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Late Pandemic Mortgage Industry Status
The pandemic has had a significant impact on the residential mortgage industry. At the beginning of the public health crisis investors in mortgage-backed securities stopped purchasing the instruments which caused a liquidity shortage and a spike in the rates available to consumers. The Federal Reserve quickly stepped in and began purchasing Fannie Mae and Freddie Mac issuances, stabilizing the market and easing rates. Underwriting standards involving employment, income, liquid reserves, and credit scores were tightened by Fannie, Freddie, and jumbo loan providers. Some lenders in the jumbo space chose to stop making those type of loans until the economic impact of the pandemic was understood.
By late April 2020, conforming interest rates had dropped to the low three percentiles and the volume of refinance applications had reached record levels. Interest rates dropped further into the two percentiles and volume further increased. Lenders who had been able to turn purchase and refinance transactions in thirty days or less, found those processing times significantly slowed. Atlantic Coast Mortgage generally requested thirty days for purchase transactions and fifty-five days for refinances. Some lenders in the industry were slowed to as long as sixty days for their purchases and six months for their refinance transactions!
The record mortgage application volume continued throughout the year as rates dropped into the two percentiles and the nation experienced a robust residential purchase market. By late spring of 2021, the economy appeared to be stable and on the verge of beginning to expand. Interest rates moved higher which slowed the rate of refinance applications and provided some relief to the mortgage industry which had been operating at unprecedented levels for one full year.
This summer has seen rates for Fannie and Freddie conforming loans drop back into the upper two percentiles. Currently the maximum conforming loan amount is $548,250 across most of the country. In the Washington metro area, the maximum conforming loan amount is $822,375. As refinance applications have moderated, turn times for some lenders have returned to thirty days or less, and some of the tighter underwriting standards imposed last year have begun to be lifted.
One aspect of residential lending which has seen multiple changes has to do with property appraisals. At the start of the pandemic, appraisal requirements in many cases were modified to allow for exterior only inspections or “drive-by” appraisals. Now, in those cases where an appraisal is required, most lenders are requiring full appraisals with interior inspections. More and more, however, property inspection waivers (PIW) are being provided in the Fannie and Freddie automatic underwriting decisions. Both agencies are building their own property valuation data bases and based on the other strengths of the proposed loans, they are often not requiring any type of appraisal or inspection of the property.
Another change the industry recently experienced has to do with the maximum percentage of nonowner-occupied property loans which may be included in Fannie and Freddie securities. The new limits have had the impact of significantly increasing the rate and point structure on those types of loans.
As the economy heats up, increasing concerns of inflation, there is the possibility, if not likelihood, that mortgage interest rates will increase. But with rates still generally in the high two percentiles, even an increase of one full point generally keeps rates at very good historic levels for the balance of the year.
Brian Bonnet | Senior Loan Office (NMLS ID#224811)
Atlantic Coast Mortgage, LLC (NMLS ID#643114)
e: bbonnet@acmllc.com | t: 703-766-6702
A lifelong resident of Northern Virginia, Brian brings twenty-five years of lending experience to the group. After graduating from The Citadel and serving as a Naval Officer, Brian transitioned to the United States Senate Veteran’s Affairs Committee where he served as a Professional Staff Member and had the responsibility of overseeing the VA Loan Guaranty program. After leaving Capitol Hill and the political world, Brian entered the mortgage banking industry. Keeping abreast of the myriad changes in the lending industry over the years has given Brian a unique perspective and the ability to successfully serve his clients regardless of the current market conditions. With his extensive knowledge about the VA and its loan guaranty program, Brian is widely recognized as a specialist in VA financing. He enjoys sharing his knowledge and experience with others and is certified to teach Financing Continuing Education in Virginia, DC, and Maryland.
On Market Or Move — Which Comes First?
This question comes up very frequently. Even in a hot “seller’s market,” like the one we are in now, sellers still want to put their best foot forward to ensure that their home will receive the best offer. Like most real estate decisions, it really depends on what works for each individual. Here are a few things to consider with your Realtor when you are deciding on your moving timeline.
First, do you have somewhere else to go?
Most sellers don’t have a new home yet when they decide to sell. In a seller’s market, many sellers choose to sell FIRST, then find a new home. Unless you are in the rare position of owning multiple homes, it’s typical to not have a place to move into quite yet. Many sellers prefer to have the sale on their home agreed upon before looking for a new home to move into.
Once there is a contract on your home for sale, it puts you in a much more competitive and financially stable position for your future purchase. Sellers can even negotiate a rent-back period with the buyers, allowing them to stay in their home past settlement while they find that next new home. Rent-back periods can be for a week or even up to 60 days after settlement. This is a great option to allow a seller the time they need to identify a new home and move.
Another consideration: Do you have a place for your things to go?
If you are downsizing, you can begin to pare down belongings and make space in your home long before the sale process. While it’s great to be that organized, most sellers are on a much shorter timeline. Did you know your Realtor can help by providing names of trusted vendors to provide an array of services that include packing, hauling, off-site estate sale services and more?
Not everyone is downsizing. Many people move because they need more space — maybe you need a new home office or an extra bedroom. Maybe you’re not planning on getting rid of a lot or anything at all. When this is the case, is it even possible to live in a home that’s on the market? Of course it is.
Whatever your situation is, I strongly advise leaning heavily on your Realtor. My team brings in a stager to work with sellers, whether they are living in their home or selling it vacant. A lot of people don’t know this, but stagers will work with what you ALREADY have! Sometimes it’s as simple as rearranging a few armchairs, replacing a painting with a mirror or clearing counters. Regardless of how they do it, your Realtor should be able to walk you through how to live in your home — without looking like you actually live in it!
It almost goes without saying that another consideration on a lot of folks’ minds nowadays is COVID. Some are still understandably uncomfortable with strangers in their home and want to do everything they can to avoid exposure. Many sellers I’ve worked with are opting to leave their home for just a few days or the weekend. In a lot of ways, this is the best of both worlds. No extra moving — just extra relaxation (and someone making your bed for you!).
There are a number of local hotels that offer great rates for locals to have a nice little “staycation” in their own hometown, and some even allow dogs! Personally, I think that this is a great way to treat yourself, especially since sellers work so hard to get their home ready. If you are expecting a lot of activity the first few days on market, staying in a hotel is a nice way to sit back and let your Realtor take care of the appointments.
Of course, not all sellers live in the home they are selling. If you are selling a property that you are currently renting out, you may not have the option to put it on the market when it’s vacant. If this is the case, it is important to stay in close contact with your tenants so they will cooperate when the time comes to take photos or make showing appointments. You may even want to offer the tenant a few days away at an Airbnb to allow for lots of showings. Make sure that your Realtor is in touch with the tenants as well, so all parties involved remain on the same page at all stages.
In all honesty, staying or leaving is fine with a little work. If you leave or temporarily put things in storage, there is the potential that you will be moving twice — once into the temporary digs and again when you’ve found the new place. If you choose to stay, there is the possibility that you will have to leave — a lot — for showings, and many find the pressure of keeping things picked up and “show ready” to be daunting. If kids or pets are in the picture, it can be exponentially harder.
This is a decision that is important to really think through and discuss with your Realtor. Like most big changes in life, moving can come with a certain amount of stress, but if you’re working with the right professionals, those stresses should be greatly reduced, and you will soon be on your way to a wonderful new home.
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 clients through the challenges of buying or selling a home.
Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.
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Am I ready to buy my first home?
If you are a first-time home buyer, the idea of purchasing a home may feel daunting. A sense of permanence seems to be attached to every home purchase. At the end of the day though, you have to live somewhere.
The earlier that you buy your first home, the better. You are going to be paying to live wherever you live so you might as well put your money into an investment that will likely grow in value over the years. When you purchase a home, you are not just paying the mortgage, but building equity.
I have developed three questions to help my buyers determine whether they are ready to buy their first home.
1. How long do I plan to live here?
Renting makes the most sense when you are only planning to stay in the area for the short term, or if you are new to the area and unsure of where you want to live. If you think you are going to be in the area for longer than a year, you should probably take the plunge and purchase a home. Since interest rates are still so low, there has never been a better time to buy even if you only plan on staying in your house for a few years.
2. Do you have a steady job?
Nowadays, a steady job doesn’t necessarily mean working from 9 to 5. As long as you can show the mortgage lender that you have a reliable income, then you should be able to apply for a loan. Only a mortgage lender can say what size loan you are qualified for, but you won’t know what that is until you ask.
3. Do you have a little bit of savings?
The biggest misconception that first-time homebuyers have is that you need a 20% down payment to buy your first home. While this might be true to avoid Private Mortgage Insurance, or PMI, some conventional loans will allow you to purchase with a 3% down payment. The PMI will then be incorporated into your monthly loan payment.
Even though some loans only require 3% down, it is good to have a little bit of money in savings or in investments that can be liquidated so that you can pay for closing costs, moving fees and new furniture when you move into your new home.
If you answered “yes” to these three questions, it might be time to reach out to a Realtor and see what options are out there. Home ownership can be a very rewarding experience. After all, there’s no place like home!
Jean Beatty is a licensed real estate agent in VA, MD, and DC with McEnearney Associates Realtors® 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.
Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.
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Reston Home Insider: What do sellers want from buyers in today’s market?
Here is a really important question: What do sellers want in today’s housing market?
Low inventory and low interest rates mean there aren’t a lot of homes for sale, but there are lots of buyers looking to make a move. Sellers are receiving multiple offers above list price, but what do sellers want beyond escalated sales dollars?
1. High earnest money deposits and large down payments
The earnest money deposit shows the seller you’re serious about purchasing. This money is sent to the title company as part of the offer and held in an escrow account before closing. It’s also known as a “good faith deposit” and protects the seller if you back out of the contract. Typically, it’s about 1-3% of the sales price, but if you want to win a contract these days, consider offering more, even as much as 10-15%.
A large down payment also shows the seller you’re serious and have the funds to back up your offer. Sellers worry about buyers’ financing falling through, and these two strategies can help ease their minds.
2. A “clean contract”
This means no contingencies — home inspection, appraisal and finance contingencies all waived. Sellers don’t want to have to negotiate for repairs from a home inspection report and deal with the hassle of having minor problems repaired. Consider waiving the home inspection and purchasing a home warranty to cover the cost of repairs that may arise once you own the home.
Additionally, waiving the appraisal means you’re willing to bring additional funds to the closing table if an appraiser deems the home is worth less than your offer amount. You can shift dollars from your down payment to cover this gap.
Lastly, waiving the financing contingency means you’re confident in your ability to obtain a loan. If you feel secure in your job/financial situation, this may be a good option, but please talk to your lender first.
And don’t forget: Listing agents and sellers do not want to see any mistakes on the sales contract. Be sure your agent is detail-oriented and, of course, read the contract yourself before signing!
3. A quick close
Sellers want their money and to move on! Most transactions can close in as little as 30 to 45 days depending on title work and lender procedures. Check with your lender about pre-underwriting your loan to close quicker — this can be a huge plus!
4. A free rent back
This can push your contract to the top of the pile. Offering the sellers to stay in the home post-settlement, free of charge gives them peace of mind and flexibility to move to their new home or even renovate. I’ve seen this tactic work multiple times even when you can’t waive all the contingencies.
Lynn Cooper is a licensed REALTOR in Virginia with McEnearney Associates in McLean. Whether buying or selling, Lynn is 100% committed to her clients before, during, and after the transaction. Connect with Lynn at 202-489-7894, lcooper@mcnearney.com.
Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.
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Ask McEnearney: Now the Selling… Local Traditions
If you didn’t catch my last article ‘Divest Now, or You Too May Spend a Valentine’s Day as I Did!‘ I encourage you to check it out as the information below is a continuation.
In February I told you about the somewhat painful and sometimes silly family organization of my parents’ home to prep it for sale.
What I didn’t tell you was about the toddler-sized nutcrackers in my mother’s collection, which scared everyone who stayed in the guest room, or the drama caused when a large, live possum landed on the chest of the HVAC technician installing new systems in the crawl space.
Next came the selling…and I tried not to be the “out-of-state” buttinsky, fancy pants Realtor daughter with all the East Coast “how to sell” ideas … on that I was only partly successful. I have to work on restraining myself — ha!
Yes, I had interviewed listing agents and found a wonderful broker and firm! They are experts in their market (operative word “their”) and patiently listened when I would veer into stories of the state of real estate in the DC-area market.
For instance, on pricing — the beautiful, custom 3+-bedroom, 3.5-bath detached house with sunroom, huge screened-in porch overlooking a glorious, landscaped lot was to be listed for $359,000, and they had to hear me exclaim my shock, knowing that this gem would go for $1,359,000 if it were in Belle Haven.
For instance, on home inspections — while one potential buyer did a pre-contract inspection, which was a rarity, others often ask for 10-14 days because there aren’t many qualified inspectors nearby.
For instance, on other contingencies – in contrast to our area, no one there waives appraisal, financing, or offers their first-born child to secure the chance to even be in play, where here it is hard for an offer to get passing attention if any of these contingencies are included.
For instance, on earnest money deposits — shockingly low checks accompany contracts, mostly 1% of the sales price, while here we almost always see 3-5% (or more).
For instance, on terminology — ratification is called binding, etc.
For instance, on timing — there is no or very limited hesitation to taking the first contract coming through the door, but I requested nine days for showings before looking at any offers, as we have been seeing in our metropolitan area. Agents in that area apparently think the idea of waiting is rude, but I compromised to seven days.
EPILOGUE: The spiffed, cleared, and beautifully photographed home in a highly desirable neighborhood got a full measure of showings during that week, one pre-contract inspection, and on the offer due date received three contracts. And, again contrary to DC’s new normal, sold for $8,000 less than asking price at $351,000.
No wonder there is such sticker shock and the need for strategy bootcamps when buyers start looking in VA/DC/MD, and no wonder I was so surprised in reverse, since I didn’t know their local ways and traditions. I needed smart, local Realtor guidance to be simply a good daughter, not an agent.
PS: Settlement is next month with a home inspection this week and, yes, with full financing and appraisal contingencies, too.
Listen to those who know the ways to best guide you. Experience will win out.
Ann Duff is a licensed real estate agent in VA, DC and MD with McEnearney Associates, Inc. in Old Town Alexandria, VA. If you would like more information on selling or buying in today’s complex market, contact Ann at 703-965.8700 or visit her website AnnDuff.com.
Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.
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11 Moving Day Must Haves, Recommended by Our McEnearney Associates
Moving never gets easier, regardless of how many times you’ve done it. But once you’ve signed on the dotted line of your closing statement or lease agreement, finding boxes and packing peanuts isn’t far behind. As real estate agents, we know the stress and challenges moving brings, so we’ve gathered the 11 best tips and tricks from our associates to help you make the transition a little easier.
1. Make sure you have everything labeled. — Lida Rippe
The moving day is very exciting and should be stress-free. Planning is important to make this process successful. Give yourself enough time. It’s important to prepare an inventory of your boxes and items that should be moved. Make sure that everything is labeled correctly so it’s easy to unpack. If possible, try to do it by colors or number and pack according to the rooms.
In addition, make sure you have extra boxes, tape, stickers label and a clipboard. Try to schedule your move in the morning so you avoid traffic, busy elevators and maybe you can get nice weather. If you are moving to a condo or apartment, make sure to reserve the elevator and that the day you are planning to move in is available. Movers fees are lower on weekdays.
Fire up your favorite playlist while you pack, make it fun — kids and pets can also help.
Remember the end goal: this is the start of all memories you will create at your new home!
2. A checklist of moving day supplies — Clindy Clemmer, of Clemmer and Schuck Homes
Here are some things you should have on moving day: toilet paper, paper towels, trash bags, water bottles, snacks and keys to your new home. Toilet Paper
3. Pack everything but the … — Laurie Felton
Don’t let the movers pack the garage door openers. Accidentally happened to us.
4. Start early! — Sally Webster
Have LOTS and LOTS of good packing tape. You can always use any leftover (not likely to be any!) on mailing packages from your new home.
Check if there are any organizations that will pack up any nonperishable food you don’t want so it can be donated to a food bank rather than end up in the trash. Or plan to pack it yourself.
Also, put in your change of address with the Post Office early. It won’t hurt to leave mailing labels with your forwarding address for the new owners. This will help make it easy for them to forward your mail.
If friends offer to help, say YES and thank you.
5. Make sure you pack snacks for the kids (and furry friends). — Madeline Caporiccio
When moving with children (or even adults for that matter), you definitely want snacks, drinks and favorite toys. If you have any furry family members, the same goes for them — plus motion sickness medicine if you have someone who might get motion sickness en route to your new place.
6. Arrange for your internet service early. — Nick Kuhn
A few weeks prior to your move-in date, hop online and schedule an appointment for your internet service to be activated at least one day before you move in.
7. Bring lots of water bottles. — Darlene Duffett
Bring lots of water or water bottles. You — and everyone around you — will be thirsty.
8. Put your pet(s) in daycare. — Sallie Seiy
If you have any dogs or cats or any pet, take them to daycare or a trusted friend/ pet sitter. Less stress for you and them!
9. Use QR code label stickers on each box. — Lori Bardo
As a military family that moves frequently, a great tool to use are QR code label stickers for organization so you can know exactly what is in each box. You can purchase them HERE!
For your arrival at a new home, have a “New Home Essentials” bag of hand soap, paper towels, toilet paper, paper/plastic eating products and beverages, a shower curtain if needed and bathing toiletries.
10. Pack a suitcase for each family member. — Alice Shank
Pack suitcase packed for each family member as if you were going on a trip: stuff you need from the bathroom for the evening and very next morning, including toothbrush and paste and any medications or OTC items, clothes, sleepwear and jacket if weather suggests it might be needed. Be sure to include one roll of toilet paper, a bath towel, hand towel, washcloth and bed linens.
In additional, pack a box or tote of “must haves” as if you were going to a rental home/AirBNB and be prepared for what wasn’t provided, like coffee pot, coffee, mugs, spoons, sugar, creamer pods, first aids supplies of band aids and antibiotic cream.
Finally, bring cleaning necessities for the accidents that always happen: paper towels, small broom, dustpan, rags, small bucket.
And don’t forget pet supplies: food and water bowls, several days food only, any of their medications and a toy.
11. Wrapping up the home you’ve just left — Julie Novak
Once you’ve moved, you’ll want to ensure you’ve left your previous place of residence “broom clean,” whether it’s for the new homeowners or tenants. Be sure the following items aren’t packed and easily accessible: furniture sliders, straps, small “dolly” for moving furniture, cleaning supplies and vacuum, a complete serving set (four plates, cups, forks, knives, spoons, etc.), cash to tip the movers and a corkscrew to celebrate at the end of the day.
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What does a contingency period mean?
Like any industry, real estate has a ton of lingo that isn’t common to most people. To me, it’s incredibly important that someone who is buying or selling a home has all of the information and resources that they need — before the stakes get high! There is nothing worse than trying to make a difficult decision when you are unfamiliar with the terms.
When I am working with both buyers and sellers, some of the most frequently asked questions are about contingency periods. These are lengths of time written into the contract in which one of the parties has the option of voiding the contract without penalty.
There are many different types of contingencies, and they can vary greatly depending on the contract. No two contingency periods are alike! However, there are some that are more common than others, so here is a quick guide to the top three contingencies that I am asked about most often.
1. Inspection Contingency
In some home sale contracts, there is an agreed-upon number of days in which the buyer can hire a licensed inspector to examine the home for defects. Sometimes the contract allows for the buyer to void during this contingency period, and sometimes there is also the option to negotiate repairs with the seller. If the buyer chooses to either void or negotiate, they must provide the seller with a report from a licensed inspector. In a hot “seller’s market,” buyers can sometimes make this period very short, or even waive it entirely, to appeal to the seller.
2. Financing Contingency
This contingency protects the buyer in case something happens to their loan. Changes in things like a buyer’s employment or credit could potentially put the loan in jeopardy. If there is any risk of this happening, it is important to have this contingency in place so the buyer is not bound by the contract terms. Depending on where the buyer’s loan is in the lender’s pre-approval process, this contingency can be confidently waived in some instances.
3. Appraisal Contingency
An appraisal contingency gives buyers security in case the appraisal from the bank does not come in at the contract price. The bank wants to know that the loan they are approving is worth it. So, if they conduct an appraisal that values the property less than the contract price, the buyer either needs to make up the difference or come to an agreement with the seller. Without an appraisal contingency, the buyer is responsible for what they agreed to in the contract — with or without a loan. An appraisal contingency protects the buyer in case the bank will not allow the loan to go as high as the contract price.
This is by no means an exhaustive list and please remember contingencies can vary greatly from one offer to another. Each buyer and seller should work closely with their Realtor to decide what is best for them in each particular situation.
To learn more about contingencies and other real estate topics, we will be hosting a Virtual Happy Hour on April 22. We will be joined by a lender and a home inspector, and we will answer all of your questions about real estate! For an invitation, please send an email to Lori@thepeelegroup.biz.
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 clients through the challenges of buying or selling a home.
Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.
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Pest & Plant, The Art of Attraction
Author: Matthew Zuccari, TLC Design
As we begin to shake off what will hopefully be the last of a wet, snowy season, days are becoming longer and warmer, the buds are breaking on trees, and blooms are unfolding from their winter retreats. Along with all these beautiful natural forerunners of spring come some not-so-welcome changes as well – especially the return of awakening home and garden pests. Just as we humans become more active and energized during these sunny days of early spring, all types of ants, aphids, mosquitos, and other bugs are as well. Being less welcome than most other guests in the house, homeowners will often select the most effective, readily available solution to get rid of their pest problems; usually this includes harmful chemical compounds that require careful contained use to avoid a laundry list of dangerous adverse effects.
However, for those of us who enjoy spending time in our property’s greenspaces, solutions for spring pests may be as simple as some inspired planting options. There are many plants that can be incorporated into the landscape that offer pest-repellent properties. Most pesticides on the market will feature plant-based oils or chemicals in their extensive ingredient lists, therefore, it makes sense to utilize these benefits directly from the source. However, most homeowners do not have an extensive enough pest problem to dedicate their whole garden solely to plants with repellent properties. It is my suggestion that homeowners looking to add pest-repellant plant material to their property make their selections based on one of the following two properties: Would they like plants to be culinary or cosmetic?
Some of the plants best at repelling pests from your property are equally at home in the pantry as they are in the garden. For seasoning lamb, I recommend a few sprigs of rosemary as a garnish. For repelling snails, slugs, rats, cockroaches, and mosquitos, I recommend planting this fragrant herb near your entryway. The smell of garlic and onions caramelizing is enough to attract many to the kitchen, but a row of either planted in the garden will help deter root maggots, beetles, cabbage loopers, rats, and rascally rabbits from your other vegetables. It is only appropriate that basil and oregano, two of the most dynamic, widely-used spices, are also able to repel one of the longest lists of pests: flies, fleas, beetles, aphids, asparagus and cucumber beetles, cabbage butterflies, mosquitos, and more.
It is quite convenient for we humans that many of the oils that make these plants palatable for our diet as vegetables, herbs, or spices, are as repulsive to pests as they are enticing to us. There are many other plants familiar to most entry-level cooks with oils that help repel pests in the home and garden: chive, chamomile, dill, fennel, lettuce, parsley, peppermint, radish, sage, thyme, tomato, and even tobacco, to name a few. However, don’t expect a sparsely planted spearmint plant to fight off the entire spring rush of critters into your home. Dense plantings thick with multiple plant selections from above are best suited to help repel the longest lists of pests year-round. Much like a recipe, the ingredients of a garden are best served rich and blended.
The second, more obvious, quality by which you could select your pest-repellent plants is cosmetics. As the old argument goes, there’s no reason to sacrifice form at the cost of function, especially in one’s curb appeal. Luckily, many of the plants best known for repelling insects, rodents, and other pests, are both repulsive to them and attractive to us; there’s a wide palette of shapes, colors, and styles to help build a landscape that is selective in its invitation.
With their rich clusters of red to orange to yellow blooms, marigolds have been a classic choice for gardeners looking for sun-loving summer annuals. Though there is little scientific evidence to support claims, marigolds have been touted for generations as having pest-repellent properties. Old green thumbs will swear that marigolds will help repel ants, beetles, nematodes, rabbits, and a long list of other critters from your garden; often, they will recommend filling spaces in your vegetable garden with marigolds to help melons, cucumbers, basil, broccoli, and tomatoes grow well.
Soon, planter beds, garden centers, and any space with a fistful of soil will be filled with rich arrangements of geraniums and petunias to mark the arrival of spring and summer. With a rainbow range of colors, shapes, and sizes, it is easy for homes and businesses to incorporate these annuals into alluring displays. While the flowers help attract guests, customers, and neighbors, they will also help repel aphids, beetles, hornworms, and earworms. Geraniums and petunias are often planted alongside corn, cabbage, grapes, and roses to help in their development.
Arguably the most beautiful of pest-repelling flowers for the garden is the chrysanthemum. A staple of both eastern and western gardens for centuries, these elegant blooms add their signature flare to flower beds, pumpkin patches, Amish markets, corsages, Japanese-styled tattoos, and any place in need of lush radiance. While being full of joy and optimism, mums are also full of pyrethrin – a compound that repels fleas, ants, ticks, beetles, and more. In addition to those above, there are enough flowers out there to build a beautiful bouquet of pest-resistance. Some other pretty pest-fighters include dahlias, four-o-clocks, nasturtiums, borage, catmint, and daffodils, just to name a few.
In summary, whether they are for cooking or contemplating, pest-repellant plants can bring other great benefits to your property. The fantastic oils in these plants that help repel unwanted critters are also able to create amazing culinary palettes and enticing aromas. Just as one builds a recipe or a bouquet, these plants are enriched through cohesion; adding together pest-repellant plantings of various flowers, grasses, and shrubs creates a vibrant, living tapestry of form and function to be enjoyed and admired for years. When selecting a landscape professional to help with your next pest-repellant planting, ensure you find a passionate individual who understands and respects the beauty in ecological cohesion.
PS: On the note of pests, for any local gardener concerned about the arrival of the infamous BroodX of cicadas, biblical examples of smoke and fire as repellants may prove excessive. Though their noisy presence is dreaded by humans, most of your plants are ready for it. Cicadas are usually only able to finish off plants already struggling, so don’t worry about them wiping out your property à la Old Testament. However, many of us are still inclined to protect those new pansies and geraniums. To give your plants an extra layer of protection all summer, I recommend picking up some neem oil concentrate from your local garden and following the instruction label guidelines for mixing with water so you have a ready supply through the season. A gardener’s best friend, neem’s pest-repellent properties have been valued by humans for centuries.
Tactical Land Care
Tactical Land Care is net-zero to help protect our world and environment for all of us. We specialize in sustainable construction, conservation landscaping, and stormwater management solutions, including permeable hardscape and rain gardens. By working together, we can maximize the ecological benefit of your property.
Your yard endures a twelve-month cycle and our team at Tactical Land Care stands ready to work with you on all your fall and winter maintenance needs. Please give us a call at 703-879-7091, or email us at info@tacticallandcare.com, where someone from our TLC team will develop a plan with you to help enhance your yard or property for many years to come.
Patrick Moran, PMP, LSC, HIC, LEED | CEO Tactical Land Care
Patrick utilizes his passion for the outdoors along with his professional skills as a licensed Landscape and Home Improvement contractor in Virginia and Maryland, as well as a Project Management Professional (PMP) and LEED Green Associate. Patrick has a BA from Yale University, where he studied climate change and its impact on society.
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Have the stars aligned for downsizing?
Despite the pandemic, or partly because of it, the seller’s market in real estate has continued. A several-years-long trend toward fewer houses on the market has only become a more acute shortage. As we all obeyed stay-at-home orders, even fewer of us were selling our houses than in prior years.
As safety measures became standard protocol, however, buyers and sellers returned to the market after the first month or so of C-19. But more buyers than sellers returned, and the number of homes for sale remains extremely low. The overall effect has been that prices have accelerated, and most well-maintained homes are receiving multiple offers when they go to market. It is tough to be a buyer these days — but great to be a seller.
That dynamic can keep a seller from considering a move, since they will likely become buyers for their next house. When you look more closely, however, it could be a wonderful time to move to smaller housing. The statistics show that the housing shortage is most acute in the single-family arena. The number of detached houses, in particular, is way down over previous years, followed by townhouses. That makes sense — shortages have been building for several years, and the pandemic has driven some folks out of apartments/condos and into single-family homes, increasing demand.
Condominiums, however, have not had as much demand. In fact, the supply of condos on the market overall is up from years past. It is much less of a seller’s market in the condo world. I’m not sure it is a buyer’s market for condos, but it certainly is different from the demand for single-family homes.
So, what is the opportunity for downsizing? First, single-family prices have accelerated by as much as 15% in the last 12 months, depending, of course, on location and condition. For many existing homeowners, that means their homes are worth much more — often $100,000 to even $200,000 more. Plus, condos are the softer area in the market, again depending on location and condition. For anyone who was considering downsizing before the pandemic, this could be a wonderful opportunity to sell high and buy low (and close in/”walkable”). If downsizing away from our high-cost area, the benefit could be even more accentuated.
Another factor is the treatment of capital gains taxation on the sale of a principal residence. Every taxpayer selling a principal residence is entitled to an exclusion of gain of $250,000 or $500,000 for a couple. (Read IRS Publication 523 for conditions, and always check with your tax professional regarding your personal situation.) So, if a house has gone up dramatically in recent years, and you are thinking of going smaller, you could have a nice opportunity to go smaller with a great tax benefit. There is, however, a hint that capital gains tax treatment may change under the new administration, so it could be the best time to take those winnings off the table, so to speak.
With the roll-out of the vaccines and the lifting of some restrictions, there is a prospect of life getting back to somewhat “normal.” It might be time to consider — or reconsider — that move to smaller housing. The opportunity right now is to take advantage of the strength of the single-family market, the relative weakness of the condo market and the current very favorable tax treatment of housing gains.
Dad always told me to buy low and sell high. Have the stars aligned for you?
Pete Crouch is a Seniors Real Estate Specialist, which means he is well-versed in all aspects of moving as we age. His own downsize gave him tremendous insights into what is involved, from emotional matters to real estate considerations. Pete is a Board Member of At Home in Alexandria (AHA), our local Senior Village, and was the 2018 National Recipient of the “Outstanding Service Award” by the National Association of Realtors for his work with Senior Moves. Text 703-244-4024 or email PCrouch@McEnearney.com for a copy of his Downsize Alexandria! Booklet about living more simply in Greater Alexandria.
Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.
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How Do I Create An Outdoor Room?
Think about how you will use the space.
What are you trying to create? Additional living space, scenic views, privacy — all of the above?
The first thing an outdoor room does is provide additional living space with the added bonus of enjoying nature — the warmth of the sun on your face (wear sunscreen, you’ll thank me later), the chirping of birds (wow, loud!) and, yes, the occasional red fox trotting by during morning coffee. I’m used to Mr. Fox now. Initially startled, it quickly became clear that he had places to go and no time to bother with me. I look forward to his next visit. And the greatest entertainment has to be Chip & Dale who chase each other through the flower beds and occasionally peek out from under the chair as if to say, ‘We’re back for another summer of fun!’
Group your space according to the way you’ll use it. For me, that’s a conversation circle — chairs arranged in a circle (or square) to chat with friends (socially distanced, of course) or to sit and read decor magazines. The lounge chair is essential for a 15-minute power nap.
Bistro tables for an intimate dinner for two or pushed together for larger gatherings provide a fresh take on dining throughout the day — complete with an outdoor grill, which makes for easy kitchen cleanup. The umbrellas over the two bistro tables provide shade from the sun and keep a light drizzle from spoiling a meal or sending me inside. Hang a lantern under the umbrella for evening dining.
Before, during and after patio construction
You’ll need a quality contractor. Choose a patio material like flagstone or brick and determine the amount of space you have to work with. Go as big as you can — you want to be able to walk around without bumping into furniture. And don’t forget to put a PVC pipe under the patio to run wires for landscape lighting because that, my friend, is the secret to the outdoor room lasting long into the evening. Bring out a Bose wireless speaker and a few citronella candles, and you can rock the night away. Add a firepit or heater and extend the season (though a mohair blanket and a hot drink work, too).
For the landscape plan, think spring, not summer, for planting, and remember to constantly water the new trees, bushes and plants while they establish roots. Delight in blooms and color, but start with evergreens as your base. The green wall offers privacy and fabulous views even in the winter.
An essential element of the outdoor room is how it looks from inside as it draws your eye outward and makes the interior feel larger for extended, blended living spaces. Low windows and/or patio doors help create this seamless outdoor room extension.
Enjoying nature… 1) Azalea season; 2) and 3) Mr. & Mrs. Cardinal as viewed from inside; 4) Winter landscape with lighting
Give some thought to bloom timing. What blooms early spring, late spring and summer? What changes color in the autumn? (Fire bush!) What will stay evergreen all winter so you always have a serene view and privacy? Enjoy the evolving personality and color as you time the blooms. A professional landscaper — most garden centers have them — can guide you on bloom timing.
Susan Craft is a licensed real estate agent with McEnearney Associates, Inc. in Old Town. Her success has been built on the art of listening and providing excellent personal service to deliver the results people want, expect and deserve. For a no-obligation consultation, call or text 703-216-4501 or email susan@susancraft.com today!
Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.
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