Licensed real estate agents can provide you with a competitive market analysis, this is based on:
Comparable properties in the area
Adjustments for differences in size and condition of the property
Differences based on location or the sale/rental date of the property
While real estate prices are fluid and certainly open to negotiation there are very real trends that affect not only the housing market as a whole, but localized areas as well. This can include everything from:
New construction
Zoning changes
Condemned properties
Traffic pattern changes
It is important to remember when assessing property that there are three factors that will most influence the price
Location
Value of improvements (the home or unit)
Uniqueness of property
For more information or to set up an appointment call Stuart at (703)765-0300.
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.
Although there are numerous benefits to owning a condo which include the lifestyle that such ownership entails; individuals living as single, young professionals who are just starting out, are arguably the most notable beneficiaries. The economic benefits that condo ownership provides for this particular demographic are two-fold. First, owning a condo is certainly less expensive than owning residential property insofar as the material upkeep and residual costs that homeownership necessitates. Second, most contemporary condo buildings offer a host of wide-ranging amenities that would command a considerable cost to an individual homeowner but which can be enjoyed instead at a significantly reduced rate to condo-owners who share jointly in the overall expense.
These otherwise high-priced features and amenities usually include guarded and/or private, enclosed parking; 24-hour security and front desk staff; indoor and outdoor swimming pools; clubhouses; gated recreational facilities; etc., etc. (the list goes on and on!!). To that extent, condo ownership is therefore an ideal middle ground for the single, young professional who may very well aspire towards homeownership someday but who still remains a far cry away from white picket fences, two-car garages and 2.5 children.
The condos of Cameron Station include Carlton Place, Condominiums of Cameron Station Blvd, Main Street, Oakland Hall, Residences at Cameron Station and Woodland Hall.
In addition to the economically sound benefits that condo ownership provides, there are other elemental and lifestyle benefits that are associated with condominium ownership as well. Today, there are as many types of condominiums out there as there are types of people. Plainly put, the condominium marketplace has progressed with such rapidity that the variety and availability of choice in condo options is as original and unique as individual homes. Thus, each type can satisfy the different needs of different individuals and therefore enhance and accommodate every kind of lifestyle. For example, there are distinctions between what are popularly thought of as 'condominium apartments' versus those that are known as 'condominium townhouses', which might have small differences from one another save for their structure regulations. There are also condominiums known as freeholds whereby a condo owner owns the plot of land as well as any structure on the land such as a house or townhouse.
Finally, for single or young professionals who are still growing into their grownup-ness, condo ownership signifies an increase in responsibility and a commitment to ownership. To be clear, condo living isn't like renting a single dwelling home or apartment and this is due to the dual nature that comes with owning any condo unit. Condominium owners hold ownership over their respective units but, additionally, each owner is also responsible for the operating costs and maintenance of the all of the shared elements on the property such as lobbies, passageways, and elevators. Here, owning a condo is effectively choosing to live within a community of other condo unit owners and thus, your neighbors. Each condominium complex is a unique community and each owner accepts the rules and regulations that are equally unique to condo living.
Arlington
In a condominium complex, you also become part of a distinctive community where you as an individual become an integral part in the community as a whole; and this includes being an essential part of the decision making process. However, the advantages that come with shared communal facilities like the pool, clubhouse, and state-of-the-art gym are collectively a strong incentive to watch your neighbors' back.
In summation, owning a condo can provide both economically sensible and personally enjoyable benefits to any owner looking to buy but especially for individuals who are single, working and fairly young professionals who are new to the game but ready for more. In addition, because of the multiplicity and vast assortment of condominium units and styles that are available, condo ownership includes something for everyone. Lastly, although buying a condo certainly signifies a new level of maturation and grownup responsibility; the advantages to living in a shared community and to be able to engage as an honest and responsible neighbor will hopefully serve you both by keeping your pocketbook and your sense of self a little more full.
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.
Old growth neighborhood
When considering a potential new residence it's important to think about the neighborhood and surrounding amenities that are close by. Make a list of all of the amenities or services that are nearby or close to the neighborhood and track how long it takes as well as what routes you might use to get to each. You can also check the Walk Score of a neighborhood for a short-hand look at convenience.
Next, decide what the best characteristics of the neighborhoods are and determine what you like about them. Making a list of each neighborhood you are considering can be particularly helpful later when comparing different localities. Some things to ask yourself include:
Do the people in the surrounding neighborhood seem friendly?
Are the neighboring residences clean or well-kept? (e.g. yards and streets nearby)
Are there parks or other recreational facilities close by or within minimal driving distance?
Is the area scenic and/or visually appealing?
Are there trees and similar foliage lining the streets and in neighboring yards?
Are the streets well lit and do the sidewalks provide easy access?
Do you feel safe in the neighborhood and would you feel safe walking after dark?
Are there other houses for sale nearby?
What is the history about the community and how it developed?
Husband and wife walk in Del Ray
Do you see families and children in the surrounding residences?
What is the proximity to schools and your place of work?
Does the community and neighborhood seem active and/or engaged?
What is the median age-range of those who live in the neighborhood?
Finally, really spend some time walking around and observing the neighborhood you're considering. When trying to determine the safety, cleanliness and personality of a specific neighborhood, simply spending some honest time getting to know the area and meeting or talking to some of its residents is your best bet!
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Will and Julie Nesbitt cross the street in Shirlington
Walk Score helps people find walkable places to live. Walk Score calculates the walkability of an address by locating nearby stores, restaurants, schools, parks, etc. Walk Score promises to measure how easy it is to live a car-lite lifestyle---not how pretty the area is for walking.
Each home listed for sale is given a Walk Score. That number is between 0 and 100. Here are general guidelines for interpreting your score:
90–100 = Walkers' Paradise: Most errands can be accomplished on foot and many people can get by without owning a car.
70–89 = Very Walkable: It's possible to get by without owning a car.
50–69 = Somewhat Walkable: Some stores and amenities are within walking distance, but many everyday trips still require a bike, public transportation, or car.
25–49 = Car-Dependent: Only a few destinations are within easy walking range. For most errands, driving or public transportation is a must.
0–24 = Car-Dependent (Driving Only): Virtually no neighborhood destinations within walking range. You can walk from your house to your car!
Walk Score isn't perfect ...
Home buyers need to be aware that Walk Score is just an approximation of walkability.
Walking to a restaurant on a Fall evening in Del Ray
For example, the Skyline communities of Falls Church generally have a higher Walk Score than the New Alexandria community of Belle View. River Towers has pleasant tree-lined walkways with easy access to neighborhood shops, parks, libraries, the Potomac. Skyline Square is convenient as can be, but broad and busy 4 lane roads make walking inconvenient, if not dangerous. But River Towers doesn't score as high on Walk Score as Skyline Square.
So, there are a number of factors that contribute to walkability that are not part of the algorithm used to calculate Walk Score:
Public transit: Good public transit is important for walkable neighborhoods. Not to fear: you can also search for homes near a metro station.
Street width and block length: Narrow streets slow down traffic. Short blocks provide more routes to the same destination and make it easier to take a direct route.
Street design: Sidewalks and safe crossings are essential to walkability. Appropriate automobile speeds, trees, and other features also help.
Safety from crime and crashes: How much crime is in the neighborhood? How many traffic accidents are there? Are streets well-lit?
Pedestrian-friendly community design: Are buildings close to the sidewalk with parking in back? Are destinations clustered together?
Topography: Hills can make walking difficult, especially if you're carrying groceries.
Freeways and bodies of water: Freeways can divide neighborhoods. Swimming is harder than walking.
Weather: In some places it's just too hot or cold to walk regularly.
Walking near Cameron Mews in Old Town Alexandria
Thus, the tools on our site are a great starting point in your search for homes and neighborhoods of Northern Virginia, but there really is no substitute for your Condo Alexandria realtor. We know the areas and neighborhoods where you want to live and we can really help you sort to the wheat from the chaff.
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.
Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can't afford.
2. Research before you look.
Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you'd be willing to spend each month for housing. Is walkability important to you? How about proximity to the Metro? Perhaps you want your new home to be in ? Whether you want a condo in Arlington or a single family home in Kingstowne, a townhouse in Cameron Station or a studio in Crystal City, Nesbitt Realty probably has a search tailored to your needs. If you have trouble finding the search that you need call us and we'll be glad to help you out.
3. Be realistic.
Seminary Hill is in Alexandria 22304
Once you've zeroed in on a list of homes that fit your budget and criteria, then it's time to start viewing property. It's OK to be picky, but don't be unrealistic with your expectations. There's no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property. We still have a buyers' market, but that doesn't mean people are giving real estate away. Although homes have dropped in price 10% to 20% from the high-water mark a few years back, prices in Northern Virginia have tightened up and I'm not seeing further erosion in prices.
4. Don't ask too many people for opinions.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own. Your home is a personal choice. In the end you're the one who will pay the mortgage and you're the one who will live there, so make sure you're pleasing yourself, not your advisers.
5. Decide your moving timeline.
When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term.
Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that will best suit you.
Bob Murphy is a home inspector
7. Consider a home inspection.
A home inspection is an option for every home buyer. A home inspector is a professional whose job it is to check the home out for defects. Whether you purchase a condo, townhouse or single family residence, a home inspection is an important option to consider.
8. Get help from a REALTOR®.
Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Here's the best part about employing a Realtor to represent you: buyer's reps are usually paid out of the seller's commission payment, so there is no expense to you the buyer.
For more information or to set up an appointment call Julie at (703)765-0300.
"I care about my clients and enjoy making their dreams come true."
One of the greatest skills that a Realtor can bring to the table for you is a knowledge of property values across a wide range of areas. For a seller or landlord, this means you strike the right balance between getting the most value from your home and selling or renting it in a time frame that allows you to either move or capitalize on your investment.
Simply looking at a neighbor's property and assessing yours based on their sale is fraught with dangers. Realtors factor in not only differences in construction, floor plans, and location, but also have their finger on the pulse of the market. The same stands true equally well for buyers and renters. As a buyer looking for a bargain is key, but setting standards to high for a price range can result in wasted time, or worse yet buying an apparent steal in an area that is an investment nightmare. Renting places you in similar straights. Year long leases can be just as binding as buying a new home, forcing you to suffer through details that a trained Realtor will notice in your new home.
For more information or to set up an appointment call Stuart at (703)765-0300.
Nesbitt Realty never makes any money from your loan. This frees us to make the most objective recommendation possible.
To be eligible for the FHA 203k mortgage loan, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible.
Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place.
In addition to typical home improvement loan projects, the FHA 203-k mortgage loan program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.
An existing house (or modular unit) on another site can be moved onto the mortgaged property; however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation.
health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.
What is the minimum amount of repairs required on a FHA 203k home improvement loan?
Huntington is in Alexandria 22303
There is a minimum $5,000 requirement of eligible home improvement loan projects on the existing structure of the property. Minor or cosmetic repairs may be included after meeting the first $5,000 worth of repairs.
What are some of the repairs that qualify for the first $5,000?
Structural alterations and reconstruction: (Repair or replacement of structural damage, chimney repair, additions to the structure, installation of additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites);
Elimination of health and safety hazards;
Changes for aesthetic appeal:
(New siding, adding a dormer, covered porch, attached garage);
Air Conditioning or replacement:
(plumbing, heating, air conditioning and electrical systems);
Installation of well, septic system or connection to public utilities;
Roofing, Gutter Downspouts, Flooring, Tiling and carpeting;
Major landscape and site improvement;
Improvements to improve accessibility and functions for the disabled.
What are the qualifications to be able to obtain a FHA 203-k loan?
Columbia Terr is in Arlington 22204
The qualifications requirements are the same as a typical FHA mortgage loan. The only additional item that the borrower needs is either enough cash reserved to pay for materials and labor until they are reimbursed through a draw, or a credit card with an adequate available balance. If there is to be a contractor involved, the contractor may choose to cover these costs.
The interest rate on a typical FHA 203k mortgage loan is a little higher than a standard FHA or conventional 30/15-year fixed-rate loan. The cash requirements are the same as an FHA loan, 3 percent to 5 percent, which is less than a typical conventional loan. There are a couple of additional fees which pertain to the construction aspects of the FHA 203k loan.
Can I pick my own contractor to do the work?
Amin & Will in Lowes
You may decide on your own contractor, and they should be brought into the process in the beginning stage of the loan process. Check out the credentials of the contractor thoroughly, making sure he is knowledgeable in all aspects of rehabilitation work.
The home improvements or repairs need not be made before moving into the property, depending on how extensive the repairs are and whether the house is habitable while the repairs are being made. The home improvement loan provides the ability to include up to 6 months of mortgage payments in the improvement escrow, should you not be able to occupy the property and have to pay rent during rehabilitation.
Can the FHA 203k loan be used to improve a condominium unit?
Templeton Of Alexandria is in Alexandria 22304
Yes, however, condominium rehabilitation is subject to the following conditions:
Owner/occupant and qualified non-profit borrowers only;
Rehabilitation is limited only to the interior of the unit. Mortgage proceeds are not to be used for the rehabilitation of exteriors or other areas which are the responsibility of the condominium association, except for the installation of firewalls in the attic for the unit;
Only the lesser of five units per condominium association, or 25 percent of the total number of units, can be undergoing rehabilitation at any one time;
The maximum mortgage amount cannot exceed 100 percent of after-improved value. After rehabilitation is complete, the individual buildings within the condominium must not contain more than four units.
By law, FHA 203k loans can only be used to rehabilitate units in one-to-four unit structures. However, this does not mean that the condominium project, as a whole, can only have four units or that all individual structures must be detached. Example: A project might consist of six buildings each containing four units, for a total of 24 units in the project and, thus, be eligible for an FHA 203k loan. Likewise, a project could contain a row of more than four attached townhouses and be eligible for a FHA 203k loan because HUD considers each townhouse as one structure, provided each unit is separated by a 1 1/2 hour firewall (from foundation up to the roof). Similar to a project with a condominium unit with a mortgage insured under Section 234(c) of the National Housing Act, the condominium project must be approved by HUD prior to the closing of any individual mortgages on the condominium units.
For more information or to set up an appointment call Julie at (703)765-0300.
Four Winds of Oakton
In an area crisscrossed with high volume commuter routes and heavily-trafficked Interstates, it's inevitable that some folks are going to live in close proximity to a highway. It's great to be near the Beltway or Route 66 because this can take a serious bite out of your commute. But the downside is that the highways can generate a lot of noise. In most areas, there are towering concrete walls to dampen sound in the neighborhoods in close proximity to the Beltway, I-66, I-395 and other highways.
Beltway traffic at speed
In the picture above the wall has been taken down as work crews expand the road. Once the expansion is completed, they'll reassemble the wall. There's not much you can do about construction, but once the wall is back up, the neighborhood should be relatively quiet. In the homes and condos closest to the walls, I find that the noise sounds a bit like a waterfall---a wooshing white noise that is not particularly offensive. The noise is perhaps worst near an exit. Exit ramps create noise because every so often a trucker exiting the highway will use his "jakebrake". That is to say, the truck will gear down and emit a loud, low growling noise not unlike a Harley Davidson's loud pipes.
Here's a thought to consider if you are purchasing a condominium near the highway. In my travels I've found that the condos at the ground floor are much quieter. This is because the condos on the top floor are often just above the sound-break and therefore get the full brunt of the highway noise. Some folks like the noise ... it sounds like busy and they like being in the city. Some folks can't stand the noise and find out the hard way ... after they've purchased ... that they could have gotten a first or second floor unit.
The lower floors hear little traffic noise in this diagram but the upper floors hear traffic all day.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Although there are numerous benefits to owning a condo which include the lifestyle that such ownership entails; individuals living as single, young professionals who are just starting out, are arguably the most notable beneficiaries. The economic benefits that condo ownership provides for this particular demographic are two-fold. First, owning a condo is certainly less expensive than owning residential property insofar as the material upkeep and residual costs that homeownership necessitates. Second, most contemporary condo buildings offer a host of wide-ranging amenities that would command a considerable cost to an individual homeowner but which can be enjoyed instead at a significantly reduced rate to condo-owners who share jointly in the overall expense.
These otherwise high-priced features and amenities usually include guarded and/or private, enclosed parking; 24-hour security and front desk staff; indoor and outdoor swimming pools; clubhouses; gated recreational facilities; etc., etc. (the list goes on and on!!). To that extent, condo ownership is therefore an ideal middle ground for the single, young professional who may very well aspire towards homeownership someday but who still remains a far cry away from white picket fences, two-car garages and 2.5 children.
? Whether you want a condo in Arlington or a single family home in Kingstowne, a townhouse in Cameron Station or a studio in Crystal City, Nesbitt Realty probably has a search tailored to your needs. If you have trouble finding the search that you need call us and we'll be glad to help you out.
