I couldn't help but wonder . . . what about when she is Nigerian and he is Norwegian?
The median home size most highly desired among home shoppers is 2,226 square feet, according to the National Association of Home Builders’ “What Home Buyers Really Want” survey.
But looked at more closely, the size of home most desired can vary greatly depending on the buyers’ age, race, and ethnicity, the study found.
As buyers’ ages increase, they tend to want less space, the study finds. Buyers younger than 35 said they most desire a home size of 2,494 square feet. For buyers 65 and older, they want a home that is 2,065 square feet.
The size of home preferred also showed big differences among races and ethnicities. For example, minority buyers tended to desire more space than white, non-Hispanic buyers, the study found.
White, non-Hispanic buyers said they wanted, on average, 2,197 square feet; Asian buyers wanted 2,280 square feet; Hispanic buyers say they prefer 2,347 square feet; and African American buyers say they prefer 2,664 square feet, according to the study.
Source: National Association of Home Builders
Reviving A Stale Listing In 22314 In Alexandria In 22314
Do you have a abode similar to 124 Roberts Ln #201 in Alexandria that hasn't sold? Did you know that in Fort Ellsworth:
Reviving A Stale Listing In Alexandria, Virginia In Alexandria
Do you have a property similar to 301 N Beauregard St #114 in the City of Alexandria that isn't getting any action? Did you know that in The Fountains:
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.
For more information or to set up an appointment call Stuart at (703)765-0300.
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.
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 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…
Eighty-seven percent of Americans recently surveyed say that owning a home is something they dream about, according to a survey by JPMorgan Chase.
"Owning a home is at the heart of most Americans' dreams," says Kevin Watters, CEO of mortgage banking at JPMorgan Chase. "And people are saving as much as possible to achieve home ownership."
Sixty-six percent of Americans surveyed say that they believe home ownership is a good financial investment. Seventy-five percent say it’s a crucial part of raising a family.
First-time home buyers are getting more optimistic about being able to achieve home ownership too. The number of potential first-time home buyers who say they are optimistic about being able to put money down on a home over the next six months doubled in the last six months, compared to previous survey results.
"First-time home buyers are crucial to the housing market and the overall economy—and to their communities," says Watters. "As families buy their first home, they are investing in their communities and enable other families to move up. That will eventually spur more new construction, generating additional jobs."
Source: “Survey shows homeownership is still the American Dream,” HousingWire (March 15, 2013)
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…
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)
Marketing a Home for Sale in {Location_Name}
Marketing real estate in {Location_Name} involves several important steps. First, Nesbitt Realty orders professional quality photos of the property from both the exterior and the interior. We also take 3-D imagery and prepare a floor-plan. Nesbitt Realty will create a virtual tour online. The photos and floorplan are used in online and print advertising to make home buyers aware that the property is on the market. Nesbitt Realty handles all the details of arranging showings. Nesbitt Realty also holds open house events to allow potential buyers to view the property without scheduling an appointment. We utilize both print and online advertising, and have one of the largest Internet footprints in the area. Finally, we of course don’t forget to place a sign out front to let passersby in {Location_Name} know that the property is for sale.
[Read more about selling your home]
Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.
Julie Nesbitt1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.
3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.
4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
Decks5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.
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…
1. 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.
entrance to Midtown Alexandria Station condos
2. Be realistic. 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.
3. Get your finances in order. 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.
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.
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.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
Julie Nesbitt
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. Buyer’s reps are usually paid out of the seller’s commission payment.
9. Check out Nesbitt Realty. Our search tools and tips are among the best you'll find in Northern Virginia.
Why buy a home?
According to a new realtor.com® survey of more than 1,000 home shoppers, increasing rental costs are pushing more young adults toward homeownership, with 23 percent of buyers between the ages of 18 and 34 reporting rising rents as a trigger for their recent home purchase. “Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers’ wish lists,” says Danielle Hale, chief economist for realtor.com®. “At the same time, we found some clear differences in priorities. For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability, and personal expression.”
1. Be prepared. This works for negotiators just as it does for Boy Scouts. Be sure all facts are available and verified before you begin. Postponements for fact-finding can bog down the negotiation.
2. Present a united front. You might not agree with your clients’ position but don’t share that with the other side during the negotiation. Privately, you can try to get your clients to change their mind.
3. Leave your attitude at the door. Don’t let your personal opinions of the parties or the situation cloud your judgment; that could endanger the transaction. Treat everybody with respect; if you disagree, disagree with an idea, not with the person.
4. Hold something back. Plan beforehand what concessions your clients are willing to make and then use them when the bargaining gets under way.
5. Don’t sweat the small stuff. Never let a negotiation bog down over a minor point. If you can’t agree, put the point aside and come back to it later. Concentrate on getting agreement on major points like price and terms.
6. Get all the decision makers together. Nothing is more frustrating than to think you have an agreement, only to find that somebody else must sign off on it.
7. Avoid distractions. Choose a location that’s pleasant. Ask everybody to turn off phones and pagers, and don’t accept calls until the negotiation is complete.
8. Don’t share information unnecessarily. Knowledge is power in a negotiation, so giving the other side extra information may weaken your position. Conversely, learn as much about the other parties as you can.
9. Just keep quiet. Greeting an offer or concession with silence undermines the other side’s power and often prompts an immediate reaction.10. Leave something on the table. Remember that a successful negotiation is not the same as grinding the opponent into the ground. No one should leave a negotiation angry; you never know when you might have to negotiate with the same people again.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
The Millennial generation is showing a preference for fixer-upper houses over the “cookie cutter” luxury homes their parents’ generation tended to desire, according to a national survey by Better Homes and Gardens Real Estate.
About one in three 18-to-35 year olds recently surveyed say they prefer a “fixer-upper” home with minimal repairs needed. Forty-seven percent say they would be more likely to handle home maintenance jobs themselves over calling in a professional for help. What’s more, 72 percent of Millennials consider themselves handy, earning the nickname the “Fix-It Generation,” according to the survey.
They also aren’t looking for big, luxury homes like their parents but they don’t mind if a home is smaller, as long as it's unique, the survey showed. Forty-three percent say they want a home that is more customized and less “cookie cutter.” They expect each room in the house to fit their lifestyle.
Also, 56 percent say that home technology capabilities are more important than a house with great curb appeal. Sixty-four percent of Millennials said they wouldn’t even consider living in a home that doesn't have the latest tech capabilities. Eighty-four percent say that technology is essential for their new home, with the most sought-after tech in the home being an energy-efficient washer and dryer, a security system, and a smart thermostat.
“It’s critical that real estate professionals understand what embodies a quintessential home for the millennial generation, which vastly differs from the traditional norms of generations before them,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. “Understanding technologies to communicate with this generation is now only one piece of the puzzle for agents; ‘smart’ technological capabilities must now be ingrained into the home itself.”
Source: Realogy
Home Prices In Arlington Continue To Hike
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.
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
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…
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…
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…
Home owners who once lost their home to foreclosure have returned to the market, eager to buy once again.
These “boomerang buyers” could make up a large number of the future housing market, considering their numbers. Since the housing crash, 4.8 million borrowers have lost their home to foreclosure and 2.2 million did a short sale, according to RealtyTrac data.
As these borrowers get their finances in shape, repair their credit scores, and save up for a down payment, they’ll be looking to buy again, but their struggle will be over when they’ll be eligible to buy again.
Fannie Mae and Freddie Mac require those who once defaulted on their mortgages to wait five years and have a minimum of a 680 credit score and a 10 percent down payment. If they don’t have all that, they’ll have to wait seven years to qualify again. By seven years, a foreclosure is removed from a person’s credit report.
But if a defaulter can show the foreclosure was due to a hardship -- like losing a job or illness -- the wait may be reduced to three years, CNNMoney reports.
And some home owners have even be able to buy again after just two years of losing their home to foreclosure. For example, one Palmdale, Calif., couple says that after losing their home to foreclosure due to an illness that made it difficult for one spouse to work, they were able to buy again after two years. During those two years of being sidelined by the housing market, they made sure to pay all their bills on time, repair their credit score, and get their finances back in shape. They were able to qualify for a Veterans Administration-backed loan.
"[After bankruptcy], foreclosure is one of the things that hits your credit score the hardest," says Anthony Sprauve, a spokesman for FICO. For example, foreclosures and short sales can decrease a credit score by anywhere from 85 to 160 points.
Source: “Boomerang buyers return to market after foreclosure,” CNNMoney (March 11, 2013) *** Error: Cannot find includes file ***
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…
