Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.You can also check out our affordability calculator.
Develop your home wish list. Then, prioritize the features on your list.
Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
Do you prefer a commuter-friendly location or perhaps even a "walkable" home?
Perhaps you want to live near a specific military installation such as the Pentagon or Fort Belvoir?
Are you looking for a particular ?
Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price. Check out our closing cost estimator.
Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
Will Nesbitt is the principal broker of Nesbitt Realty
Contact Nesbitt Realty. Nesbitt Realty is a local family-run business that cares about your needs and has helped many people like you successfully navigate the home buying process.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Lyon Village is located in Arlington VA
Of course as a homeowner you’ll be responsible for maintenance and repairs on the house. As a condo owner, many of these responsibilities are handled by the condo association. Either way, if you commit to buying a home you've identified yourself as the type of person who has taken charge of his or her life. A homeowner can paint the wall any color. A home owner doesn’t need the landlord’s permission to get a cat.
As a homeowner you’re more likely to be a part of the neighborhood watch and the garden club. According to some studies, home owners are more likely to vote, and more likely to participate in local government activities. As a condominium owner you have become one of America’s landed gentry. According to the Rossi and Weber National Survey of Families, home owners possess significantly higher levels of self-confidence than renters.
Tax advantages are one of the biggest financial benefits of home ownership. The typical home owner that pays a $1,000 house payment will realize tax savings of about $120 each month. (As a general rule, most homeowners can deduct most or all of their interest payments on their home loan, property taxes and loan points, but check with your tax adviser about your situation.) What this means is that next year your rent won’t go up, but your liability will go down. Generally if you can afford the cash flow, it’s cheaper to buy than to rent. Because you’re a homeowner, you know what this means.
This increase confidence and wealth will have an impact on your family life as well. According to Boehm & Schlottmann, University of Tennessee, “Children of home owners are 59% more likely to become homeowners. Their children are also 25% more likely to graduate from high school and 116% more likely to graduate from college.”
Palazzo is located near King St. and I-395.
As an owner, you’ll stop paying rent and you’ll start building ownership equity. A survey of consumer finance by the Federal Reserve Board found that the median net worth of most modest-income owners is almost $60,000 compared to less than $10,000 for renters in the same income group.
In many cases, your home will provide you with more privacy than rental living. For some, this means a quieter living environment, for others it’s the ability to have a grow garden, have a backyard barbecue or a build a garage. You’ll have the freedom to make whatever changes or improvements you like. Now that you control your living environment, you can make adjustments as your family changes or just as your personal taste dictates.
The ABR acronym is short for Accredited Buyer Representative. The Accredited Buyer’s Representative (ABR®) designation is designed for real estate buyer agents who focus on working directly with buyer-clients. When you work with an Accredited Buyer's Representative you know that your rights are represented by a professional agent who is trained and experienced in handling the needs of buyers. There are four requirements which a real estate agent must meet to attain and use the ABR® designation:
Previous and documented experience representing the needs of buyers and experience actually closing real estate sales.
Successful completion the Accredited Buyer’s Representative (ABR®) Designation Course.
Successful completion of one of the ABR® elective courses.
Membership in good standing in the Real Estate Buyer’s Agent Council (REBAC) and the National Association of REALTORS®.
Julie is on the rooftop deck at the Waterview in Rosslyn VA. Julie is an Accredited Buyer's Representative.
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…
Deciding on whether a single family home is much more suitable than a condominium or townhouse home requires much thought and consideration. But in the end it still comes down to what you want.
Here are a few facts to consider:
Single Family Homes
Close knit community with possible green spaces
No monthly homeowners/condo fees
Less strict community rules and regulations
Restrictions cannot be imposed by an association without your consent.
Less restriction and fees with parking
Condo and Townhomes
All expenses towards maintaining your home is covered by the condo fees such as common area repairs, roof repairs, other maintenance and repairs.
Controlled access for some
Amenities available for the community such as clubrooms, pools, gyms and more
Shuttle services are offered as well as public transit service
After the process of picking out your dream property, the offer is to be written along with proof of Earnest Money and lender approval, your real estate agent will present the offer to the selling said.
This is where we, real estate agents use our expertise in presenting the offer, because it just doesn’t end there. It’s not simply handing the documentation to the listing agent and then wait patiently for their response. It is essential that the offer be over and for the fact that bargains do not last forever, we call up the listing agent to inform that the offer had already been sent over.
It is during this conversation that details be shared with the listing agent such as background information about our clients as to what would reflect as to what you would be looking for. We can describe as to how qualified you are to buy the property and how many properties we have looked at and that there are certain aspects or features about that home you sincerely appreciate.
As real estate agents, we review and explain all details of the offer such as inspections, date of closing, contingent or non contingent, pricing and the like. We also discuss a timeline to outline the milsestyones from the offer to settlement.
Contact Nesbitt Realtyhttp://nesbittrealty.com
1451 Belle Haven Rd. #222
Alexandria VA 22307
LICENSED IN VIRGINIA
703 765 0300
888 783 6391 (fax)
Purchasing a home is a process that cannot go smoothly unless you take it step by step. This is where having a real estate agent is important.
It is essential that you are prepared and already have a loan secured. Securing it early will assist you in making decisions with your home purchase.
With a secured loan, you can either broaden or lessen your prospective homes as you would need the price to be within your budget while your offer will be good one as you are ready to buy. Getting the finances in order will make the process quicker without hindrances.
Let a real estate agent assist you with your home purchase decisions.
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…
Finding a quality home to suit your taste will require a licensed real estate agent who offers expertise and connections if it is to purchase or rent a home. What would a realtor’s purpose be then?
Security. Even if you know what exactly what you are looking for in a home, you’ll need a realtor’s expertise to assure the quality of your potential home
Economy. You wouldn’t want to pay more for your new home and sell your old home for less than what it should be. A realtor has the access to the market information to make sure you get your right price.
Diversity. You may be able to view homes through public listings, but many of the best and perhaps your desired home will require you to have a realtor to view them.
Most of all, the whole process of hunting for your new home will be time consuming and challenging and that includes the right title transfer, financing and negotiating. If you want the peace of mind of finding your dream home, a realtor’s expertise serves its purpose.
Let our licensed real estate agent assist you, contact us at:
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…
A sluggish real estate market hasn’t shaken the confidence of the public in how it views home ownership, according to a new study by the Pew Research Center. Eight in 10 adults (or 81 percent) say owning a home is the best long-term investment a person can make, according to the Pew study of about 2,000 adults conducted in March.
“Home owners are not blind to what has happened to home prices, nor are they expecting a speedy recovery,” according to the Pew study. In fact, of the home owners surveyed, about half said their home is worth less now than before the recession, while 31 percent said their home’s value has stayed the same.
Nevertheless, 82 percent of home owners who say their home is worth less now than before the recession either strongly or somewhat agree that home ownership is the best long-term investment a person can make, according to the survey.
The value of home ownership even continues to emerge on top when home owners were surveyed and asked to rate the importance of four long-term financial goals. Home ownership and "being able to live comfortably in retirement" rated the highest--viewed as either extremely or very important by 80 percent of respondents.
Yet, their optimism about home ownership doesn’t mean they're completely happy with their current home. Nearly a quarter of all home owners surveyed said that if they had it to do all over again, they would not buy their current home. Most of the “buyer’s remorse” complaints were about the home itself or its location. Only 31 percent of those surveyed cited financial factors, such as the home losing value or their own changing financial situation.
Source: “Home Sweet Home. Still.” Pew Research Center (April 12, 2011)
Duke Street is a popular and vivacious street in Alexandria. It is lined with offices, high-rises, shops, and restaurants. It is quite the eclectic mix of old and new. Alexandria is rich with history and full of new life as it has grown to be one of Northern Virginia’s top places to settle. Local delicacies are easy to find and the adventurer never gets bored.
Landmark Mall caters to traditional shoppers with stores such as Sears, Macy’s, and Victoria Secret. There is plenty to do to pass the time. Walking down the street you can explore various international cuisines such as Mayur Indian Restaurant. This is fine Indian dining that any palate could enjoy. You have a number of choices if you prefer Asian, Italian, or American cuisine. Whatever your taste buds desire, you will not be disappointed.
There is no shortage of history with civil war reenactments, 200 year old buildings, and monuments. Tourists are amazed at the amount of historic richness that the city itself has managed to preserve and pass on from generation to generation. Walking down Duke can almost transport you back in time but you are quickly reminded that it is 2011 by all of the modern hot spots available.
Located in the heart of one of 2011 Dozen Distinctive Destination winners, this street is sure to leave a memorable impression. Its year round draw has kept visitors swarming in year after year.
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When you work with an Accredited Buyer's Representative you know that your rights are represented by a professional agent who is trained and experienced in handling the needs of buyers. There are four requirements which a real estate agent must meet to attain and use the ABR® designation:
