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4 Fundamentals of Selling a Home Today

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:

  1. 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".
  2. Online marketing works.  Therefore it's important to get high-quality property pics online.
  3. 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.
  4. 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.

  • Julie Nesbitt

    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.

  • 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

    Fairfax County
    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

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

    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.

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  • 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

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  • 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…

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  • 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…

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  • 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…

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1.7 Million Home Owners Regain Equity in 2012

Homes by priceRising 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

    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

Pocket Listings Heat Up: Good or Bad?

Pocket listings -- off-market listings that are marketed directly by the seller’s real estate agent or broker -- are growing in number, according to news reports. Sellers must agree to "pocket listings"; otherwise they aren’t permitted. Some sellers agree to such arrangements to “test the waters” first with selling or to avoid a large number of people from entering their home, or they may seek privacy, like in cases of celebrities or public figures. Some real estate professionals argue the rise in pocket listings is hurting the housing market because these homes are given limited exposure and are making it more difficult to compare homes and prices. Usually with pocket listings, brokerages complete the entire transaction in-house, thus collecting both the seller and buyer commission. “Pocket listings are a good segment of our business,” writes one real estate professional on the RISMedia Facebook page. “Regarding cons with agents taking in full commissions ... we charge a flat rate for our pocket sales, much less than a full-percent commission.” But many agents note that the majority of pocket listings are eventually entered into the MLS. Source: “Pocket Listings: Helpful or Harmful?” RISMedia (March 14, 2013) Nesbitt Realty appreciates every client and we'd love to help you achieve your real estate goals. Call us today to learn more about what we can do for you or to get a free assessment of your property's value in {Location_Name}. Nesbitt Realty has received numerous awards and recognitions for client satisfaction because we get results that make our clients happy. We'd love the opportunity to show you about why our clients rave about our service.  

Essential Negotiating Skills

Will Nesbitt angry1. Be prepared. This works for negotiators just as it does for Boy Scouts. Be sure all facts are available and verified before you begin. Postponements for fact-finding can bog down the negotiation. 2. Present a united front. You might not agree with your clients’ position but don’t share that with the other side during the negotiation. Privately, you can try to get your clients to change their mind. 3. Leave your attitude at the door. Don’t let your personal opinions of the parties or the situation cloud your judgment; that could endanger the transaction. Treat everybody with respect; if you disagree, disagree with an idea, not with the person. 4. Hold something back. Plan beforehand what concessions your clients are willing to make and then use them when the bargaining gets under way. 5. Don’t sweat the small stuff. Never let a negotiation bog down over a minor point. If you can’t agree, put the point aside and come back to it later. Concentrate on getting agreement on major points like price and terms. 6. Get all the decision makers together. Nothing is more frustrating than to think you have an agreement, only to find that somebody else must sign off on it. 7. Avoid distractions. Choose a location that’s pleasant. Ask everybody to turn off phones and pagers, and don’t accept calls until the negotiation is complete. 8. Don’t share information unnecessarily. Knowledge is power in a negotiation, so giving the other side extra information may weaken your position. Conversely, learn as much about the other parties as you can. 9. Just keep quiet. Greeting an offer or concession with silence undermines the other side’s power and often prompts an immediate reaction.Will Nesbitt Happy 10. Leave something on the table. Remember that a successful negotiation is not the same as grinding the opponent into the ground. No one should leave a negotiation angry; you never know when you might have to negotiate with the same people again. For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

4 Reasons Your Listing Might Not Be Selling

Do you have a home lingering on the market? MSN Real Estate recently polled real estate professionals to find some of the most common reasons why some properties won’t sell, besides trying to overcome a poor location. Here are four common reasons listings don’t sell in a timely manner, according to the MSN survey:
Closet Connected to Bathroom at Park Place
Closet Connected to Bathroom at Park Place
  1. Unreasonable price: “It’s always price for condition or price for location,” says Kathy Opperman, a broker-owner with Century 21 Alliance in Philadelphia. “That’s one of the main reasons [homes] sit.” Some sellers are just unrealistic about what their house can truly fetch, or they may be underwater and just unable to lower their price tag. “In my market, the only reason a property would stay on the market for longer than three months would be that the price is too high,” Ron Redfern, a real estate professional from Greeley, Colo., told MSN Real Estate. “Price will overcome any objection.”
  2. Bad decor: Loud patterns, bold colors, and dated decor styles can distract home buyers. For example, agents say that mirrored walls, cheap wood paneling, and 1970s kitchens can be turn-offs. To try to appeal to the widest buying pool, agents advise clients to stay neutral with their design, give buyers a “minimalist canvas” for them to project their own tastes on.
  3. Awkward floor plan or missing necessities: Strange or dated floorplans may also make a home linger, such as older homes where you have to walk through a bedroom to get to a second bedroom, MSN Real Estate notes. One home in Catskill, N.Y., has lingered on the market for more than four years because it’s missing a driveway.
  4. Awful photos: If your listing has yet to sell, you may want to revisit the photos you're using to present it on the MLS. For example, one Chicago listing showed dirty clothes and clutter in the photo, which may prompt buyers to question the hygiene of the rest of the home, as well as assume it has a lack of storage. Be choosy about the photos you upload to the MLS, and remember that less can be more, Opperman says. Have photos showcase the best rooms and features of the home. "If a buyer isn't excited about a home after seeing it online, they won't want to see it in person," Opperman says.
Source: “Listing Losers: 8 Reasons Your Home Isn’t Selling and What to do About It,” MSN Real Estate (March 13, 2013)" https://youtu.be/TpBQ7b4Qibc

  • Julie Nesbitt

    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.

  • 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

    Fairfax County
    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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Seller’s Market Emerges This Spring: Are You Ready?

The inventory of homes for sale has reached its lowest level since 1999, which is helping home prices to rise in many markets, says Lawrence Yun, the National Association of REALTORS®’ chief economist. “Buyer traffic is continuing to pick up, while seller traffic is holding steady," Yun says. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country.” The National Association of REALTORS® is projecting a seasonal rise of inventory this spring, “but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth,” Yun says. While the housing recovery is taking hold, more buyers and sellers are realizing they are in a better place this year than last year. Super low mortgage rates are keeping home prices affordable, despite recent price gains. However, some housing experts are concerned that several factors could still threaten housing’s recovery this spring--mainly the economy and threats over a new recession that may be looming. Also, unemployment remains high, which can cause home owners to fall into foreclosure and could increase foreclosure rates, which can bring overall home prices down. Source: “Will housing market's revival last?” Sarasota Herald-Tribune (March 9, 2013)
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  • Julie Nesbitt

    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.

  • 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

    Fairfax County
    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…

    Read More

Have your condo docs in order

In the Commonwealth of Virginia (and in other states) the buyer must be allowed an opportunity to review the condo docs.  From the time the condo docs are delivered, the buyer has 3 days to cancel the contract without cause, other than to say the condo docs contained information which caused the cancellation. The buyer doesn't have to explain why or what the problem was. Recently a client of mine was buying a condo and when he received the documents, the condo docs said that the unit did not pass architectural review.  The problem was that the clientdocuments had made changes to his unit without first seeking permission of the association and then never had the changes inspected. The change that the seller made?  The seller had installed an overhead microwave and changed a cabinet without seeking any approval from the association. This was indeed a minor change. Furthermore, the seller claimed that he didn't actually make the change. It was his claim that a previous owner made that change and that the seller had NEVER read his condo docs. My client, the buyer, was a very above-board and by-the-book type of character. It was his position that if this guy "hid this fact" who knows how much else he withheld?  Even if he believed the seller's story (he did not) then it would show that this is a very inattentive owner.  My client canceled the contract based on condo docs. At another location and with another buyer and seller, the property went under contract and the seller did not deliver the condo docs, because the seller didn't have condo docs. The seller didn't have the condo docs because the seller didn't order his condo docs. The selling agent explains that the law allows for 14 days for the delivery of condo docs.  I replied, "That's why you order docs when you list."  Because if you allow 14 days for preparation and 2 days for delivery and then 3 days for review, then the buyer can cancel the sale 22 days after the contract is signed. Here are the lessons for sellers:
  1. Order you condo docs when you list your condo for sale.
  2. Review your condo docs to make sure that your condo doesn't have any defects according to the association.
  3. Have your agent deliver your condo docs PROMPTLY once your contract is ratified.

  • Julie Nesbitt

    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.

  • 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

    Fairfax County
    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…

    Read More

More Taxes for Sellers to Pay

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Nesbitt Realty is licensed in Virginia.
Virginia House Bill 2313 which recently was approved by the Virginia General Assembly. Among other provisions, each designed to facilitate statewide transportation funding, the Virginia Grantor's tax charged to all Sellers of real property will increase from $1 per thousand (in the greater of the sales price or assessed value) to $3.50 per thousand. Consider this a pyrrhic victory, as the original proposal called for an increase to $5 per thousand. Unlike a number of years, this Bill will not be struck down as unconstitutional. This change will take effect July 1, 2013, and should be factored into your seller's net sheets for all transactions sent to record on or after that date.

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