Art Festival in Old Town
In 1669 John Alexander bought the land that became Old Town from an English ship captain. John Alexander paid the tidy sum of 6,000 pounds of tobacco. Almost twenty years later, the town of Alexandria was formally established in 1749.
Today, visitors, tourists and travelers alike come to Alexandria VA to taste the quaint colonial and historical feel of this city not far from Washington DC. It's a place frequented by historical figures like George Washington and Robert E. Lee. Even for those like me, who were born in Fairfax and who have lived for many years in Alexandria, one never tires of the rich heritage of Alexandria.
Maybe that's because there's always something to do in Alexandria. A bike ride or a stroll along the Potomac Waterfront is pleasant, or perhaps a boat ride on the river. There are more than a hundred restaurants in Old Town
Cherry Blossom sternwheeler
alone. Standard favorites such as seafood, steak or Italian are here, as well as ethnic cuisine from around the world. For a taste of the colonial try Gadsby's Tavern, where George ate.
Alexandria is easily accessed by Metro and free trolley. The King St. trolley passes antiques shops, art galleries, boutiques and shops. Take a walking tour of Alexandria, or visit the Ramsay House to get a feel of Old Town.
With the new US Patent & Trademark Office, Alexandria's proximity to the Pentagon and DC and it's easy access to Fort Belvoir and Bowling AFB, every day more people discover why this is such a great place to live and work. I work, play and live in and around Alexandria VA. I'd love to help you find a place but doubt I can top the deal that John Alexander got when he paid 6,000 pounds of tobacco for his homestead. Today, that much tobacco might set you back $9000!
USPTO in Autumn
The good news is that 6,000 pounds of tobacco will cover your closing costs for most condos in Alexandria!
A couple of quick nuggets of trivia for those who are interested in real estate agency law in the Commonwealth of Virginia.
Nesbitt Realty is licensed in Virginia.
Pat is a licensed agent in the Commonwealth of Virginia who sells, rents and manages real estate for others for a fee. Pat contacts a homeowner named Al in an attempt to obtain a listing for Al's property. When must agency disclosure be provided to the Al and his wife Jane?
Agency disclosures must be made when there are substantive discussions about a specific property. In this case, agency disclosures must be made at the time the Al and Jane agree to list the property because there will be substantive discussions when or if the seller agrees to list.
Tom is Pat's broker. A prospective buyer named Omar enters Tom's office. Omar is directed into the conference room. Tom sits down and discusses finances with Omar to financially qualify the buyer. Tom then hands Omar off to Pat. Omar and Pat begin to review the available property that is within Omar's financial limitations and also meets the wants and needs of the buyer.
When is the agency relationship disclosed?
When Omar expresses an interest in a particular piece of property, agency disclosure is required. This is correct because Virginia regulations state that disclosure is required before substantive discussions about a specific property.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Q. Oh my goodness! what
a mess! Ok here it goes. My husband and I moved to Las Vegas from WI,
and we were in contact with the landlord by email.Well she sent us pic and we looked at them it seemed good on "line" that is. Well in her emails she stated the house needed painting but she did not have the "money" as of yet " But she did say would paint "later" So my not so smart hubby, sent her $2600 and she faxed the lease .When we arrived 4 days later and she met us at the property @11pm! When we went in the house it was not at all what it was on line !!!!!!!!!!!!!!!!!!! I was so peeved! I TOLD HER I WANT THE $2600 BACK!She said she did not have it & I thought i was going to have a nervous breakdown! She had the nerve to say we were too picky at the moment I could have dropped kicked her!!! NO paint!, carpet coming up and dirty!holes in walls because of nails! dirty , and too top it off BIG ASS COCKROACHES!!!!!!!!!!!!!!!!!!!!! So my son & hubby took me aside to come me down!In the least we were to "maintain" the bug pest controll "Maintain" Not come into a house thats Infested! SO anyways to make a long story shorter... "LOL" we were mislead from the beggining , and she took off$700.00 and we painted only part of the interior... We did not look at the lease "date and she did not pro rate "She has march 1st
-april 1st . and we got there march 27th .So we have had nothing but
problems w/her and now our refrigerator does not work and we have told her time in and time out and she has never sprayed for bugs and she
never has painted and she has done absolutely nothing!!! And since
march we have been paying rent , its now aug and in july I got a hold
of legal aid and explained to them our situation .That told us STOP
PAYING RENT SEND HER A LETTER TELLING HER THIS NEEDS TO BE DONE!So we did and she came back with a nussinnce" letter of what we wanted done ! She said un authorized dogs which is a lie she knew about it!and refrigerator,and carpet. We went to court and the landlord started to talk about the rent &the judge said thats not what you have here!
Nothing about the rent! The judge said if you want the money you need
to sue! Then the judge said but it would be in your best interest not
to ,because there are alot of things you did not do!!! Then the judge
says to us why don't you just move.. And we said we are aug 21 2008. So
thats what we are doing. But now we were served small claims court! I
need to know what do i do now??
I won't attempt to answer this question in this blog, rather I submit the letter as a general lesson about what can happen when you choose to work without professionals.
The questioner is well aware of the many mistakes the landlord made,
but she is blind to the mistakes that she herself made. The landlord is
convinced that the tenant is the problem. The judge knows the truth:
both parties are in a mess, and both parties made serious mistakes. The
best thing would be for these two to part ways as quickly and
unceremoniously as possible. Small claims court will sort out the
left-overs to see what rent if any is due.
So what's the best/safest way to find a rental?
The goal is to find the rental that suits all of your needs, most of
your wants and fits your budget. What's the most effective choice to
realize that goal? You can: Do it yourself; or Enlist the services of a
rental agent.
If you do it yourself, then you are in effect your own rental agent.
That means you must rely on your own personal knowledge of the area and
your own contacts to find your perfect rental. Of course, you could
change your own oil, put in your own stitches and you could cut your
own hair, too. The only difference is that you have pay for these
services and a rental agent's services are totally free to the renter!
Worse still, if you don't have a professional doing the work, you may
have a botched hair-cut, engine problems or a tale like the lady with
the rental question.
What does a rental agent do?
A rental agent's job is to listen to your needs and then help you
identify rentals that meet your needs. Rental agents typically have in-
depth knowledge of the community, and they are often aware of market
rates. It's not uncommon for a "connected" rental agent to know of
rental opportunities that are quietly listed and generally unknown to
the public.
A rental agent's fees are paid by the landlord, so there is no expense to the renter. It really is in the renter's best interests to employ the services of a trustworthy rental agent.
Finding the right rental agent.
The problem is many rental agents really only work for one landlord
and thus only support their employer's building(s). Any agent at an
apartment complex will only show properties at that complex or at
another complex owned by the same landlord.
Further, many realtors and real estate agents won't deal with renters. Here's why.
After all the fees are paid, a rental agent generally makes about
one eighth of a single month's rent for a rental. For a typical one
bedroom apartment in the DC area the rental agent is often paid a
paltry $160. (No withholding and no benefits.) So it's tough to find a
rental agent who cares about your needs. Additionally, many renters are
oblivious to the benefits of professional assistance and don't really
take best advantage of the rental agent's expertise.
No charge to you ... but not FREE!
When you find a quality agent who is willing to help with your
search, it's a good idea to maximize your productivity before the agent
loses interest in your problems. Most rental agents (like most people)
are good people and they care about their client's needs. At the same
time, there comes a point where the rental agent has to consider
his/her own self-interests. Because the pay-off is so small for the
agent, even the best rental agent loses interest very quickly if the
renter has unrealistic expectations or if the renter isn't ready to
make a decision.
So, it's in the renter's best interest to take advantage of the rental agent's expertise, but it makes sense to budget your time with the rental agent. For example, rather than using the rental agent's gas or time to figure out what the renter wants, a smart renter approaches the rental agent with an idea of wants and needs, and then uses the rental agent's expertise to secure the best possible residence.
I personally have gotten to the point that I am very picky with
accepting rental clients. I make sure that I explain to them upfront
what my service is and is not. If you're looking for a rental in
Alexandria and parts of Arlington please give me a call.
There are many types of condominiums, some condos look like houses or townhouses, most look like high-rises or garden-style apartments. Even though a condo can look look like a townhouse or house, owning a condo differs from owing a fee simple property in many ways. There are aspects of condo living that some may view as advantages or disadvantages, and you should be aware of these before you buy.
Here are a few basic benefits and considerations of condo living to help you make your decision.
5901 Mt Eagle
The City
Busy folk who love being close to the action often choose a condominium because condo developments most often occur in the city. In the Carlyle District, in Arlington and places like Skyline Square, land is at a premium. But in all these examples, your condo is well served by public transportation. These condos are also close to the culture and opportunities of the city.
Of course the downside to being in town is that you're in the city---that means traffic, hustle and bustle and other disadvantages of living downtown. For example, the USPTO is crawling with people during rush hour. Crystal City is a pass-thru for many many commuters. Most homes and townhomes have a lawn or yard of some kind, but few condo owners have a yard or personal green space.
Community Living
A condominium owner is part of a community. The community lifestyle has many advantages. For example, the owner of a condo can leave things on a whim. There is no yard to worry about and the building is secure. Neighbors and condo staff will watch the property while you're on travel or vacation. Most condos in Alexandria, Arlington, Crystal City and Falls Church have security features such as buzzers, a concierge or a guard service. If you travel often for business or pleasure (or if this is a second home), there are no worries while you're out of pocket. Many condos have clubs, activities and the opportunity to socialize with neighbors.
But, shared walls and common areas mean that you are more likely to hear your neighbors. If you need your home to be a hideaway where you can escape from people, you have to deal with the fact that you might encounter neighbors in the hallway. Nosy neighbors are found everywhere, but it's a lot easier for them to keep tabs on you as you come and go in a condo. The community will set standards and make decisions about common areas. For example, many condo association have rules about pets so that the common areas are not over-run with pets and pet debris.
The Association
You can take part in the decision making (by voting or by being a board member), but you must abide by the rules of the community. As you may know, condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, pet ownership, renovations, and even what kind of curtains you can put in your windows.
Every unit owner is a member of the condo association, which also has an elected board. The association serves to enforce bylaws, handles maintenance and repair issues, etc.Because the condo association is made up of homeowners rather than property-management professionals, the association may be weak and inefficient. Most associations oversee a paid management firm.
Also, if you want to make renovations to your unit or rent your unit out, you may have to get approval from the condo association.This purpose of this oversight is most usually designed to make sure that you don't remove any load bearing walls or short circuit community electricity.
Maintenance
Homeowners have a lot to worry about, but condo owners on the other hand ...
Condo owners generally don't mow lawns. They don't clean gutters. They don't even have to hire or pay landscapers. In a condominium someone else takes care of the exterior, the common areas, the snow removal and moreSomeone else makes sure there's money enough to pay for the new roof.
Of course, that service comes at a price: the monthly condo fees. The association collects these fees to pay for maintenance and repair of the common areas. All homeowners pay for maintenance, but the owner of a single family residence can save money by mowing his own lawn. The owner of a single family home can defer payment a little longer if money is tight. Of course, by aggregating the fees of maintenance, condominium owners often have enough money to pay for amenities that are not common in a single family residence. For example, a swimming pool is pretty standard in a condo.
Affordability
Some condos in Northern Virginia list are every bit as expensive as single family houses elsewhere. Condos in Crystal City, condos in Arlington and condos in Alexandria (especially in the Carlyle District) can be quite pricey. But some condos are surprisingly affordable. This makes a great option for first-time buyers and singles who may find single-family houses unaffordable. Condominiums are more sensitive to trends in the real estate market than single-family homes. Now that the prices have dropped there are some tremendous bargains for shoppers.
Amenities
Most condominium developments offer a range of amenities in the common areas. It's pretty standard in Northern Virginia to have access to a swimming pool, gym or tennis courts in most condo complexes.
Property management is a business in and of itself. If you want to invest in real estate, but you don't want to be a property manager, the solution is really quite simple: employ the services of Nesbitt Realty. Our property managers are experienced individuals who will manage the day-to-day operations of your property. We manage residential properties, multi-family properties and even homeowners and condo associations.
Amin & Will in Lowes
A big value-add provided by your Nesbitt Realty property manager is "separation". This to say, your Nesbitt Realty property manager maintains a level of separation between the landlord and the tenants and the property. As you may already know, it's important to invest in real estate without emotionally investing in tenants or property. Your Nesbitt Realty property manager helps ensure that you always make the best decision for your family, rather than making the best decision for the tenant's family.
So, your Nesbitt Realty rental property manager serves as a buffer between the owner and his tenants. Nesbitt Realty can help you find tenants, handling repair projects and maintenance, oversee improvements, collect rent, and even pay some expenses and taxes. The specific tasks we handle vary based upon upon the needs and wishes of the property owner.
Nesbitt Realty Property Management also handles commercial properties such as office buildings, freeing the owners from the day to day responsibilities. Additionally, a competent Nesbitt Realty property manager gives you protection from certain liabilities.
Crunch-time processing rents!
Nesbitt Realty usually charges a percentage of the rents collected. Every aspect of Nesbitt Realty property manager's responsibilities will be outlined in a contract signed by both Nesbitt Realty and the landlord. This agreement details financial responsibilities and specifies the types of financial reports the landlord can expect.
Your Nesbitt Realty property manager will stay current on new laws and condo regulations which may be relevant to your situation. Nesbitt Realty Property Management takes a lot of the burden off of owning rental real estate. Most Nesbitt Realty property managers are themselves landlords. They know your needs.
We are aware thаt nоt аll management firms wеrе сrеаtеd equаlly and hіrіng a property manager who is not suitable to your needs often lead tо heartache. Thаt being ѕаіd, the mоѕt еxреrіеnсеd will tell уоu thаt a gооd property management соmраnу in {Location_Name} is wоrth thеіr weight in gоld.
1. Better Tеnаntѕ - Who would you call a good tеnаnt? A good tenant pауѕ rеnt monthly оn a timely basis, maintains a clean unit, refrains from disturbing neighbors, аnd does not call соnѕtаntlу with maintenance rеԛuеѕtѕ. Hоw dо you fіnd good tenants and аvоіd рrоblеmatic tenants? Thе аnѕwеr іѕ gооd tenant ѕсrееnіng. Whіlе еvеrуоnе ѕсrееnѕ аt some lеvеl, thе ԛuаlіtу of thе рrосеѕѕ is what determines hоw much оf a ѕаfеtу net it рrоvіdеѕ. Thіѕ is whеrе the experience оf a рrореrtу manager whо hаѕ ѕсrееnеd thоuѕаndѕ оf аррlісаntѕ соmеѕ іn hаndу. Bесаuѕе they dо thіѕ on a full-time basis, thеу аrе аblе to devote a significant аmоunt of tіmе аnd rеѕоurсеѕ to develop a ѕоlіd foundation that has been built and rеfіnеd оvеr tіmе. Nоt tо mеntіоn thе аmоunt of time saved іn mееtіngs wіth all оf the applicants for renting the unit.
2. Sреnd Less Time in Court - Lаndlоrdѕ who are not familiar with the lаw are walking blindly into a mіnеfіеld. Landlords muѕt bе aware of аnd аbіdе by fеdеrаl, ѕtаtе, аnd local lаwѕ that gоvеrn thіngѕ lіkе Fаіr Hоuѕіng аnd tenants' rіghtѕ. Nesbitt Realty is an experienced property management firm of professionals who knоw the lаw inside оut аnd stays abreast оf new lаwѕ and changes. Have you evеr hеаrd оf a professional tеnаnt? Evеn іf you hаvеn't hеаrd the term before, іf you've been lаndlording fоr аnу lеngth of time уоu knоw thаt the system may bе wоrkеd bу ѕаvvу/mоtіvаtеd tenants. It only takes one lаwѕuіt tо wipe оut уоur рrоfіtѕ completely, why tаkе the rіѕk?
3. Fill Vacancies Faster - Hоw mаnу places do уоu advertise уоur rеntаl? How lоng dоеѕ іt take to рrераrе аnd distribute thоѕе ads? How muсh time have уоu ѕреnt tеѕtіng аnd refining уоur аdѕ tо іnсrеаѕе thе response rate? Do уоu thіnk you might bе bеttеr at thіѕ рrосеѕѕ if you hаd bееn dоіng іt еvеrу wееk fоr the lаѕt decade? Again, experience іѕ kеу аnd the рrоfеѕѕіоnаl рrореrtу mаnаgеrѕ of Nesbitt Realty hаvе thе еxреrіеnсе and tools that аllоw thеm tо dо thіngѕ lіkе аutоmаtісаllу push a lіѕtіng fоr your unit оut tо hundredѕ of rеntаl lіѕtіng websites аt thе ѕаmе tіmе. Additionally Nesbitt Realty саn perform detailed rеntаl market ѕurvеуѕ which аllоws us to set the mаxіmum rеnt possible.
4. Nо More Chasing Rent - If avoiding this drudgеrу is not appealing to you, then you are probably bеttеr off handling this burden уоurѕеlf. Chаѕіng late rеnt and gоіng through thе еvісtіоn рrосеѕѕ may be оnе оf thе mоѕt fruѕtrаtіng aspectѕ оf the lаndlоrd еxреrіеnсе. Why torture yourself indefinitely wіth this burden when for a a rеlаtіvеlу small amount оf tax-deductible expense, Nesbitt Realty handles this responsibility on your behalf?
Tеnаntѕ walk all over уоu іf you lеt them. Whеn уоu hіrе a property mаnаgеr, tеnаntѕ immediately realize that thеіr еxсuѕеѕ about lаtе rent аrе uѕеlеѕѕ because thе mаnаgеr іѕ simply performing his/her job and dоеѕ nоt hаvе thе authority tо сut thеm any slack. Thіѕ kіnd оf a buffer between you and tеnаntѕ can bе рrісеlеѕѕ аѕ many рrореrtу mаnаgеrѕ will tell уоu that thеу have a muсh easier time mаnаgіng other реорlе units thаn their оwn bесаuѕе оf thіѕ rеаѕоn.
There are some individuals who have an affinity for dealing with these situations and аrе mаdе fоr thіѕ kіnd оf work аnd rеlіѕh thе thought оf dеаlіng with difficult tenants. Fоr thе rеѕt оf uѕ, it's hаrd tо put a price оn реасе оf mіnd and аddіtіоnаl tіmе gained bу nоt hаvіng tо dеаl wіth these kіndѕ of hеаdасhеѕ.
5. Mоrе Free Time, Less Stress Time - Fоr mаnу rеаl еѕtаtе іnvеѕtоrѕ thеіr tіmе іѕ bеttеr ѕреnt on activities more рrоfіtаblе than dealing wіth dау-to-dау tаѕkѕ оf lаndlоrdіng. Additionally, landlords аrе аlwауѕ оn саll. It doesn't mаttеr іf іt'ѕ a hоlіdау or 3 a.m. on a wееkdау; tеnаntѕ simply cannot bе dіrесtеd tо a vоісеmаіl аnd told that their emergency саn wait.
Learn more about our property management services.We would adore the chance to demonstrate to you why our customers are so ecstatic about our service.Julie and Will Nesbitt pause from property management to take a quick picture.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
The percentage of U.S. residents who say owning a home is an essential part of the American dream has hit a three-year high, reaching 79 percent, according to the CNBC-All-America Economic Survey. What’s more, the number of Americans who say it is better to own than rent grew by four points to 69 percent, according to the survey.
More Americans also believe owning a home is a better long-term investment than stocks.
“The housing numbers are all heading in the right direction,” reports Diana Olick for CNBC. “Home prices up, foreclosures down and, perhaps the most important, consumer confidence in housing is swelling.”
Still, first-time home buyers will be the “wild card” in the spring-summer home buying season, says Thomas Popik, research director for Campbell Surveys. “We see strong first-time homebuyer traffic, but it’s still not clear that the traffic will translate into increased purchases because first-time home buyers are dependent on low downpayment financing, such as FHA mortgages.”
Source: “People Are Becoming More and More Confident in Housing Market,” CNBC (April 1, 2013)
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.
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
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…
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…
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…
The short answer is most probably not. Liens of all types must be paid by the seller when property changes hands. Real estate tax liens have priority over all others. First mortgages usually come next. Then come mechanic's liens, second mortgages, water bills and other encumbrances. Federal and State income tax liens must get in line just like the others. A deed MUST be recorded before property can be pledged.
Of course, your situation might be different so it's important to always consult appropriate legal, tax and expert advice and never rely fully on advice you find on this or any Internet site.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Recently a person pretending to be a rental applicant tried to run a scam on a property we manage. They hoped to scam the landlord and Nesbitt Realty. With increasing reports of real estate scams worldwide, here are some ways you too can avoid being caught up in fraud.
Make sure all parties are who they say they are. Have an out-of-state party provide a photocopy of their driver’s license or passport that has been notarized. If someone alleges to represent an embassy or a large corporation, afford them no less due diligence that you would any other renter or buyer.
Will Nesbitt is the principal broker of Nesbitt Realty.
Verify signatures. Compare the signature on the real estate contract to other signatures on their driver’s license, passport, the original sales contract, etc.
Double-check the documentation. Make sure none of the documents have been altered. Inspect originals whenever possible. Get certified copies from a title company.
You select the professionals. Require the out-of-town party to use a real estate professional, attorney, or title company of your choosing.
Require a face-to-face meeting. The safest way to ensure that they are who they say they are is to require that they show up at closing.
Rely on the professionals. If it all possible, don't do it yourself. Let a brokerage like Nesbitt Realty handle all the details.
Nesbitt Realty takes property management very seriously. Our agents and full-time staff are in the property management business, and we meet weekly to stay abreast of industry changes and to home in on our best practices in property management.
Nesbitt Realty is a family business that strives for excellence in real estate. You may be certain that we work hard in analyzing the best possible solution to maximize our landlord's return on investment. We strive earnestly to meet the requirements of the Virginia Residential Landlord Tenant Act, the demands of the tenant, and the needs of the landlord. Call us to today to learn more about what makes us different from other property managers.
We serve most of Northern Virginia and we also have offices across the area. We manage single-family homes, townhouses, and condominiums.
Read more about property management service.Did you know that Nesbitt Realty will match any offer by any Realtor in Northern Virginia?
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Buyer demand is rapidly rising, but the housing market is realizing they may not have the inventory to meet it.
“The housing turnaround seems to have caught almost everyone in the business by surprise,” The New York Times reports. “As desirable as the long-awaited improvement may be, the unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and bubble-like price jumps in places that not long ago were suffering from major declines.”
After years of not building, homebuilders are scrambling to ramp up production to meet demand, but they’re facing delays from the availability of lots, scarcity of qualified labor, and obtaining permits.
Meanwhile, investors have snagged foreclosures and short sales, limiting the availability of those on the market as well.
In addition, more home owners — once underwater — are seeing the return of equity again for the first time in years, but still may be reluctant to sell as they wait for home prices to rise even more. Or, they might be wary of being displaced themselves if they sell due to the sudden buying frenzy, The New York Times notes.
“You see a home go for sale and within a couple days there are three, four, six offers,” says home buyer Carrie Miskawi, who has been looking for a new home for the last six months.
Sacramento real estate agent Tom Phillips says he’s even resorted to knocking on doors of homes to see if the owners might consider selling to one of his clients.
The number of homes for sale is at its lowest level since 1999, according to the National Association of REALTORS®. But with mortgage rates still low and home prices off their peak, buyers are viewing it as an opportunity to jump in.
Source: “Sudden Rise in Home Demand Takes Builders by Surprise,” The New York Times (March 20, 2013)
Julie Nesbitt
Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.
Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.
Julie Nesbitt1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.
3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.
4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
Decks5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.
Julie Nesbitt
Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.
Established in 1974 with a mission to reduce homelessness, increase community support and promote self sufficiency, the Good Shepherd Housing and Family Services is operated by a multi-denominational board of directors and staff managing over 70 housing units. Good Shepherd Housing and Family Services is located in the Mount Zephyr Business Center at 8305 Richmond…
The short answer is most probably not. Liens of all types must be paid by the seller when property changes hands. Real estate tax liens have priority over all others. First mortgages usually come next. Then come mechanic's liens, second mortgages, water bills and other encumbrances. Federal and State income tax liens must get in line just like the others. A deed MUST be recorded before property can be pledged.
Of course, your situation might be different so it's important to always consult appropriate legal, tax and expert advice and never rely fully on advice you find on this or any Internet site.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
“The housing turnaround seems to have caught almost everyone in the business by surprise,” The New York Times reports. “As desirable as the long-awaited improvement may be, the unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and bubble-like price jumps in places that not long ago were suffering from major declines.”
After years of not building, homebuilders are scrambling to ramp up production to meet demand, but they’re facing delays from the availability of lots, scarcity of qualified labor, and obtaining permits.
Meanwhile, investors have snagged foreclosures and short sales, limiting the availability of those on the market as well.
In addition, more home owners — once underwater — are seeing the return of equity again for the first time in years, but still may be reluctant to sell as they wait for home prices to rise even more. Or, they might be wary of being displaced themselves if they sell due to the sudden buying frenzy, The New York Times notes.
“You see a home go for sale and within a couple days there are three, four, six offers,” says home buyer Carrie Miskawi, who has been looking for a new home for the last six months.
Sacramento real estate agent Tom Phillips says he’s even resorted to knocking on doors of homes to see if the owners might consider selling to one of his clients.
The number of homes for sale is at its lowest level since 1999, according to the National Association of REALTORS®. But with mortgage rates still low and home prices off their peak, buyers are viewing it as an opportunity to jump in.
Source: “Sudden Rise in Home Demand Takes Builders by Surprise,” The New York Times (March 20, 2013)
