your Realtor Julie Nesbitt
A small survey of first-time home buyers found that more than half of the families were surprised at how expensive it was to own a home, even though 88 percent believed they had done a good estimate of the costs.
The study for BBVA Compass, a lender based in Alabama, concluded that most lenders don’t warn buyers that there will be costs beyond principal, interest, taxes, and insurance.
Among those costs are utilities. The U.S. Department of Energy reported that the typical family spends $1,900 a year – $158 per month – on things like heat, air conditioning and power.
The National Association of Home Builders calculated that the typical buyer of a new home spends about $8,640 within the first 12 months for furnishings, appliances, and home repairs and fix-ups, while the typical buyer of a resale home spends $6,540. Many real estate owners also have to pay home owners association fees or condo fees. Lawn care expenses will arise through the warmer months and in Virginia, leaf removal is also an expense to consider. Finally all homes will require maintenance.
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 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 age of 18 moving back into the house; and
Health and caretaking of aging parents.
On the other hand, it's no great surprise that sixty-five percent of recent home buyers were married couples.
The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53. Thirty-three percent of recent home buyers were first-time buyers, which is still suppressed from the historical norm of 40 percent among primary residence buyers.
The people who are buying homes are earning nice salaries. The 2013 median household income of buyers was $84,500. The median income was $68,300 among first-time buyers and $95,000 among repeat buyers.
Why are people buying homes? For about a quarter of recent home buyers, the primary reason for the home purchase was a desire to own a home. Less than ten percent purchased due to a job-related relocation or move. Only eight percent bought for the desire to be in a better area or because of a change in family situation.
Christmas in the National Capital Area
flowers at Belle View condos
HOA stands for Homeowners Association. HOA Fees are funds collected from the buyer for different things, such as landscaping, maintenance, and water & sewer. Some associations also collect funds to include extra amenities like, pools, fitness centers, and valet parking. These are all extra benefits that come with the purchase of a home. These fees can be between $100-$1000 yearly depending on where you buy.
Usually there is a board of directors that are voted in and they decide the fees charged. These fees can also be changed yearly. The HOA should keep you updated on all decisions made. Each HOA has it's own by-laws and restrictions. These vary from neighborhood to neighborhood.
You are basically joining a group within your neighborhood that applies rules that help keep the neighborhood safe and beautiful. It is important for the buyer to make sure they understand all of the by-laws and restrictions before purchasing a home. You need to make sure they are rules you can live with.
Condominiums are found in all shapes, sizes, prices and types. Are you looking for a high-rise condo, a mid-rise or a garden-style condo? Maybe you'd prefer a townhouse?
The term "garden-style" condo usually refers to a condominium residence in a building that has less than three stories. Most garden-style condos have balconies or patios for each residence. Many garden-style condos have a main entrance that opens to a common-area hallway. Additional common areas include the green space and "gardens" surrounding the structures. If you're interested in garden-style condos you'll have a lot of options in Northern Virginia.
From the suburban feel of Kingstowne to the central location of Bolling Brook from the vintage charm of Belle View to the chic feel of Carlyle Square, are just some of the many Northern Virginia condominium communities we feature.
Mid-rise condos are taller than garden-style condos, but smaller than high-rise condos. Mid-rise condos in Northern Virginia are 5 to 8 stories tall and are generally found close to or inside the Beltway.
High-rise condos have more than 9 floors. They are generally found inside the Beltway and are often located near Metro stations, public transportation, or major commuter traffic arteries like I-395.
Julie Nesbitt
Two ratios are calculated by mortgage lenders to determine a buyer's maximum loan amount:1) the front ratio and, 2) the back ratio.
Front Ratio: The total mortgage payment including principal, interest, taxes and insurance (PITI) as well as any condominium or homeowner association fees divided by your total GROSS income. Traditionally, this ratio must be below 30% Example: With a gross income of $5000 per month, a total mortgage payment (PITI) of $1350, the front ratio would be 27%.
Back Ratio: The total mortgage payment PLUS any car payments, credit card and any other loan payments including student loans divided by your total GROSS income. Traditionally this must be below 40%. Example: With a gross income of $5000 per month, a total mortgage payment of $1350, a car payment of $325, 1 credit card payment of $60 and 1 student loan payment of $150 for a total of $1885 with a back ratio of 38%.
For more information or to set up an appointment call Julie at (703)765-0300.
If you need help calculating your ratios, please contact Julie Nesbitt at 703 765 0300.
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Whаt does thе buуеr'ѕ аgеnt dо fоr you? Will thеу find homes for уоu tо look at or wіll уоu be dоіng your own ѕеаrсh? Or bоth? Wіll thеу hаndlе things lіkе аррrаіѕаlѕ, іnѕресtіоnѕ and insurance? Will they bе there at the closing?
For answers to the questions call (703)765-0300 or read more.
Did you know your Nesbitt Realty agent can save you THOUSANDS? Connect with Nesbitt Realty to learn more.
Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.
Here are some of the basics about title insurance:
1. Every mortgage lender requires title insurance. Title insurance protects the lender and the secondary markets to which they sell the loans from defects in the title to your home and property. It ensures the validity and enforceability of the mortgage document. Title defects could include mistakes made in the local property office, forged documents and claims from unknown parties. The amount of the policy is equal to the amount of your mortgage at its inception. You pay a one-time fee as part of your closing costs. If you are purchasing a home, you should also purchase an owner’s policy which provides coverage up to the purchase price of the home you are buying. In some states it is customary for the seller to purchase the owner’s policy on your behalf.
2. You have the right to choose your title insurance provider! You can shop around for a lower insurance premium rate on line at sites, or you can also ask your lender or real estate professional for help in getting quotes.
3. Check the companies out before you select one. Make sure the title insurance company you choose has a favorable Financial Stability Rating® with Demotech, Inc., the leading title insurance rating company.
4. It’s easy to save money on title insurance. Request quotes from a few companies and then reach out and speak to them. Ask about hidden fees and charges which could make one quote seem more attractive than another. Ask about discounts. There are often discounts available if you are refinancing and sometimes even when you are purchasing if the current policy issued to the seller on the property isn’t too old.
5. Even new construction needs coverage. Even though the home is new, the land isn’t. There may be claims to the land or liens placed during the construction which could negatively impact your home.
For more information or to set up an appointment call Julie at (703)765-0300.
Here are seven of the most common mistakes that first-time home-buyers make in Northern VA.
First-time home buyers contact Nesbitt Realty!
Some first-time home-buyers don't do enough to make their offer look appealing to a seller. [Read more about Writing the Offer
Some first-time home-buyers don't think about resale before they buy. The average first-time buyer only stays in a home for four years.
Some first-time home-buyers don't understand how a buyer's rebate can actually hurt their chances of buying a home.
Some first-time home-buyers avoid getting a Realtor® because they wrongly believe they have to pay for a Realtor's advice.
Some first-time home-buyers don't ask enough questions of their lender and end up missing out on the best deal.
Some first-time home-buyers don't act quickly enough to make a decision and someone else buys the house.
Some first-time home-buyers don't find the right agent who's willing to help them through the homebuying process. [Read more about Buyer's Representation]
Nesbitt Realty can help you buy and sell real estate in Fort Hunt.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Fort Hunt
homes and condos for sale in Fort Hunt area of Fairfax County VA
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.
Buying in Northern Virginia?
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However, іf buy with a Nesbitt Realty agent, we can take all the stress out of the process. Our agents know where and how to find the best properties for your needs. Our agents are experienced with deep local connections. And we can save you thousands on your purchase. Connect with Nesbitt Realty to learn more about your options in {Location_Name}.
[Learn more about buying with Nesbitt Realty]
For more information or to set up an appointment call Julie at (703)765-0300.
living room
Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider:
Storage
Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.
Outdoor space
Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.
Amenities
Wooster Mercer Lofts
Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
Maintenance
Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel.
Security
Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.
Reserve funds and association fees
Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.
Resale
Carlyle Towers in Alexandria
The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.
Condo rules
Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
Neighbors
You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors.
These neighborhoods have that special mixture of luxurious homes with a desirable location. Many of these neighborhoods are served by the area's best public schools.
Arcturus -- Along the Potomac River near George Washington Parkway
For a first-time home buyer, one of the most difficult things to do is to just start the process? What does one actually do to buy a home? We've prepared this short list of links to help you begin your home buying quest.
Stuart Nesbitt is a real estate agent serving Northern Virginia.
Affordability Calculator -- How much home can you afford? The affordability will help you determine what your price range.
Buyers Tips -- Simple and effective tips for shopping homes.
Real estate agents are go betweens for buyers and sellers for real estate property.
All real estate agents have to be licensed by their state or such as of the Commonwealth of Virginia.
Every real estate agent has to be affiliated with a real estate broker. A broker is a real estate profession with higher educational requirements and a minimum of 3 years of full time real estate experience.
A realtor and broker have to be a member of the National Association of Realtors.
Both realtors and brokers agree to follow the high standards of ethics and participate in any continuing education programs.
A real estate agent represents a buyer or seller, renter or landlord, having their best interest at heart.
Agents can work in a dual capacity in certain circumstances representing both parties.
A real estate agent’s duty is to truth and honesty and will explain what obligations state law imposes.
It is alright for you to shop around and decide on which agents and agencies you could work with comfortably, it is fair and ethical that you work with only one agent to help you buy or sell your home. This is the reason why real estate agents will ask you if you already have representation prior to working with you.
For more information or to set up an appointment call Julie at (703)765-0300.
Nesbitt Realty is a family-business and we are ready to serve you.
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Condo shoppers might want to check out these resources:
