I recently asked a first-time buyer client what she was most concerned about in terms of her home purchase process. She told me it was FOMO – Fear of Missing Out.

This had not even occurred to me. I was thinking that it might be concern over purchase price or payments or the condition of the property (missing something on home inspection) or selecting an area that would later turn out to not to be as good as she might have hoped. But, FOMO? Not even on my radar…

And, then I gave it some thought… We have such a tight, low-inventory market right now – throughout the region (maybe with the exception of many condos). It’s been that way since before businesses started opening up again.

In fact, according to Bright MLS, we came into 2020 with the lowest inventory (available homes) and strongest contract activity that we had experienced in a decade. And, that was coming off of a very strong 2019. So, my buyer’s fear was well-founded. When there are multiple offers on, seemingly, every decent property (and some not-so-decent ones), only one party can win a bidding war and this means a handful (a few? a dozen? a score? or more…) would-be buyers go away disheartened and prices continue to rise. Many parties will miss out.

Why is it so tough for buyers right now?

People are holding onto their homes – maybe it’s pandemic-related (home is safe – but that retirement community with less space between people may not feel that way). Households are changing, too. Adult “kids,” are back at home – parents aren’t downsizing as they once might have. Multi-generational households are on the rise – people are staying in and modifying their homes to accommodate other family members and new needs in terms of work and school (have you noticed how busy contractors are?).

And, then there are the low interest rates – almost free money. One day, we will look back on this time in awe and disbelief that rates were once “this low.”

While the DC Metro area enjoys a strong market, this is not just a regional phenomenon… If inventory remains low in 2021, prices may continue to climb. Across the country, the median asking price for properties in September 2020, according to Realtor.com, was $350,000 – an 11% increase compared to last year. And, inventory has declined 39% year-over-year. Increased demand and a dwindling supply are great for sellers, but not so for buyers.

In our region (which includes the jurisdictions of Fairfax, Arlington, Prince William and Loudoun counties and the cities of Alexandria, Fairfax, and Falls Church) for the week of Nov. 29-Dec. 5 new contract activity was down 3.7% from the previous week, but was a remarkable 48% higher than the same seven-day period last year for the six jurisdictions we track. Homes also sold almost three weeks faster than the same period last year.

All six areas posted solid increases in the number of newly ratified contracts since the same time last year. Northern Virginia (Fairfax, Arlington counties and cities of Falls Church, Fairfax & Alexandria) had the best week with an amazing 76.4% jump. Loudoun County was up 56.3%, and Prince William was up 34.8%.

But, even with all of this, contract activity – week over week – is declining, following patterns we’ve seen before, as the year draws to a close and the holiday season gets into full swing. According to David Howell, EVP and CIO at McEnearney, “Inventory is blossoming in almost every jurisdiction and the outer suburbs are outperforming the closer-in areas.”

This is good for buyers but likely short-lived. David Howell also shared that we expect to see a drop in the number of properties going under contract every week (at least for a few weeks).

So, FOMO… Yes, it’s a tough market for buyers. But, the surest way to not get a home or win a bidding war is to not even get in the game. The benefits of pushing past that fear and, maybe missing out a few times, but ultimately succeeding means you get a home that is YOURS. It means capturing these incredible interest rates (the Fed has signaled their intention to keep rates low for the foreseeable future), potential tax benefits, equity over time, and privacy immediately (more safe spaces in uncertain times). So, meet with a reputable Realtor, craft a strategy, and change FOMO to TGIB (Thank Goodness I Bought!).

Ann McClure is a licensed real estate agent in Virginia and Maryland with McEnearney Associates, Inc. in McLean, VA. If you would like more information on selling or buying in today’s complex market, contact Ann at 301-367-5098 or visit her website AnnMcClure.com.

Everyone thinks they have good taste, but honestly, no one’s taste matters more when selling your home than the buyer’s. The goal is to showcase your home’s many features, while allowing the buyer to create their own vision for the home and to see a future for themselves in it.

Staging can seem overwhelming. In my experience, one of the main misconceptions about staging is that you need to be entirely moved out for someone to come in with new furniture to stage your home in boring colors and design. The fact is, stagers can offer a range of services, and the majority of my clients who sell their homes use mostly their own décor, just less of it and rearranged a bit. Many of my clients who sell their homes also choose to live in it while it’s on the market — so, of course, they still need their furniture. Many realtors are partnered with stagers who can stage the home with the owner’s existing belongings.

Typically, when someone decorates, the aim is to make their living space a reflection of their personality and lifestyle. Home staging is different from decorating in that it is actually DE-personalizing the space, so a wider range of personalities (buyers) can imagine themselves enjoying the space.

One of the biggest mistakes a seller can make is waiting too long to consult a stager. According to Kelly DeMaso, owner of Simplified Organizing and Staging, “You don’t get a second chance to make a first impression, and that’s the key to a quicker sale… The best time to stage your home is BEFORE you put it on the market.” The cost of having your home sit on market for too long could far outweigh the cost and energy of having a stager come over for an hour or two to offer advice — or even having them spend the day to do the work.

Your home is one of the biggest reflections of who you are, and if you’re like most people, you’re proud of it! You’ve probably curated the artwork on the walls with love and to suit your tastes. The fridge is covered in magnets you’ve collected, holding up shopping lists, sweet notes and drawings by your kids. You found the perfect area rug — large enough for your dining room with the perfect shade of red that matches your chair cushions. On your windowsills, tiny potted plants are proudly on display and you tend them daily.

How can someone else picture raising their family in a home that is filled with you and your style? The goal is to have potential buyers imagining themselves seated in the adorable breakfast nook with their art adorning the walls.

Imagine you walk into a house with a gigantic statue in the middle of the living room. What will you notice first — the beautifully redone kitchen or the gigantic statue in the middle of the living room?

Obviously not everyone has a statue in the middle of their living room, but almost everyone has something buyers would SEE as a gigantic statue — something that’s just so hard to look past. The problem is everyone is different. One person’s statue is another person’s statement décor.

As a buyer, it’s important to identify things that are just “statues” that might bother you but are easily remedied — bright paint on the walls, old light fixtures, an overgrown lawn. However, these types of things, along with a seller’s strong personal décor, can overwhelm a buyer. The longer a home stays on market, the lower the sales price is likely to be. Why not reduce the number of “statues” in your home, and make it easy for buyers to fall in love with your home immediately?

Rather than have everything in your home represent you and the life you have built in it, we suggest depersonalizing and creating a “blank canvas” for someone to feel like it could become their home. This can be a difficult process, so having a couple of other sets of eyes is important. Your realtor can come in and give the first round of advice and then bring in a stager with the expertise to transform your home into the next buyer’s blank canvas. We are happy to help at any point in your planning process!

For a professional, confidential evaluation of your home, please call or text us at 703-244-6115 for a no-obligation assessment of your home. We have a Dream Team of experts — contractors, staging advisors, photographers and more — to help make the right preparations, minimize stress and maximize profits!

Hope Peele is a licensed real estate agent with McEnearney Associates, Inc. She and her mother, Kim Peele, are The Peele Group, serving Virginia and D.C. They are dedicated to helping owners through the challenges of selling their home.

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This year we have seen very tight inventory for townhomes and detached homes as demand has increased. In many areas, the interest in condominiums is not as strong because of more communal aspects to the lifestyle, but we feel that is worth reconsidering.

Condo ownership is the most peaceful type of homeownership. You can live in a beautiful setting without needing to worry about mowing the lawn, trimming shrubs, planting flowers or handling other exterior maintenance projects because the association takes care of landscaping and maintaining the common areas for you.

Most condos association fees cover everything outside of the main walls of your home. If a sidewalk needs repair, the condo association takes care of it. Need a new roof? You don’t need to pay for it on your own. You can enjoy living in a park-like atmosphere without needing to buy single-use only tools or finding space for a lawn mower.

Condo fees will also include many amenities that you would have to pay extra for anyplace else. Studies show that people who have fitness equipment in their home are more likely to exercise. Nowadays, most condos have fitness rooms that homeowners can access 24/7. This eliminates the need for an expensive gym membership that you are never going to use, while still allowing you access to higher quality equipment than you could afford on your own.

Another common amenity in condos is a party room, which is an easy and inexpensive way to entertain. Party rooms allow for gatherings of various sizes and occasions. The best part is, there is no need to clean your house ahead of time! Some condos in the DC area even have rooftop decks available for rent for their members. The ones closer to the city have views of the monuments, while others as close in as Reston have mountain views with their breathtaking sunsets in the evenings. Your guests will love it!

When you live in a single-family detached home or townhome, you often need to take time off of work to have someone on standby to pick up packages or let in the maintenance person. With condo living, you no longer have to do that! With a concierge service included in your condo fees, someone will always be available to assist you whether you are out of town or out on the town by taking your packages, helping you with reservations, or letting service people into your apartment. You can travel and enjoy the nightlife without having to worry about missing an important package or a failed delivery.

If you want to simplify your life, consider investing in a condo. Contact me today to explore the possibilities!

Jean Beatty is a licensed real estate agent in VA, MD, and DC with McEnearney Associates, Inc in McLean, VA. If you would like more information on selling or buying in today’s complex market, contact Jean at 301-641-4149 or visit her website JeanBeatty.com.

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At this time of year, many people ask if they should list their home now or hold on until after the new year? As always, if you need to sell, list it.

However, in most years, if you have flexibility, we would be inclined to wait until the new year. Many potential buyers may be thinking there will be more to choose from in the new year. This is generally true – we often do see an influx of listings and buyers in January. There is definitely a cycle of January shoppers who bring February contracts and March closings. Then the cycle is repeated in April, May, and June.

However, 2020 – the year of COVID, working from home and social distancing – is truly unique. We have seen unusually high holiday season demand for detached homes, and decreased inventory. While not quite as “hot” as the pre-COVID market, there are more buyers than sellers leading this strong seller’s market. Multiple offers, while never assured, are not out of the question, and well-priced homes are selling quickly. For buyers, this is tough. For sellers, this is truly a “merry” circumstance. This year, in so many ways, is an anomaly.

So you decide to list… If you decide to list during the holiday period, you might wonder about holiday decor. Do you go full-bore holiday style, or keep the seasonal decor packed away? The answer lies somewhere in between: Nobody expects sellers to ignore the season, but this is likely not the year to go all out.

Keeping decorations simple and somewhat restrained, while still honoring your family customs, is perfectly acceptable. Subtle and understated is the way to go, always keeping the staging guidelines in mind. Remember: Accent the best features in your home. So don’t put the Christmas tree in front of the window with the best view, or cover up beautiful mantles and railings with too much greenery. Use the décor to accent areas of the home that you want the buyer to see.

This time of year is fabulous to emphasize the warmth in a home. The smell of fresh baked cookies, glowing flameless candles, and seasonal floral arrangements contribute to the ambience to make them want to linger.

Also keep in mind if you are launching your listing during the holidays when your home is decorated, photographs will include the seasonal items. If your home does not sell before the holidays are over, consider having new pictures done to promote the property. Note that seeing holiday decorations in mid-January will indicate to buyers that the home has been on the market for a while.

Photo trends… When it comes to photographs, one new trend we saw in 2020 is the twilight photoshoot. The images taken at this time of day create a charming glow from the inside of the house. They can really highlight some of the best features of your home, such as large bay windows, fabulous front doors, spacious patios. During this winter season, when trees are bare and the grass is brown, daytime photos may appear bland. Some carefully hung white outdoor lights accenting a patio, or pathway lighting highlighted in a twilight photoshoot can really make the drab appear fab!

In short:

Inside decor? Tasteful displays in selected places; less is more and be very intentional about what you’re calling attention to.
Outside decor? Think accent lighting and bows, and – you guessed it – less is more.
How about now? … 2020 may be the exception, so enjoy it! Buyers are looking, and there’s not much to look at. Be intentional with the decorations and you can blend your holiday highlights with the needs of a staged home. As always of late, make sure there are booties, hand sanitizer and masks for showings, and know that – like any other time of year – flexibility will be important.

Wishing you a successful selling holiday season!

Rebecca McCullough has built a successful real estate business in Alexandria and Northern Virginia by providing excellent service to her clients. If you would like more information on selling or buying in today’s complex market, contact Rebecca today at 571-384-0941 or visit her website RebeccaMcCullough.com.

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To not be overwhelmed, ideally, start with a recommendation. Call a trusted friend, neighbor, colleague, or family member who had a good experience.

Ask a respected service provider…If your contractor or CPA was top-notch, find out who they know and trust in the real estate field. What did they like (or not like) about their experience? What qualities and skills make their particular Realtor recommendation a standout? Also search that person online – check out their website, social media presence, and any sales data you can find.

A word of caution though – avoid going down the rabbit hole, like Alice. You can get distracted by the sidebars, flashy ads, and shiny objects. Your computer or smart device and the seemingly mystifying and clairvoyant powers-that-be these days track your clicks, moves and inquiries and have developed algorithms based on your searches. They use them to direct you to offers and paid ads.

Stay in your lane and remember there is a reason you asked for referrals. Not all the qualities and skills you value may be searchable online. You need someone who has the talent and bandwidth to help you.

Posting on your community listserv or forum has the potential to open you up to a Pandora’s Box of mass responses and inquiries. In today’s competitive market, if unsolicited sales agents get a whiff of your interest in buying or selling, you will be hounded incessantly. Keep your shortlist of potential Realtors to the suggestions of the trusted few you asked for recommendations.

The alternative to the online search is an old-fashioned call or email. Or text the agent – tell them you were referred and you’d like to set up a time to chat. For the best service, share who referred you and what you hope to accomplish.

What happens on the Realtor end? We ask detailed questions about your motivations for a move, concerns you have, your timeline, housing goals, and budget. If you’re buying, hearing what is important to you, your long-term goals, and your likes or dislikes will help the agent narrow the list of available homes and save you time.

A Realtor will provide you information about the market, recommend responsive local lenders, and can walk you through the upcoming process from making an offer all the way through to settlement.

If you’re selling, we’ll ask for the property address, find out what’s important to you in this process, and ask for a detailed list of improvements and when they were completed. This is not just information for your Realtor, this helps establish your tax basis, is useful for insurance-related issues, assists in establishing value for an appraiser and aids in the marketing of your home.

Point out to the agent your home’s special features. Is it the only one in the neighborhood with a double garage or one of few backing to parkland? Detail your concerns. Are there needed or neglected repairs? Do you feel your house is too close to the one behind you? Are you concerned about road noise? A Realtor will have a professional perspective and can share how these issues might affect price. Finally, the Realtor will ask you for an appointment to meet you and see the home.

The next step for the Realtor is preliminary research and analysis of what might impact the sale. We search for comparable properties in the neighborhood, certainly, but sometimes we must dig deeper. For example, what if you have a historic home and those around you are not? We may need to create a broader search and tap into other resources like other Realtors who have sold similar properties or local appraisers.

When we meet, we will come prepared with information about us and our company – it might include sales data, our track record, testimonials, and general marketing ideas. But the main focus of that meeting is YOU – your housing goals and the property you are selling or looking to purchase.

Be prepared to be candid with your Realtor. If selling, provide a tour, share your concerns, and what you think makes your home special. Why have you loved living there (or can’t wait to leave)? Even the negatives give a Realtor time to figure out a way to overcome objections.

Once the Realtor has sufficient data (research, answers from you, conversations with other agents, viewing of competing or recently sold properties), they will offer a pricing and marketing strategy based on your home’s position in the marketplace. Here’s a forewarning though, sometimes your agent has to deliver news you don’t want to hear – but ask yourself, is this information fact-based and data-driven? Keep an open mind. The numbers don’t lie, even if you don’t like them!

A good Realtor will offer regular market updates, insights, and feedback from agents. Lean into your Realtor based on the recommendations they make – they are the conduit when the market speaks, and it will speak to you!

At the end of the day, whether you’re buying or selling, choose a Realtor that not only has the skills, but makes you feel comfortable. You’re going to spend a lot of time together.

Ann McClure is a licensed real estate agent in Virginia and Maryland with McEnearney Associates, Inc. in McLean, VA. If you would like more information on selling or buying in today’s complex market, contact Ann at 301-367-5098 or visit her website AnnMcClure.com.

Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.

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As we all know, 2020 has been a year like no other. A pandemic. High unemployment. Low-interest rates. An election year. Throughout it all, real estate has been steady and strong. Now we are on the brink of the holidays. With all of these factors at play, you may be wondering, when is the best time to sell your home?

First, let’s talk about interest rates. They are amazing — at an all-time low — and are expected to stay low for a while. This has had a huge impact on our real estate market.

According to the latest report by David Howell, Chief Information Officer for McEnearney, year-to-date 2020 sales in Northern Virginia have exceeded last year by 27.5 percent for homes priced at $750K and above. Homes under $750K have seen steady sales, as well, just slightly up over last year. Due to a shortage of available homes for sale, the average number of days to sell a home is 25.7 percent less in 2020 than last year. For the week ending November 8, contracts in the Washington Metro area were up over 30% over the same week last year. This is a great indicator!

Even with these fantastic numbers, real estate has slowed ever so slightly over the last several weeks. Some of this is due to the election and some of this is due to the normal cycle of real estate. Buyers typically take a pause leading up to an election. However, there is also a normal real estate slow down leading into the holidays.

BTIG, a research and analysis company, has data showing that for the last 60 years, there has been a decline in home sales of 9.8 percent in November anyway, compared to October. In presidential election years, sales have dropped by as much as 15 percent in November. Myers Research and Zonda reports that “the slowdown is largely concentrated in the month of November. In fact, the year after a presidential election is the best of the four-year cycle.”

Here in the Washington D.C. metro area, the presidential election has a very short-lived effect. Once a new president is elected, there tends to always be some growth in the housing market in D.C. Combine this with the fantastic interest rates and limited inventory of homes on market, in my opinion, there is even more pent-up demand coming our way. So, depending on your unique selling situation, the best time to sell could be right now, or it could be in early 2021.

Selling your home is a multi-faceted proposition, and the right plan for you should be customized to your specific situation. Your real estate professional can help you make the best plan for your home and your goals for a home sale. Included in your decisions are some general factors, such as location and the specific inventory currently available in your neighborhood. If there are several similar homes now active, it may best to wait. If there are no similar homes, and the last ones went quickly, the time may be right now.

Another consideration on timing is the current condition of your home. You may need to evaluate some updates and make decisions on whether to get them done prior to a sale or move into the market now and price your home accordingly. If there is work to be done in your home, putting your home on the market in early January should be an excellent time.

All signs point to a great end of year and fantastic 2021 for real estate in Northern Virginia and the D.C. Metro area. The best time to sell is soon!

For a professional, confidential evaluation of your home, please call or text us at 703-244-5852 for a no-obligation assessment of your home. We have a Dream Team of experts — contractors, staging advisors, photographers, and more — to help make the right preparations, minimize stress and maximize profits!

Kim Peele, a licensed real estate agent with McEnearney Associates, Inc., lives in Old Town and works in Virginia, D.C. and Maryland. She and her daughter Hope Peele are The Peele Group. Kim is a second-generation realtor and fourth-generation Washingtonian and is dedicated to helping owners through the challenges of selling their home.

Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.

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Buying and selling real estate can often seem overwhelming. This is because, at least for first-time homebuyers, they are unfamiliar with the process and what it entails. By becoming familiar with real estate terms and the people involved in selling a home from start to finish, we can gain clarity and understanding about the real estate process which will bring you confidence in your next home sale.

REALTOR®

A REALTOR® is a licensed real estate agent who is also a member of the National Association of Realtors. They are held to a higher code of ethics than your average real estate agent.

Broker/Brokerage

The agreement you sign with a real estate agent is between you and the broker or firm on the agreement that you sign and not the agent. Brokers typically have more experience and education than a salesperson. There are also safeguards put in place to protect the public, including legal requirements for supervision. The agent and/or the broker may represent more than one party in a real estate transaction with proper disclosure and consent.

Listing Agent

The listing agent is the agent who lists your home! This one seems pretty self-explanatory, but a listing agent’s main duty is not just to input your home’s data into the Multiple Listing Service or MLS (the database that all of the other agents use to find data on homes that match their client’s search criterion) The job of a listing agent starts months to years prior to putting a home on the market. Before their clients are planning to sell, a good agent will give their client advice about renovations, additions, and landscaping. As time gets closer to putting your home on the market, your agent will meet with you to discuss putting the minimum work into your house to ensure the maximum price will be offered. Once the home is market-ready, they will also market your property through print, digital, and social marketing.

Selling Agent

The selling agent, otherwise known as the buyer’s agent, brings the buyer to the seller. Both selling agents and listing agents have fiduciary duties toward their clients, otherwise known as putting their client’s interests above their own. Sometimes agents will act as a dual agent (representing both the buyer and the seller). This requires written consent from both parties and is defined completely in the brokerage agreement.

Title Company

The buyer gets to designate the title company in the real estate contract. The title company’s job is to ensure that the title to the real estate property (the actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest; not an actual document) is legitimately given to the home buyer. They will look for any “clouds” on the title, or defects that would affect the next homeowner. In most cases, they will also hold the buyer’s earnest money deposit in an escrow account to be used toward the purchase of the home. They will also usually host the settlement of the property at their location. The title company’s job is an important one, so choosing a company that you trust and know to be reliable is essential in order for a transaction to close on time.

Lender

Most people will need to procure funds in order to purchase a home. The lender makes funds available to a person with the expectation that the funds will be repaid. Repayment will include the payment of any interest or fees. The lender also usually orders an appraisal of the property that you are purchasing as a guard on their investment to make sure that what you are paying for the property is what it is actually worth.

Inspectors

When purchasing a home, having different types of inspections can be allowed according to what it says in the contract. A home inspection is the most common type of inspection. They will assess the condition of the property and look for any general problems that the home might have. Any specific problems would need to be inspected by a specialist in that field. Wood Destroying Insect Inspections are also a very common inspection required for a mortgage and can usually be performed at the same time as the home inspection, depending on the inspector. Depending on the contract, the seller might be contractually obligated to resolve any problems that your inspector finds.

This is a general summary of the parties involved in a real estate transaction. A great real estate agent will be able to answer any specific questions that you might have throughout the process. You will be working closely with your real estate agent so it’s important to choose someone that you trust and know to be reliable. An experienced agent can make or break a transaction and save you thousands of dollars in the long run.

Jean Beatty is a licensed real estate agent in VA, MD, and DC with McEnearney Associates, Inc in McLean, VA. If you would like more information on selling or buying in today’s complex market, contact Jean at 301-641-4149 or visit her website JeanBeatty.com.

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