| Real Estate & Property Management Services

How to Vet a Builder

March 24, 2013February 26, 2016Will Nesbitt

If you're thinking of hiring a builder for custom work, here are some points to consider:

Hire a good real estate attorney who has experience with new-construction contracts, knows state law, and is familiar with the issues unique to the area in which the property will be built.
- Talk to other customers. Ask how satisfied they are with the builder and how his projects have held up over time.

Investigate. Search the builder’s name and company online and make sure that there aren’t lots of complaints about him.

Expect him to negotiate. In this market, a potential customer should be able to expect that a builder will be flexible.

Are you looking for new construction in Northern VA?

New Construction

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

Don’t Let Buyers Move in Before Closing

March 22, 2013March 22, 2013Stuart Nesbitt

Sometimes a seller will ask to take possession of the property prior to closing. If the buyers need a place to live until their property closes, tell them to stay with a friend, relative, in a hotel, or send them on a vacation, but whatever you do, avoid allowing them to take possession of the property prior to closing.

The liability is too great and the risk of failure to close too severe when sellers let buyers move in early, but if such a situation is unavoidable, here are some of my key recommendations.

Insist that the buyers sign a separate lease agreement with a two- or three-month security deposit.
Use a lease agreement generated by an attorney or other real estate professional.
Make sure that there is appropriate insurance in place. Standard homeowners insurance doesn’t cover the situation.
Document the condition of the property with extensive photos and videos.

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

5 Sure Signs That Its Time To Sell Your Home

When should I sell my home? This is not always the easiest question to answer. A lot of people don't plan on living in their first, second, or even third home forever, but still knowing when to let go and move on can be tricky. It can feel like ending a long term relationship, it's…
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Tips On How To Sell Your Home When You Have Kids

Selling your home can be a stressful event but having kids around can create more stressful moments for parents who are seeking to sell their home.
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6 Budget Tips For Staging A House To Sell In Arlington

If you are trying to land a great deal for your property in Arlington, then you can't afford to overlook home staging. You'll want to hold a terrific open house- one that leaves the attendees entranced. And the good thing is, you can do that without having to break the bank.
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How To Make Your 2-BR 2 BA Garden-Style Condo More Interesting For Property Shoppers Considering Palazzo At Park Center

It's pretty obvious, but staged places sell. What can you do if your residence is already adorable?
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Staging Hints For Sellers With A Place At Stratford On The Potomac In 22308

Are you planning to list your residence? A home that isn’t staged may sell if properly prices. On the other hand, a staged place of residence will sell faster and for more money. What steps can you take now to sell your split foyers-style house in a Split Foyer-style community?
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Homes Near Public Transportation Hold Value Better

March 22, 2013April 20, 2015Will Nesbitt

“Location, location, location near public transportation” may be the new real-estate mantra according to a new study released today by the American Public Transportation Association and the National Association of REALTORS®. Data in the study reveals that during the last recession, residential property values performed 42 percent better on average if they were located near public transportation with high-frequency service. “When homes are located near public transportation, it is the equivalent of creating housing as desirable as beachfront property,” APTA President and CEO Michael Melaniphy said. “This study shows that consumers are choosing neighborhoods with high-frequency public transportation because it provides access to up to five times as many jobs per square mile as compared to other areas in a given region. Other attractive amenities in these neighborhoods include lower transportation costs, walkable areas, and robust transportation choices.” “Higher home values reflect greater market demand for areas near public transportation,” said NAR Chief Economist Lawrence Yun. “Transportation plays an important role in real estate and housing decisions, and the data suggests that residential real-estate near public transit will remain attractive to buyers going forward. A sound transportation system not only benefits individual property owners, but also creates the foundation for a community’s long-term economic wellbeing.” The study, The New Real-Estate Mantra: Location near Public Transportation, investigates how well residential properties located in a half-mile proximity to high-frequency public transportation or in the “public transit shed” have performed in holding their value during the recession compared to other properties in a given region. While residential property values declined substantially between 2006 to 2011, properties close to public transit showed significantly stronger resiliency. In Boston, residential property in the rapid-transit area outperformed other properties in the region by 129 percent. In the Chicago public transit-area, home values performed 30 percent higher than other homes the region; in San Francisco, 37 percent higher; Minneapolis-St Paul, 48 percent; and in Phoenix, 37 percent. “Stable property values in areas with public transit access have a number of policy implications,” Melaniphy said. “As Congress and state and local governments look for ways to accelerate economic growth, this study shows that investing in public transportation is a boon to revitalizing our economy.”

“When consumers choose a home, they also choose a lifestyle. Shorter commutes and more walkable neighborhoods matter to a growing number of people, especially those living in congested metro areas,” Yun said. Source: NAR

Julie Nesbitt

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

We had a great time walking the trails.
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Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000
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Good Shepherd Housing and Family Services

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…
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Agents to Sellers: Get Moving!

March 22, 2013March 22, 2013Will Nesbitt

With inventories at 13-year lows, real estate professionals are getting creative in trying to convince home owners to sell.

“There’s such little inventory that my joke is it’s like the last shrimp at the buffet at a cocktail party and everyone’s jumping on it to try and get to it,” Boston-area real estate pro Ken Snyder told American Public Media. Snyder has been posting stories on his social networks about how he’s getting six or seven offers on properties from the high buyer demand, but then adds “Sellers, hello? Where are you?!” His messaging is working. Owners who had been renting a loft saw his Facebook post and decided to sell after all. To try to get more listings, some real estate professionals are also holding first-time home-seller seminars. And real estate professional Gary Rogers says he’s been writing personal letters to sellers. But real estate professionals say that many owners fear selling because they’re scared that once their home is sold they won’t then have any place to move to due to the low inventories. Source: “Realtors Ask: ‘What can I do to get you OUT of that House?” American Public Media (March 20, 2013)

5 Sure Signs That Its Time To Sell Your Home

When should I sell my home? This is not always the easiest question to answer. A lot of people don't plan on living in their first, second, or even third home forever, but still knowing when to let go and move on can be tricky. It can feel like ending a long term relationship, it's…
Read More
Tips On How To Sell Your Home When You Have Kids

Selling your home can be a stressful event but having kids around can create more stressful moments for parents who are seeking to sell their home.
Read More
6 Budget Tips For Staging A House To Sell In Arlington

If you are trying to land a great deal for your property in Arlington, then you can't afford to overlook home staging. You'll want to hold a terrific open house- one that leaves the attendees entranced. And the good thing is, you can do that without having to break the bank.
Read More
How To Make Your 2-BR 2 BA Garden-Style Condo More Interesting For Property Shoppers Considering Palazzo At Park Center

It's pretty obvious, but staged places sell. What can you do if your residence is already adorable?
Read More
Staging Hints For Sellers With A Place At Stratford On The Potomac In 22308

Are you planning to list your residence? A home that isn’t staged may sell if properly prices. On the other hand, a staged place of residence will sell faster and for more money. What steps can you take now to sell your split foyers-style house in a Split Foyer-style community?
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4 Fundamentals of Selling a Home Today

March 22, 2013March 22, 2013Will Nesbitt

Will and Julie — We can help you sell your property quickly and at the highest price possible.

Here are four things sellers should understand about today’s market to make their homes as saleable as possible:

Time and time again, we find that real estate pricing is very local. That means real estate professionals and homeowners need to closely examine comparables. We have to see what nearby properties have sold for in the past three months. We also look at the competition and what's under agreement. The bottom of the market is probably behind us, but it's hard to know how much your home will sell for today until we study trends in your home's "micro-market".
Online marketing works. Therefore it's important to get high-quality property pics online.
Don't wait for a home inspection. Fix what you can and disclose what you can't. Every home has problems, but disclosing quirks and problems builds trusts and makes selling a property go smoothly. When the buyer discovers defects, there are last-minute re-negotiations, cold feet and sometimes the deal explodes.
There is no more cost-effective marketing than cleaning your home. By "clean" we mean clean, clean, super-clean: A clean and clutter-free property makes potential buyers likely to pay more.

Hi-Tech Hometown Home Sales!™

We sell homes, townhouses and condos in {Location_Name}. Our home seller's resource page will answer common questions like:

Why Nesbitt Realty?
What is a listing agent?
How much is my home worth?
Can I trust Zillow and Trulia to value my home?
How will you market my home?
What's involved in selling a home?
How much are closing costs?

Read answers, home selling tips & more

Julie Nesbitt

Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.
Read More
Enjoying Winkler Botanical Preserve

We had a great time walking the trails.
Read More
Don’t take chances with real estate.

Read More
REDUCED: 7202 Churchill Rd, McLean

Open House, Sunday, 1-4 BIG PRICE DROP! 7202 CHURCHILL ROADMcLean, VA 221016 Bedrooms5.5 Bathrooms6,752 SF $1,695,000
Read More
Good Shepherd Housing and Family Services

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…
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Existing-Home Sales and Prices Continue to Rise

March 21, 2013April 20, 2015Will Nesbitt

February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORS®. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January, and are 10.2 percent above the 4.52 million-unit level seen in February 2012. February sales were at the highest level since the tax credit period of November 2009.

Economic Recovery

Lawrence Yun, NAR chief economist, said conditions for continued housing improvement are at play. “Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable,” he said. “The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive.” Total housing inventory at the end of February rose 9.6 percent to 1.94 million existing homes available for sale, which represents a 4.7-month supply at the current sales pace, up from 4.3 months in January, which was the lowest supply since May 2005.Listed inventory is 19.2 percent below a year ago when there was a 6.4-month supply. The national median existing-home price for all housing types was $173,600 in February, up 11.6 percent from February 2012. The last time there were 12consecutive months of year-over-year price increases was from June 2005 to May 2006. The February gain is the strongest since November 2005 when it was 12.9 percent above a year earlier. “A strong rise in home values is contributing to housing wealth recovery, which has risen by $1.4 trillion in the past year and looks to top that increase this year,” Yun said. “The extra consumer spending arising from growth in housing wealth is expected to be $70 billion to $110 billion this year.” Distressed homes — foreclosures and short sales — accounted for 25 percent of February sales, up from 23 percent in January but down from 34 percent in February 2012. Fifteen percent of February sales were foreclosures, and 10 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value in February, while short sales were discounted 15 percent. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.53 percent in February from 3.41 percent in January; it was 3.89 percent in February 2012. NAR President Gary Thomas said interest rates remain extraordinarily low. “In the history of mortgage interest rates since 1971, the 30-year fixed rate has been below 4 percent in only 15 months, and those have all been in the past 15 months,” he said. “Even with rising home prices, affordability remains historically favorable because home prices over-corrected during the downturn. This means there is still great value for buyers in the current market.”

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.
Read More
Inlet Cove is near Fort Belvoir and Potomac Mills

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
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Pending Home Sales on an Upswing

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

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?

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

Homebuilding Soars to Highest Level in 4 Years

March 20, 2013February 26, 2016National Association of Realtors

Housing starts surged in February as well as future permits for future construction to the highest levels since 2008 -- a sign that the new-home market is picking up steam just in time for the spring buying season, the Commerce Department reported Tuesday. Overall housing starts rose 0.8 percent in February to a 917,000 annual rate. Single-family housing starts, which make up the biggest bulk of that total, reached their highest level since June 2008. Meanwhile, multifamily starts rose 1.4 percent in February to 299,000 units. "Demand for new homes and apartments is definitely rising as the spring buying season approaches and more young people move out on their own," said Rick Judson, chairman of the National Association of Home Builders. "Builders are responding to this improved demand by putting more crews back to work and pulling more permits for future construction, though this positive activity is being constrained by continuing issues with appraisals and credit availability for both builders and buyers, and also by newly arising challenges such as lot shortages and increased costs for labor and materials." While housing starts have shown a big improvement in the past year, economists say that homebuilding is still less than half of what it was during its prerecession peak and is near levels in the early 1990s. Source: National Association of Home Builders and “Housing Starts at Highest Level Since 2008,” Reuters (March 19, 2013)

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!

1.7 Million Home Owners Regain Equity in 2012

March 19, 2013March 19, 2013National Association of Realtors

Rising home prices have helped more home owners make their way above water again, with 1.7 million residential properties regaining equity in 2012, according to the latest figures from CoreLogic. The number of mortgaged home owners with equity now stands at 38.1 million. More home owners are expected to soon join them: About 1.8 million homes will regain equity if home prices rise by another 5 percent—which most economists have forecast for this year. “In the fourth quarter we again saw an improvement in the equity position of households,” says Mark Fleming, chief economist for CoreLogic. “Housing market improvements, particularly in the hardest hit states, are the catalyst for households to regain equity and become participants in 2013’s housing market.” While the numbers are improving, many home owners are still underwater: About 21.5 percent—or 10.4 million—of all residential properties with a mortgage still retained negative equity at the end of the fourth quarter of 2012. That number is down 22 percent, year-over-year. Nevada has the highest percentage of homes with negative equity (at 52.4%), followed by Florida (40.2%), Arizona (34.9%), Georgia (33.8%), and Michigan (31.9%). These five states alone account for 32.7 percent of the total amount of negative home equity in the U.S., according to CoreLogic. Some additional findings from CoreLogic’s latest report:

The majority of homes that have equity tend to be on the higher end of the real estate market. Eighty-six percent of homes valued at more than $200,000 have equity, compared to 72 percent of home less than $200,000.
About 3.9 million home owners with negative equity have both first and second liens. Their average mortgage balance is $296,000 and their average underwater amount is $80,000.

Source: CoreLogic

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.
Read More
Inlet Cove is near Fort Belvoir and Potomac Mills

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

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

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?

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

2013 Home Buying Season Kicks Off Early

March 19, 2013March 19, 2013Will Nesbitt

Home prices are rising, the number of homes for-sale is showing a slight increase, and homes are selling faster—all signs that spring is in the air in real estate, according to the latest MLS data released by Realtor.com®. Nationwide, median list prices continue to tick up, reaching $189,900 in February. Inventories last month increased 1.15 percent month-over-month, after recently hitting record lows. Also, homes are selling faster with the median age of inventory at 98 days, a 9.26 percent drop from the previous month. “As we enter the busiest time of the year for home buyers and sellers, our latest housing trend data shows just how competitive the market is with a significant housing recovery well underway,” says Steve Berkowitz, chief executive officer of Move Inc. “Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions.” Median list prices were up 5 percent or more in 51 markets on a year-over-year basis, according to realtor.com®. California markets are seeing some of the highest increases in list prices as well as some of the largest declines in for-sale inventory. Other top performing markets include Phoenix, Seattle, and Denver, according to realtor.com®. “However, many smaller industrialized markets in the Midwest and the Northeast registered year-over-year price declines, as did Philadelphia, Chicago, and New York City,” Lexie Puckett reports in a recent realtor.com® blog post. “While the number of markets experiencing year-over-year list price declines had been increasing, this pattern appears to be turning around as home list prices increased in 78 markets last month on a year-over-year basis and declined in 39.” Source: “Spring Home Buying Season Starts Early According to Realtor.com’s February Trend Data,” RISMedia (March 18, 2013)