Fannie Mae Soars to Record Profits

Mortgage giant Fannie Mae reported $17.2 billion for net income in 2012, its largest annual profit ever, The Wall Street Journal reports. The housing market’s recovery is leading to fewer loans going bad, which is in turn helping Fannie see rising profits. Timothy Mayopoulos, Fannie’s chief executive, said he expects Fannie to “remain profitable for the foreseeable future.” In the fourth quarter of 2012, Fannie posted a $7.6 billion profit. That’s compared to one year earlier, in which the mortgage giant posted a net loss of $2.4 billion. Fannie officials say they expect to post a large gain for earnings in the first-quarter of 2013, which it will report next month. Fellow government-sponsored enterprise, Freddie Mac, also reported its own record profit for 2012: $11 billion last year. Fannie and Freddie have received $187.5 billion from the U.S. Treasury when taxpayer bailout money was needed to keep the GSEs afloat as distressed properties were surging. Fannie Mae and Freddie Mac now send nearly all their profits to the U.S. Treasury. “As a result, they have gone from being a major drain on the government’s coffers to a significant potential source of revenue,” The Wall Street Journal reports. Source: “Fannie's Windfall Blurs Debate Over Its Fate,” The Wall Street Journal (April 2, 2013)
  • Home Prices In Arlington Continue To Hike

    Glendale
    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.

    Read More

  • Inlet Cove is near Fort Belvoir and Potomac Mills

    Inlet Cove outside Belvoir
    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

    Read More

  • Pending Home Sales on an Upswing

    home inspector
    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…

    Read More

  • A Good Time to Buy a High-End Home

    Station Square
    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…

    Read More

  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    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…

    Read More

Study: Buyers Can Afford Bigger House If It’s New

The National Association of Home Builders says its new study shows that home buyers can buy a more expensive, newer house and still have the same operating costs as owning an older existing home. NAHB examined data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey to determine how utility, maintenance, property tax, and insurance costs vary depending on the age of a home. Houses built prior to 1960 have average maintenance costs of $564 per year. On the other hand, homes built after 2008 have average maintenance costs less than half that — $241, according to the study. For homes built prior to 1960, operating costs average nearly 5 percent of the home’s value while the average was less than 3 percent for homes built after 2008, the NAHB study found. The study also took into account the first year after-tax cost of owning a home by its age, examining the purchase price, mortgage payments, annual operating costs, and income tax savings. “A buyer can afford to pay 23 percent more for a new house than for one built prior to 1960 and still maintain the same amount of first-year annual costs,” according to NAHB. New houses tend to cost more than existing homes, so the mortgage payments will likely be higher — but the lower operating costs of a newer home will give buyers annual costs that could be about equal if they purchase a lower priced, older home with a smaller mortgage payment but higher operating costs, NAHB says. "Home buyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home," says NAHB Chairman Rick Judson. "They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget." Source: National Association of Home Builders

Are you looking for a new condo or a newly built home? The on-site staff works for the builder. Our brokerage represents the buyer's interests and doesn't work for the builder. Start your search here to see our suggestions.

Nesbitt Realty doesn't work for the builder. We work for you and we'll help you find the best new home for you. Best of all there is no charge to the buyer for our services!

VAR’S Fight to Reduce Grantor’s Tax Increases in Northern Virginia

  Some last-minute work by VAR has paid off: In his proposed amendments to Virginia’s transportation bill, Governor Bob McDonnell has asked that the proposed grantor’s tax increase in Northern Virginia be reduced from 25 cents per $100 to only 15 cents.
VA Association of Realtors
Nesbitt Realty is a member of the Virginia Association of Realtors
The bill passed by the General Assembly included a regional package for Planning District Commission 8, which includes a large portion of Northern Virginia. To help raise approximately $30 million for congestion relief, the bill (HB 2313) raised the grantor’s tax in the region by 25 cents per $100. From the Virginia Association of Realtors:
But when we looked at how the General Assembly arrived at that figure, we noticed something immediately: Its calculations were based on the average grantor taxes collected from 2007-2011 – years that include the worst part of the housing crash. So we hired Dr. Chris Chmura, a well-known Virginia-based economist, to estimate sales data for the Northern Virginia area. Then, using those figures (ones that are more reflective of the current market), we saw that a 25-cent increase wasn’t necessary. Working hand-in-hand with local associations whose members would be affected by the increase, we met with the governor’s office repeatedly over several weeks. We showed how the region could raise that $30 million with only a 15 cent per $100 increase in the grantors tax. Governor McDonnell agreed, and worked our suggested change into his amended bill, which the legislature will consider. We will now be reaching out to members of the General Assembly to make sure they understand our intentions, most notably, not to do the bill harm. We think we’ve found a win-win scenario – one that lowers the amount of the grantor tax increase without lowering the amount of money that will flow into PDC 8 for transportation.

Properties in

Negotiations

In a tight market, there will be offers. Be ready for all offers and don't be offended if someone tries to lowball you. You know what your condo is worth. Sometimes a lowball offer is just a buyer's way of asking you if you'll negotiate. Your reply should be, "Sure I'll negotiate, but I'm not stupid." For this reason, decide in advance what price and terms you’ll find acceptable.Then, respond with a counter-offer to keep the ball moving. For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

Is the ‘Great Senior Sell-Off’ Coming?

About 1.5 to 2 million homes belonging to seniors will come on the market by the end of this decade, predicts Arthur C. Nelson, professor of urban planning at the University of Utah. Nelson says he sees a momentum growing among baby boomers to put their homes up for sale and downsize. “This is the decade of the shakeout, where the boomers will begin turning 65 and we'll begin to see how they influence the housing market,” Nelson told The Chicago Tribune. Nelson cites other research that shows when people hit their late 60s they tend to start selling off their homes at a much faster rate. The baby boomer generation began reaching age 65 in 2011 and will continue until 2029. “As they enter their late 60s, they'll begin to unload their homes in cumulatively higher rates,” Nelson says. “I'm calling it the Great Senior Sell-Off.” But Nelson says he’s concerned there may not be enough buyers for the homes. About 80 percent of seniors are home owners when they reach 65—the highest home ownership rate among any age group. But Nelson notes that about 4 percent of senior home owners move each year and about 60 percent of them then opt to move into rentals. As such, Nelson predicts a surge in construction of apartments for more affluent renters. Source: “Get Ready for Great Senior Sell-Off,” The Chicago Tribune (March 29, 2013)
  • Home Prices In Arlington Continue To Hike

    Glendale
    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.

    Read More

  • Inlet Cove is near Fort Belvoir and Potomac Mills

    Inlet Cove outside Belvoir
    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

    Read More

  • Pending Home Sales on an Upswing

    home inspector
    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…

    Read More

  • A Good Time to Buy a High-End Home

    Station Square
    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…

    Read More

  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    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…

    Read More

 

Millennials Home Preferences

The Millennial generation is about 90 million strong—forming the largest demographic wave in the country’s history—and some reports suggest they’re readying for home ownership.
Stuart at Porto Vecchio
Stuart Nesbitt, a chip off the old block
Millennials’ entrance into home ownership has been delayed due to the recession, high unemployment, and high student loan debt. They’ve been living in their parents’ homes, as well as delaying marriage and having children, surveys show. But the pent-up demand from this generation is starting to surface, says Fred Ehle, vice president for PulteGroup. Homebuilders, like PulteGroup and Better Homes and Gardens Real Estate, recently revealed surveys of what Millennials want in their future homes. In general, the surveys reveal that this generation isn’t wowed by luxury and prefers technology and flexible space. Pulte Homes found in its research that more than half of Millennials who decided to buy a home last year from the homebuilder said their main reason was to invest and build equity. As for what they’re looking for in a home, they appreciate an efficient use of space, an open layout for entertaining, ample storage space, and outdoor space that extends their living areas, according to the Pulte survey of 531 adult renters between the ages of 18 and 34. "What may be different about this buyer is that they may have more stuff," says Fred Ehle, vice president for PulteGroup. "It's different kind of stuff: technological gadgets, gaming. They also do work from home." The Better Homes and Gardens survey of 1,000 adults ages 18 to 35 found that Millennials don’t like traditional floor plans and prefer unique spaces. They like to do home improvements themselves and are “fix-it” types. One in five said that “home office” is a better suited name for their dining room, according to the Better Homes and Gardens survey. What’s more, 43 percent said they want to transform their living room into a home theater. The survey also showed they’d rather have extra space in their kitchen for a TV than a second oven. Nearly two-thirds of those surveyed say they wouldn’t purchase a home without up-to-date tech capabilities. Source: “GenY is finally in a mood to buy (houses),” USA Today (March 28, 2013)
  • Help With Down-Payment For First-Time Buyers For A Residence In 22304 In Alexandria

    Are you planning to buy a modest nice condo like this condo at 4862 Eisenhower Ave #164? Considering purchasing a home? Okay. Please rely on a professional like Nesbitt Realty to help.

    Read More

  • First-Time Home Buyer Credit In The City Of Falls Church

    Do you want a little help to purchase a $1,250,000 5-bedroom home in 22046? Has the time come to buy a your first home? Good. Nesbitt Realty am a resource that can assist.

    Read More

  • Does Nesbitt Realty Offer A Down-Payment Assistance For First-Time Home Buyers Of $28,428 On 8417 Brookewood Ct McLean VA 22102?

    Attaining your first home is an exciting milestone, and it's likely the biggest purchase you'll ever make. So don’t jump into it without doing your homework. You can count on a personable ace like me to assist.

    Read More

  • Can A First-Time Buyer Get A Rebate On A Luxury Detached Home Like 2510 N Columbus St?

    Attaining your first home is an exciting milestone, and it's likely the biggest purchase you'll ever make. So don’t jump into it without doing your homework. It's Nesbitt Realty's job to help. Do you want a very large luxury place in 22207 in Arlington County?

    Read More

  • Help With Down-Payment For First-Time Buyers In 22015 In Fairfax County

    Has the time come to purchase a a home? Alright! Nesbitt Realty is available help. Are you planning to buy a sprawling mid-market interior row/townhouse like this striking interior row/townhouse at 9514 Draycott Ct?

    Read More

‘Zombie’ Foreclosures Haunt Housing Market

A new study finds that 301,874 “zombie” homes—properties where home owners receive foreclosure notices and move out, leaving the home vacant and deteriorating—exist in the U.S. The state with the highest number of “zombie” properties is Florida, with 90,556 vacant homes in foreclosure, according to data by RealtyTrac, in their first analysis of “zombie” properties. Illinois ranks second with 31,668 “zombie” properties and California ranks third with 28,821. However, Kentucky leads overall in percentage of zombie properties; abandoned homes represent 54 percent of Kentucky’s total foreclosure inventory. Abandoned foreclosures also represent 50 percent or more of the properties in foreclosure in Washington, Indiana, Nevada, and Oregon, according to RealtyTrac. In January, Reuters reported a problem with “zombie” titles—home owners who received a foreclosure notice and walked away from their home but did not realize their names remained on the deed and they were still financially liable for the property. In some cases, the banks never ultimately pursued the foreclosure, but the home owners were unaware of that since they already had moved out. RealtyTrac counted any property that had been in foreclosure longer than the state average and that showed no significant recent activity on it as a “zombie” property in its report. "I think the empty foreclosures is less of a long-term threat but it certainly is affecting individual communities and neighborhoods," says Daren Blomquist, RealtyTrac’s vice president. Source: “More than 300,000 homes are foreclosed ‘zombies,’ study says,” Reuters (March 28, 2013)

Properties in

  • Home Prices In Arlington Continue To Hike

    Glendale
    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.

    Read More

  • Inlet Cove is near Fort Belvoir and Potomac Mills

    Inlet Cove outside Belvoir
    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

    Read More

  • Pending Home Sales on an Upswing

    home inspector
    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…

    Read More

  • A Good Time to Buy a High-End Home

    Station Square
    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…

    Read More

  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    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…

    Read More

 

Condo Repairs: Who Pays for What?

Everything built by man requires some maintenance at some point.

Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance. Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters needn't worry about the expense maintaining a property. Many first time buyers aren't ready to take on the hassles and expenses of yard work, gutter cleaning, painting and so on, and for this reason condos are a viable and interesting alternative. In the case of a condo, maintenance can be separated into two categories: owner's responsibilities and association responsibilities. These exact nature of these duties and responsibilities will vary from condo to condo, but there are a few rules of thumb. For example, certain retirement communities provide maid service as part of the condo, but most often the condo owner is responsible for cleaning his own unit. In most cases, the condo owner must clean the condo interior, including all windows which are reachable from the interior. The condo owner must clean of his or her private balcony or patio. Most renters are accustomed to this type of arrangement already. Unlike renters, condo owners own the appliances in the unit. Thus, the condo owner cleans and maintains all the appliances, but the condo owner also pays for repairs and replacements as needed. A condo owner has the power to pick his own appliances, but with that benefit comes the duty of maintaining that unit. In most older condos, the association supplies the heating and cooling to the unit, and the condo owner owns the convector or radiator (heat transfer appliance) in the unit. In new condos, the owner typically owns the HVAC (heat pump / air conditioner) that heats and cools his unit. Plumbing and electrical concerns remain for owners of single family homes and townhouses, but in all but a few rare cases the condo owner need only worry about systems that are outside the walls. For example, the condo owner typically owns the bathroom vanity and the pipes supporting that vanity, but not the pipes which supply water and take sewage away from the bathroom. A condo owner owns his kitchen cabinets, but not the electrical wires inside the wall that bring power to his kitchen appliances. In general, the condominium owner is responsible for his personal space, but the condo association is responsible for all common areas.  This includes maintaining and operating the elevators and outside doors.  In most cases this includes the windows. Most always, the association maintains the lawns, flowers and shrubs. The condo association maintains the roof. While the owner of a single family home must maintain his own driveway, a condo parking lot is maintained by the condominium association. The parking garage can be private, common, or common with assignments.  If the parking garage is common, with or without assignments, the condo association will clean and maintain the parking. A private garage is the domain of the condominium owner.

Review your docs

Ultimately, you'll want review your condo documents, charter and by-law to determine exactly how your condo association interprets its domain.  Rest assured, a condo owner will have more to maintain than a renter, but significantly less responsibility than the owner of a single family residence or townhouse.

Properties in

For more information or to set up an appointment call Stuart at (703)765-0300.

Gadsby’s Tavern in Old Town Alexandria

Old Town Alexandria is famed for its quaint historical atmosphere. Englishman John Gadsby operated a tavern here from 1796 to 1808. In those days, the tavern was the hub of political, business and social circles in Alexandria. Thus, Gadsby's Tavern is an important part of the 18th Century heritage of today's Old Town Alexandria.
tavern
Gadsby's has been a landmark in Alexandria since colonial days.
Today Gadsby's Tavern Museum is located on Royal Street, a few blocks from route of the King St. trolley. Admission is only $4 for adults and $2 for children. Children under 11 are FREE when accompanied by a paying adult. The museum consists of two buildings, a ca. 1785 tavern and the 1792 City Hotel. While in operation, the tavern was the setting for dancing assemblies, theatrical and musical performances, and meetings of local organizations. Prominent patrons such as George Washington, John Adams, Thomas Jefferson, James Madison, and the Marquis de Lafayette are part of the history of Gadsby's. At the tavern you can journey back to the 18th-century in a place where famous historical figures and everyday people dined and slept. The museum helps educate today's generations about the history, architecture, decorative arts, social customs, food, and clothing of the 1700's. There is a restaurant still in operation in the building. The tavern can be rented for weddings, banquets and any meeting where linen tablecloths and a post-colonial setting are appreciated. Please note some tour times are not available due to special events at the museum.  Please call in advance or check the online calendar for more information.

Hallmark condo association information

If  you have any questions about condo documents, insurance or maintenance, please contact the office below:

Hallmark Condominiums

200 N. Pickett St. Alexandria, VA, 22304 703-751-0777 If you would like to buy a condo, give us a call at Condo Alexandria. For more information or to set up an appointment call Julie at (703)765-0300.  

Properties in