January 4th, 2010:
5 Common First Time Home Buyer Mistakes
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
Looking up from the pool deck at the Eclipse in Crystal City
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving.Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order.Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications.How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
The perfect starter home
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of home ownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.
Carlyle Towers Market Update
If you’d like to learn more about Carlyle Towers click here.
Check what’s available now.
Here’s a price report based on the last two years of sales and rentals as of 1/4/2010. Each report contains the median price
along with high and low over the period. All figures are approximations and should not be used to judge final sales values.
| Unit Type | For Sale | Condo Fees | Rental |
| One Bedroom, 750 to 870 sf | 365,500 (350,000 to 385,000) | 310-350 | 1700 (1550 to 1900) |
| Two Bedroom, 930 to 1160 sf | 450,000 (378,300 to 550,000) | 390 to 500 | 2250 (1900 to 3600) |
| Three Bedroom, 1605 to 1860 sf | 740,000 (560,000 to 790,000) | 695 to 815 | 3,250 (2,750 to 3,500) |
Carlyle Towers is located at 2121, 2151, 2181 Jamieson Ave between Eisenhower Ave and Duke Street in Alexandria, VA. With easy access to I-495/I-95, Route 1, the GW Parkway, and 395. The three Carlyle Towers were built in the 1997, 1999, and 2001, they’re a 15 minute commute to D.C.
Front row seat by large window in the Carlyle District
Amenities include:
- 24 Hour Security
- Storage Space
- Outdoor pool
- Gym
- Party Room
- Tennis Courts
- Putting greens
- Balconies
- Garage Parking
- In Unit Washer/Dryer
- Gas and Water utilities included in condo fee
- Electric Heat Pump
- Central A/C
- Gas Hot Water Heater
- Walking distance to Metro
 Ben Forshell |
About the Author — Ben Fornshell is a licensed real estate agent with Condo Alexandria. To learn more about available rentals and purchases in the area check out our free search.
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