New Homes

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

Trends come and go, especially in home design.

Remember shag carpeting? While many of the new home construction that we see is customized to the client, we do see trends in most new homes that are consistent. As we begin to close out this decade, we are sharing trends we’ve seen really take over the past several years.

• Wide Open Spaces: Open Concept. It’s been a popular design preference by many homeowners over the past several years. We like to be in one area of the home, and still be able to keep an eye on everything else that’s going on. The kitchen tends to be the center of the household, so having open lines and views from this room is the most desired when designing a home.
• Smart Technology: There are so many options these days to help make your home a Smart Home by installing new technology, helping to make it efficient and easy to operate — even when you’re not home! Let’s face it, busy lifestyles can lead us to forget to turn off the lights before we leave the house every now and then. With new smart technology, you can control almost anything from an app on your phone! Turn the heat down, lock or unlock the doors, turn off the lights, the list goes on.
• Low Maintenance & Sustainable Materials: When choosing the materials you want to finish your home with, many are looking to the types that can last years without needing any updating, and that have a reduced impact on the environment during production. This includes countertops, hardware and paint — select finishes that can be cleaned easily and don’t require maintenance. Sustainable flooring options include bamboo and hemp, made from durable plant fibers.
• Master Suite Oasis: While we seek an openness on the main level to live and entertain in, sometimes we just want somewhere to escape to. Enter — the Master Suite. Most new construction homes feature a large spa-like bathroom with a large soaking tub, shower complete with multiple shower heads and wide dual-sink vanities. This oasis is the perfect relaxing space to start and end your day.
• Gas Fireplaces: A fireplace can really set the mood for a room, adding a coziness factor that is enjoyed by so many. The days of finding firewood and kindling, stacking the logs just right and taming to the roaring fire all night are behind us. We can still get that cozy feeling (and heat!) from a gas fireplace. With the click of a button, you can easily turn the fireplace on or off, providing heat much more efficiently and quickly!

If you’re interested in new home construction going into the new year, we would love to help you find your dream home, or dream lot to build on! We’ve worked with many builders and new construction clients, and we’d love to be a part of your journey. Give us a call to schedule a consultation today! (571) 429-7670 or [email protected].

Below is a list of new homes in the Arlington area:

• 500 N. Kenmore Street, Arlington — $2,095,000 — 4,624 sq. ft.
• 314 N. Barton Street, Arlington — $1,399,000 — 3,000 sq. ft.
• 6593 Williamsburg, Arlington — $1,699,900 — 5,013 sq. ft.
• 5821 25th Road N., Arlington — $1,795,000 — 5,856 sq. ft.
• 2711 1st Street S., Arlington — $1,300,000 — 4,815 sq. ft.
• 4432 17th Street N., Arlington — $1,850,000 — 5,633 sq. ft.

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

It has been 13 months since Amazon made their announcement that they had selected Arlington as the location for its second headquarters, or HQ2. The impact that this has had on Arlington County and Northern Virginia as a whole has been felt by all in the housing market.

In a recent article, Realtor.com reported that the median listing price in Arlington County reached $863,000 in October, up almost 33% year over year. While listing prices increase, the number of Active listings is falling, down 49% year over year in October. Some of this is likely due to homeowners holding out on selling their home in anticipation that prices will only continue to rise, contributing to the low inventory issues.

Additionally, we are seeing the days on market timelines drop, making it difficult for potential buyers to even get in line to get their offer in. October’s average days on market in Arlington was around 19, down almost 39% from October 2018.

We live in one of the nation’s hottest and competitive housing markets right now. Investors have already and continue to swoop in to purchase homes quickly, putting local potential buyers in a tough position, especially first-time home buyers. So what does this mean for you if you’re looking to buy or sell a home in Arlington or the surrounding counties? We are here to help! Contact us today for a free buyer consultation or to set up a listing appointment, 571-429-7670 or [email protected].

Below is a list of new homes in the Arlington area:

• 989 Buchanan Street S. Unit 213, Arlington — $545,378 — 924 sq. ft.
• 314 N. Barton Street, Arlington — $1,399,000 — 3,000 sq. ft.
• 6593 Williamsburg, Arlington — $1,699,900 — 5,013 sq. ft.
• 2733 1st Street S., Arlington — $1,199,900 — 3,600 sq. ft.
• 5821 25th Road N., Arlington — $1,795,000 — 5,856 sq. ft.
• 3198 N. Pollard Street, Arlington — $1,798,000 -4,833 sq. ft.

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

Do You Need A Home Inspection For New Construction? 

If you’re in the process of building or are looking to purchase a new construction home, you may wonder if getting a home inspection is worth the money — especially since the home is brand new, right?!

Well, not so fast. While we would like to hope that a brand new home has been built perfectly, it is important to have a certified third party do a full inspection of the home to ensure everything is operating and built correctly. Some common issues found in new construction inspections include structural defects (foundation cracks & improper grading), window leaks, HVAC issues, plumbing issues and incomplete projects.

If you’re in a situation where you are working with a builder to build a custom home, you could have the opportunity to have three inspections:

Pre-Pour Inspection: Done before the foundation is poured, you can get an inspection completed to make sure the excavation and grading was done correctly. Once that concrete is poured, it’s tough to go back and make changes so this could be an important one to go through.

Pre-Drywall Inspection: This is done before any of the drywall or sheetrock go up inside the home. This allows the inspector to take a look at beams, posts and other structural items that can’t necessarily be looked at once the walls are up. This is also an opportunity to look at electric wiring and plumbing.

Final Inspection: Once the home has been completed, you can get the standard home inspection that most would get for any home they are about to purchase. This is to ensure that the home is safe to live in. If any issues arise during any of these inspections, it is important to talk with your builder as soon as possible.

If you have any questions about the building or buying process of a new construction home, our team is here to help. At Three Stones Residential, we have worked with clients building, selling, and buying new homes and can provide guidance for each step of the experience. We are happy to share our expertise with you and help you through the process. Please contact us at (571) 429-7670 or [email protected].

Below is a list of new homes in the Arlington area:

• 3198 Pollard Street N., Arlington — $1,798,000 — 4833 sq. ft.
• 707 N. Barton Street, Arlington — $1,699,000 — 4,650 sq. ft.
• 2711 1st Street S., Arlington — $1,300,000 — 4,185 sq. ft. 
• 4432 17th Street N., Arlington — $1,850,000 — 5,633 sq. ft.
• 4339 26th Street N., Arlington — $1,649,150 — 4,607 sq. ft.

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

If you’re looking to update your home but not quite ready to purchase New Construction, a kitchen remodel may be a great option for an upgrade. The kitchen tends to be the center gathering space in a home, and is one of the most common rooms buyers look to for updates. It is a big project to take on, so we’ve put together a list of guidelines to consider before getting started.

Set Your Budget: Kitchen renos take time and money. Think realistically about how much you can spend on this project. When budgeting out, you may want to aim more conservatively in case there are unplanned costs during the process. A great rule of thumb is to have around 10% to 20% for those extra costs as a buffer. You can visit kitchen and home stores to look at a variety of styles and designs, look at costs, and determine what you really need and can afford.

Plan The Layout: It may benefit you to work with a kitchen designer during this portion of the process to determine how the space you are working with can be best remodeled into your dream kitchen. Do you want to add an island? Is there realistically enough space to do that? These are the types of questions you can work with your designer around. While a space for entertaining, the room also should be practical and functional. Your designer can also work with you on layout and materials options, so you can see what will look best at different costs, fulfilling all your dream kitchen desires. To help save a bit of cash, try and keep the same footprint of your existing kitchen, unless it’s necessary to move. Moving plumbing and electrical could bring unforeseeable issues.

Find The Right Contractor: It has been said that a contractor is only as good as his last job. Choosing someone to work with for a large project like a kitchen renovation should be done thoughtfully. Don’t be afraid to ask for references and inquire about how their work habits on-site – were they timely, did they supervise subcontractors? Did anything go wrong and how did they handle it? Ask if they work with a variety of subcontractors or if they have a usual team they work with.

Prepare for the Reno Lifestyle: While you are preparing to get a brand new kitchen that will host all your future yummy family dinners, you also need to think about how your family will eat during the course of the renovation. These projects can take anywhere from 4 months to a year depending on the size. You may want to budget for take-out, and also prep meals that can be frozen & microwaved, or if you’re lucky – rely on friends and family to host you!

Renovations are exciting but can be daunting. At Three Stones Residential, we are here to help. We can not only help you buy or sell a home, but we are your real estate consultants for life. If you have any questions about a renovation or home upgrade project, we have the resources to help and can guide you in the best direction. Contact us at [email protected] or 571-429-7670.

Below is a list of new homes currently on the market in the Arlington area.

• 3198 Pollard Street N., Arlington — $1,798,000 — 4,833 sq. ft.
• 2322 N. Fillmore Street, Arlington — $1,694,850 — 4,758 sq. ft.
• 4339 26th Street N., Arlington — $1,649,150 — 4,607 sq. ft.
• 707 N. Barton Street, Arlington — $1,699,000 — 4,650 sq. ft.
• 2817 N. Jefferson Street, Arlington — $2,079,850 — 6,578 sq. ft.
• 4712 N. Carlin Springs Road, Arlington — $1,614,900 — 5,055 sq. ft.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

When you first bought your home several years ago it may have been just what you were looking for! Memories have been made, but as life moves along, that home may not be exactly what you need any more. Now the question is – do you put your home up for sale to buy something new, or give your current home a facelift with renovations?

To help make this decision, there are several factors you should take into consideration. Here is a guide to help you decide what might be the best option:

• What Is Your Emotional Investment In Your Current Home?

  Think deeply about what life would look like if you were to move to a new home. Does this mean living in a new neighborhood or a new town? If you have built a strong attachment to your neighborhood and the life you’ve built there, maybe a renovation is the best option. Or perhaps you have a neighbor that has just been a pin your side since you bought the home – perfect opportunity to move on up!

• What Is Your Budget?

  Perhaps the most important question to consider is what are the actual costs of selling/moving vs. renovating. Take a look at how much equity you have in your current home, price points and other costs associated with buying a new home, and if it will leave you in a better financial situation than renovating.

  If going the renovation route, planning out exactly what updates you are looking for will help determine if your budget will get you there. Work with a variety of contractors to get quotes. You’ll want to include different options so you won’t be surprised if an unexpected issue comes up with renovations. If you plan to move, you’ll need to consider the costs of selling your home (commission and closing costs), as well as buying a new home and moving.

• What Is Your Timeframe?

  Both options of moving and renovating come with their own timing frustrations. Before making a decision of which route you want to go, determine if you have a deadline date. For example, do you need to be moved in by a certain date before school starts? If you plan to move, you may not find your dream home right away. Establishing your moving timeframe needs up-front will help your real estate agent understand expectations ahead of time. If you plan to renovate, work with your contractor to establish an end date, then add some buffer time just in case!

• What Is Potential ROI?

  Even if you don’t plan on moving in the next several years after remodeling your current home, you’ll still want to evaluate what the return on investment will be if you decide to make upgrades. Will the costs of remodeling be covered with a future sale of the home? It may be worthwhile to speak with a real estate agent to review your neighborhood marketplace trends and comps of recently sold homes.

At Three Stones Residential, we understand that these decisions can be tough! We want to help make the process as smooth and stress free as possible. We offer home valuations to help determine if selling your home is the right step for you. We will work with you to understand your goals, and explain our process so you will know what to expect from us. We will provide you with comparable marketplace data to help determine the best price for your home and how long it should take to sell. For more information to set up a home valuation, contact us at [email protected] or 571-429-7670.

Below is a list of new homes currently on the market in the Arlington area.

• 6251 North Kensington Street, McLean – $1,995,000 – 5,930 sq. ft.
• 2616 2nd Road North, Arlington – $1,875,000 – 4,227 sq. ft.
• 2116 North Culpeper Street, Arlington – $1,499,000 – 2,968 sq. ft.
• 1937 North Culpeper Street, Arlington – $1,449,900 – 3,862 sq. ft.
• 4712 North Carlin Springs Road, Arlington – $1,634,900 – 5,055 sq. ft.
• 2004 North Greenbrier Street, Arlington – $1,624,900 – 4,725 sq. ft.

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

Who Can You Trust When Building a New Home?

New construction is a fun process, but it can be a more complicated and stressful journey than buying a typical resale home. For this reason, we recommend following these three steps to make your experience a bit more smooth and enjoyable.

Find the Right Builder — When deciding on which builder you are going to work with, there are a variety of things to consider during the selection process. You’ll want to make sure the builder has a range of layout options to select from since the lot will determine what you can do with the space. It is also smart to see how many Non-Standard Options (NSO) the Builder offers. If these NSOs are limited, it may mean you aren’t able to do as much “customization” as you originally planned, and rather are required to make selections from pre-determined materials the builder has already selected for a broader scope of projects.

Have a Design Plan — Know what you want your home to look like and what features you want to have at the beginning. It is important to make these decisions up front when going through the design process as making these changes during construction can not only cause delays, but cost you big bucks.

Agent Advisor Partnership — Working with an experienced agent as your advisor is critical throughout the entire process. Your advisor can help find the lot for the best price, select the right builder for you and avoid pitfalls that can come with the building and designing process. Your advisor should have experience working with new construction homes and a strong understanding of builder contracts so they can help navigate you to get what you want.

At Three Stones Residential, our agents are well versed in the new construction process. We’ve worked with a number of builders and can help you decide who may be the best fit based on your needs and expectations. Being natives to the area, we are local marketplace experts and will guide you in finding the best location for your new home at the best price.

Additionally, we have a solid understanding and experience of builder contracts and will bring to light all the details you need to focus on to avoid delays and additional costs down the road. To learn more about new construction homes, contact us at [email protected] or (571) 429-7670.

Below is a list of new homes currently on the market in the Arlington areas.

• 4712 N. Carlin Springs Road, Arlington — $1,634,900 — 5,055 sq. ft.
• 4835 Little Falls Road, Arlington — $1,749,000 — 5,004 sq. ft.
• 822 18th Street S., Arlington — $1,999,990 — 5,675 sq. ft.
• 5612 5th Street N., Arlington — $1,499,900 — 3,919 sq. ft.

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

The thought of building your own new construction home can be thrilling.

It is an exciting process, but one you should approach carefully and with an experienced builder to avoid potential issues down the road. Here are a few things to consider when looking for a lot of land for your new home.

• Topography: The layout of the lot will play the biggest factor in how your home is built and what work needs to be done prior to construction. Are there hills or low spots that could potentially put your home in the way of a water runoff? Are there brooks or streams near the lot that could flood? This is what you’ll need to consider to avoid potential issues down the road, for you and your neighbors.
• Home Style Options: The lot layout will also play a determining factor in the style of home you are able to build. When choosing your builder or architect, we suggest doing your homework to find someone who is able to provide you with a variety of customizable options to best fit the lot you’ve selected. Not all are equal!
• Property Line Restrictions: Before you purchase your lot, you should have an idea of the size of the home you are looking to build. Will it fit on the lot with enough room for the local setback requirements, regulating how close to the property line you can build? If you are looking to have yard space, make sure to accommodate for this as well.
• Utilities: It is important to make sure the lot of land you are planning to build on will be able to support the utilities you’ll need for your future home. If you are buying land that had an older home on it previously, do the homework to find out what condition the utilities are in. Does plumbing need to be updated? Is there a gas line? Is there a sewer hook-up? These things can add up.
• Excavation: Does the lot require any excavation work? Are you looking to have a walk-out basement? This could potentially run upwards of thousands of dollars. Be sure to assess the land to see what needs to be removed prior to buying or building.
• Zoning and Property Condition: Be sure to review the zoning, grade, and soil quality information before purchasing land. It would be a shame to buy a beautiful lot of land to later find out you aren’t able to build on it!

If you are looking to go through the process of building a new construction home, we recommend working with an experienced builder. At Three Stones Residential, we can also offer assistance in finding the best location for your dream home. To contact us, send an email to [email protected] or call (571) 429-7670.

Below is a list of new homes currently on the market in the Arlington areas.

• 6251 N. Kensington Street, McLean — $1,995,000 -0 5,930 sq. ft.
• 822 18th Street S., Arlington — $1,999,990 — 5,675 sq. ft.
• 5612 5th Street N., Arlington — $1,499,900 — 3,919 sq. ft.
• 6716 31st Street N., Arlington — $1,899,000 — 6,005 sq. ft.
• 2304  N. Kensington Street, Arlington — $1,662,500 — 3,934 sq. ft.

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

Quick Ways To Make Your Home “Smart”

New construction homes are popping up everywhere in Arlington County.

These homes are beautiful and updated with all the bells and whistles of “smart-home” technology, but may not be the perfect fit for everyone. To help your home compete against the new construction in the marketplace, there are a few simple upgrades to make your home smarter, safer and more efficient.

• Ring Doorbell: This motion activated video doorbell system allows you to view your front doorstep while you are away, or even speak to visitors remotely, all through the app. Keep an eye on packages that have been delivered, or who comes to your front doorstep while you’re not home.
• Smart Light Bulbs: These Wi-Fi enabled LED light bulbs allow you to access the lighting in your home from anywhere using an electronic device or smart speakers. Forgot to turn that kitchen light off before leaving? No problem — turn it off from your phone!
• Smart Speakers: Smart devices like Google Home or Amazon Echo can sync to your smart electronics via Wi-Fi letting you control them with your voice. Turn off your lights or the heat up hands free!
• Nest Thermostat: Installing this sleek new thermostat in your home is not only visually appealing, it’s convenient! Control the thermostat remotely from your smartphone using all the Nest technology features. The device will eventually learn the climate of your home and automatically adjust the temperature when conditions change.
• TP-Link Smart Plug: If your appliances don’t have Wi-Fi, you can use this adapter to easily control them from an app. Turn on your coffee maker before you even get out of bed!

Having these tech-savvy upgrades will not only bring your home to the 21st century and boost it’s value, it will give you peace of mind knowing you have security in place for when you’re out of town.

It could also help save money, if you forgot to turn off your lights or turn down the heat, it is now just an easy click away from your smartphone. If you have any questions about these upgrades or your home’s market value, please contact us at [email protected] or 571-429-7670.

Below is a list of new homes currently on the market in Arlington.

• 1015 21st Street S., Arlington — $1,789,000 — 5,700 sq. ft.
• 2500 2nd Road N., Arlington — $1,300,000 — 3,240 sq. ft.
• 2320 N. Vernon Street, Arlington — $1,799,000 — 4,282 sq. ft.
• 6204 26th Road N., Arlington — $1,489,570 — 3,374 sq. ft.
• 5612 5th Street N., Arlington — $1,499,900 — 3,800 sq. ft.

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

As we shift gears from summer to fall and things ramp back up at school and work, we’ve put together a current state of the market for New Home Construction in Arlington County.

Typically we see a lag in the market in the brutally hot summer months. However, that was not the case this year. Let’s look at the numbers for the last 180 days for single family homes built in 2018 or later:

• 55 new homes Sold
• Average Sales Price: $1,719,748
• Median Sales Price: $1,639,000
• Low Sale: $1,200,000
• High Sale: $2,877,102
• Avg. Days on Market: 125

There are currently 23 new homes that are under contract and 33 new homes listed as Active on the Multiple Listing Service (MLS). Based on the last six months, this means there is only a 2.7 month supply of New Homes for sale in Arlington. Anything under 6 months is a sellers market so we are still very much in a seller’s market.

If you are interested in a more in depth analysis or are considering buying or selling, please contact us directly at [email protected].

Below is a list of new homes currently on the market in Arlington.

• 3532 N. Ohio Street, Arlington — $1,590,012 — Custom sq. ft.0
• 705 N. Barton Street, Arlington — $1,795,000 — 3,650 sq. ft.
• 2320 N. Vernon Street, Arlington — $1,850,000 — 4,282 sq. ft.
• 4278 38th Street N., Arlington — $2,645,000 — 6,071 sq. ft.
• 3200 N. Abingdon Street, Arlington — $2,850,000 — 6,691 sq. ft.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

When you’re buying a home, you have to make lots of decisions — where you want to live, what type of house you want to look at, and most importantly, deciding between moving into an older home or building a brand new one.

There’s no getting around it: up-front costs of building a new home are more expensive than buying one that already exists. However, the average home sales price continues to climb in the Northern Virginia region. In July, the average home sales price was $619,082, up 1.58% from July 2018.

But just because the sticker price of an older home is significantly less doesn’t mean that there aren’t additional hidden costs associated with it. Older homes can potentially come with a barrage of problems, which requires extra cash to fix.

So, should you buy a new home — and can you actually afford to do it? Here’s a breakdown of everything you need to know about buying a new home versus an old one, plus the logistics of securing a loan.

Weighing The Pros And Cons

When trying to determine if you can afford a new home, it’s important to know all of the pros and cons before you buy. Here are some things to consider:

Additional Maintenance: An older home may be fine today, but eventually there will be maintenance that you’ll have to take on.

Warranty: An old home doesn’t always come with a warranty like a new home will. In many states, including Virginia and the District of Columbia, home builders are legally required to provide a home warranty for at least a year on workmanship and materials.

Age of Appliances: An older home may come with new appliances or may not. The average cost of replacing appliances can range between $350 and $8,000.

Renovation Costs: Not every room in an older home will be your taste, which could cost extra money for renovation. A new home can be designed exactly to your specifications.

The Logistics Of Buying A New Home

Buying a new home has a slightly different process than buying an existing home. Here’s what you need to know:

You’ll need to secure a construction loan — A construction loan is needed to pay for the work to be completed on your home. You can secure a stand-alone construction loan and then get a regular mortgage later, or a construction-to-permanent loan (which combines the two).

A construction loan requires a bigger down payment because it is considered “riskier” for the lender, and the interest rates are typically higher than a traditional home loan.

You may need a jumbo mortgage — Because new builds are more expensive, you may need a “jumbo mortgage,” or a home loan that is bigger than the conforming loan limits (a fancy term for the maximum amount Freddie Mac or Fannie Mae is allowed to loan). To qualify, you’ll need a credit score of at least 680 and a debt-to-income ratio of 43% or lower.

Here are some current options for buying new homes in the Arlington area:

• 3810 Lorcom Lane, Arlington — $1,749,995 — 4,819 sq. ft.
• 3806 Lorcom Lane, Arlington — $1,699,995 — 5,522 sq. ft.
• 4278 38th Street N. Arlington — $2,654,000 — 6,071 sq. ft.

Want to learn more about buying or building a brand-new house?  Three Stones Residential specializes in matching homeowners with the right builder and lot location. If you have any questions about new homes or builders, please email us at [email protected] today to get into your dream home. Let us help you love where you live.

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

Driving through the neighborhoods of Arlington may look a bit different than it did than just last year, with new construction homes popping up on older lots.

In the last 6 months, 33 new homes have sold, with a majority of those closings occurring in just the last 4 months.

In Arlington, there’s currently a 5 month supply of these new homes on the market, placing the city in a Seller’s market. In Seller’s markets, we typically see lower inventory of homes, increased buyer competition, higher sale prices, and fewer days on the market.

For current Active properties in Arlington, data shows:

• 22 New Construction homes with an active listing
• $2.1M Avg. Price, +14% from recently closed properties
• 69 Avg. Days On Market, +37% from recently closed properties

New construction home demand continues to increase as inventory dwindles. It will be important to continue to study trends and see how the market fairs over the next six months as we enter an election year.

For more detailed information about the current state of the market and new construction homes, please contact Three Stones Residential directly at (571) 429-7670 or visit tsrhomes.com.

Here are some new homes now on the market in Arlington:

• 4278 38th Street N., Arlington — $2,645,000 — 6,071 sq. ft.
• 4108 N. Ridgeview Road, Arlington — $2,395,00 — 6,901 sq. ft.
• 3532 N. Ohio Street, Arlington — $1,590,012 — 1,134 sq. ft.
• 1610 23rd Street S., Arlington — $1,550,000 — 6,990 sq. ft.
• 1812 N. Barton Street, Arlington — $1,795,000 — 4,850 sq. ft.
• 2322 N. Fillmore Street, Arlington — $1,795,900 — 4,758 sq. ft.