Jeff Fettig, the chief executive officer of Whirlpool Corp., the world’s largest appliance maker. “For every 6 percent increase in existing-home sales you see a 1 percent demand increase in appliances.”