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Category: Real Estate Buying Tips

How to locate, finance and close the deal on your new home.

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Buyers Often Overlook Insurance Costs

first-time buyer
Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.
Insurance is usually the last thing people worry about when they are buying a new home. According to the Insurance Information Institute, that's a mistake, because it will be an expense a buyer will have as long as they own the property. Here are some key issues that the institute urges every buyer to consider:
  • What is the condition of the plumbing and electrical systems? Older and poorly maintained systems cost more to insure.
  • How far is the home from the fire department? A location close to the station usually means lower insurance costs.
  • Does the property meet current building codes? Up-to-date properties are safer and also cheaper to insure.
  • What about wind damage? If insurance against windstorms is required, is private insurance available or will the buyer have to rely on a state-run program? If there a windstorm deductible, how high is it?
  • Is the home vulnerable to flooding? Floods aren’t covered under a standard homeowner policy, although most major insurers will provide it through the National Flood Insurance program. How much the insurance costs depends on where the property is. More information is available at FloodSmart.gov.
  • Is there earthquake risk? Earthquake insurance requires an endorsement or a separate policy.
Your аgеnt ѕhоuld be interested іn уоur unіquе hоuѕіng needs in {Location_Name}. Thеу should еnсоurаgе you to dіѕсuѕѕ the ideal home уоu wаnt аnd саtеgоrіzе уоur wаntѕ and nееdѕ. Aѕk whаt рrісе range thеу normally sell in; a rеаltоr dеаlіng in $500,000 hоmеѕ may nоt be аѕ еxреrіеnсеd with thе needs of реорlе whо can оnlу аffоrd a $200,000 home in {Location_Name}. 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? Phone Nesbitt Realty to learn more.
Search for homes with garagesDo you need a house for your ride? Use this search to find your perfect home with a garage.

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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

  • Arlington Ridge -- Overlooking the capital's river valley

  • Belle Haven -- An established neighborhood of distinctive homes

  • Chesterbrook -- Elegant homes on quiet streets in Mclean

  • Clifton -- A place to find your micro-mansion

  • Great Falls --- Impressive residences with large lots

  • Langley -- Great schools, quiet neigbhoods

  • Rivercrest -- Stately homes on the Arlingwood bluff

  • Seminary Hill -- Impressive homes on large lots close to town

  • Yacht Haven -- Boater's paradise on the Potomac

Here are some Ghost Tours tour guides

There is a certain charm to a historic neighborhood that you cannot find elsewhere. Many of these neighborhoods date to the colonial era.

Julie Nesbitt checks out at Lotte

It's fun to live close to shops and restaurants.

  • Aurora Hieghts --- Near the Pentagon at the center of the region

  • Ballston --- Ballston Common Mall is at the center of this community

  • Clarendon --- Market Common Clarendon has many shops and restaurants

  • Fair Lakes -- Home of the Fair Oaks Mall and many nearby restaurants

  • Old Town --Well-known for boutiques, shops and restaurants

  • Pentagon City -- The Fashion Center at Pentagon City is a multi-level indoor mall surrounded by shops and restaurtants

  • Springfield -- Springfield Mall is being renovated and replaced by a brand new shopping center

  • Reston -- Reston Town Center is one of many shopping attractions here.

  • Tysons Corner -- Home to Tysons Corner Mall and the upscale Tysons II Galleria

Search for homes near the Metro

Are you looking for a home or condo near a metro station? Use our site to find properties close to Metro stations.

real estate for sale near metro stations.

Questions about Earnest Money

I recently received this question by email:
Is a E M D asked for when the other party doesn 't believe the buyer is serious? Also if I refuse to put down a earnest money deposit do I risk ending negotiations for the property?
A single family homes at 2928 Woodlawn Ave Falls Church VA 22042
City Park Homes in Falls Church 22043
A buyer should always ask his or her own agent questions like this. If you don't trust your agent to give you the right answer you probably have the wrong agent.  When you question your agent's judgement you can always ask for an explanation from the agent's broker. That said, what follows is not a specific answer to your specific situation, but some general advice about EMD's. EMD stands for earnest money deposit. Earnest money deposit literally means money that you've deposited to show you are earnest.  Nearly every real estate offer these days will include some amount of earnest money to show that the buyer is serious.  Offers without any earnest money generally mean that the buyer lacks the capacity to actually make the purchase or that the buyer doesn't want to risk any money in the transaction. Nobody likes risk.  So what is the risk of putting up an earnest money deposit.  An EMD check is in practice often not cashed if the offer is not accepted. An EMD check is usually only cashed when the buyer and seller agree to terms and price. Once that check is cashed it is deposited into an escrow account. That means that the money is NOT in the broker's bank account. That money is in a separate account that does not comingle with the brokerage's funds.  Once the money is in that account the money generally only comes out one of four ways:
  1. When the transaction closes.  When the sale happens the money is applied to the buyer's expenses and/or down payment.
  2. When a judge gives the money to someone.  If the sale doesn't happen and parties cannot agree who to give the money to, a judge will decide who deserves the money.
  3. When both parties agree to distribute the money.  Both parties must agree who to give how much money to.
  4. When a sale is canceled. There are many reasons a sale might not happen.  Sometimes the buyer can't get financing. Sometimes the home won't appraise. Sometimes buyers and sellers mutually agree to cancel the sale. When that happens the money is returned to the buyer.
So where is the risk?  If the buyer acts fraudulently or negligently the EMD is put at risk.  That means that if the buyer lies or attempts to defraud the seller then the sale won't happen and the money might be forfeit to the seller or the brokerages involved.  This doesn't mean the seller can just take your money if he thinks you've lied.  The seller can't take that money.  But a judge can take the money and give it to the seller.  And the buyer and seller can negotiate to give some or all of the money to the seller.

The Purpose of Earnest Money

2720 ARLINGTON MILL DR, Unit 1006, Arlington, VA 22206
High-rise condominium
When a seller accepts a buyer's offer, the seller takes some risk.  The seller takes some risk because when the property is under contract, he cannot sell the property to other buyers who might be interested. In other words, if the seller agrees to a price with some joker who is just playing around and who won't buy the house, the seller might miss out on someone who really wants to buy the house.  So sellers want to know that if they are risking something then the buyer is risking something. How much the buyer is willing to risk is usually a good indication of how solid the deal is.  We usually advise our buyers to put down 1% of the purchase price as escrow money, but some buyers put down more . . . sometimes much more. The bare minimum you'll see in most contracts in Northern Virginia is $500 to $1000.  Offers with those minimal amounts are rarely accepted, or get a counter offer asking for more earnest money. Very rarely the lower EMD is accepted when the buyer is a veteran using a VA loan, because a VA loan might be more then 100% of the purchase price. A buyer who puts up a larger EMD is saying to the seller, "I am rock solid. If you accept this deal, you will sell your house." It sort of like when you buy a car and you pull out the cash and show it to the seller. Then the seller knows you are serious.  A buyer who puts up a smaller EMD is saying to the seller, "I don't have that much money on hand. I don't want to risk much money because I might not be able to hold up my end of the bargain." How to get your EMD back. For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Northern Virginia real estate agents.
Nesbitt Realty can help you buy and sell real estate in Northern Virginia.

Do you need a brand new kitchen?

Montebello kitchen
original kitchen at Montebello
One of the biggest questions every condo buyer and home buyer has to ask is, "How much work am I willing to take on?" Some folks want a turnkey residence. Some folks want a residence that has brand new modern appliances and cabinets. Some people want appliances and cabinets that have never been used. Some people don't mind an older kitchen. Some people like the feel of a kitchen that was put in long ago. Others like an older kitchen because they like the idea of ripping out the old and putting in the new. It can be very gratify---not to mention financially rewarding---to completely remake a residence.  As a homeowner, or condo owner, you are the ultimate authority. It is your domain to decide what will stay and what must go.  This can be a lot of fun.
kitchen
Brand new kitchen at the Eclipse
But, remodeling can be a lot of work.  Living through the dust and the inconvenience can be a hassle. If you don't know where to turn to, it can also be very expensive.  But no matter how you personally resolve the issue, it's important to consider before you actually start shopping.

5 Costly Mistakes First-Time Buyers Make

first-time buyer
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?

Buуіng a hоuѕе in {Location_Name} іѕ both а wonderful and gratifying task. Yоu mау nееd tо juggle competing prioritieѕ іn оrdеr tо ensure thаt you get the results you want. Although it's great to buy a home, hоmе buуіng саn bесоmе a reason for ѕtrеѕѕ аnd аnxіеtу in many реорlе. 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. Reach out to Nesbitt Realty to learn more about  your choices 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.  

Questions You Should Ask When Buying a Condo

condo
For condo buying or condo selling in Northern VA call Nesbitt Realty
In Northern VA, a condo is a great option for first-time home buyers, those who relish convenience and for empty-nesters looking to downsize. Buying a condo is very similar to buying any other real estate, but there are a few things you'll want to be mindful of. For example, before you buy, contact the condo board with the following questions. In the process, you'll learn how responsive --- and organized --- its members are. You'll also be alerted to potential problems with the property. 1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale. 2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can't rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you. 3. How much does the association keep in reserve? Plus, find out how that money is being invested. 4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs.To determine if the assessment is reasonable, compare the rate to others in the area. 5. What does and doesn't the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?
Up to Waterview condos
Waterview condos are some of the finest luxury residences in Northern VA.
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board's fiscal policy. 7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS(r), owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years. 8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly. Sometimes the litigation is minor. Sometimes the litigation is a show-stopper. 9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer's report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren't in good repair, they become your problem once you buy. 10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you're buying, may require separate assessments. For example, Stratford Place is a part of Kingstowne.
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5 Important Tips for Condo Buyers

Condos at 1200 Nash St N #535 Arlington VA 22209
Prospect House is in Arlington 22209
If you are looking or even just thinking about buying a condominium home in or around Northern Virginia, it's perfectly natural to feel a little nervous. Buying a condo and owning your own home is a large, life changing purchase. Indeed, any individual thinking about buying a condo needs to know what to expect and how to prepare for those expectations. Below is a short list of 5 essential tips that any condo buyer would do well to consider throughout the process of finding a new condominium home. Happy hunting! 1) Look at Everything in Person First, remember to look in person at any condo unit you are interested in. It is very important that you make sure to actually see the amenities, parking space, and condo facilities personally. This simple but critical task will avoid any confusion and disappointment later on and will ensure that you are satisfied with your condo purchase. If you absolutely cannot look at the condo in person than ask the seller if you can send a friend you trust to look at the unit instead. In addition, if you are located in a different city than where you are condo shopping, be sure to ask the condo seller or Realtor to send you as many pictures as possible of the condo and the condo building before you make a decision. 2) Carefully review the Condo Association Fees First
Condos at 501 Slaters Ln Ne #220 Alexandria VA 22314
Marina Towers is in Alexandria 22314
Make sure that you know what exactly is included in your condo purchase. What amenities are included in the condo fees to make the condo right for the price? Or, on the other hand, are you going to end up paying for benefits you don't need? In addition, ask if there is any insurance included. Different condo associations may charge the same amount per month, but one may include some incidental insurance while others may require hefty fees for amenities you may not really need or want. Finally, check the condo association meetings and/or any printed bulletins that result from them. Look for any past or developing issues that you need to take into account. 3) Never Ignore the Documents that Accompany the Condo Purchase Always review the condominium documents very carefully before you buy. In layman's terms, don't ignore the fine print. Here, you should check the total price and property documents to make sure that they are reasonable for the area. Be especially cautious if the price is very low because this could mean you will need a special assessment of the unit, which could cost you a lot of money, later in the future. 4) Always Review Comparable Units for Sale in the Same Building
Condo in Eton Square
Eton Square in Alexandria
While every condo building is unique and features different amenities, styles, policies, and location, it is important that you look into other condo units that are for sale or have sold in the same building. Here, do not simply rely on the recent sale price of another unit in the building. Consider what another units' floor plan was, what views it had, or if it had any special upgrades. Depending on the view and floor of the unit, the price of a one bedroom can vary within a condo building. 5) Work with a Specialist The condominium marketplace is often a very specialized type of real estate and as such, you should always consider working with a qualified realtor, and particularly one who specializes in condos. With the help of a realtor, you will have access to a greater condominium market which will enable you to find the best condo unit to fit your needs at a price that you can live with. For more information or to set up an appointment call Julie at (703)765-0300.

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    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

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How can a buyer determine the value of a property when making a purchase?

Licensed real estate agents can provide you with a competitive market analysis, this is based on:
  1. Comparable properties in the area
  2. Adjustments for differences in size and condition of the property
  3. 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
  1. Location
  2. Value of improvements (the home or unit)
  3. Uniqueness of property
For more information or to set up an appointment call Stuart at (703)765-0300.

What does a property’s Walk Score score mean?

Will and Julie Nesbitt cross the street in Shirlington
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.
An evening of Fall in Del Ray
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.
    Will and Julie
    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.

8 Tips to Guide Your Home Search

1. Get your finances in order.

cashReview 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. maps

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 find homes by school district? 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.

A Single family house at 106 Quaker Ln Alexandria VA 22304
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.
home inspector
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.

Do I really need a comparative market analysis?

Stuart Nesbitt is a Realtor
"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.