Question: Is now a good time to start a career in real estate?

Answer: Real estate has never been a career for those uninterested in hard work, maintaining focus in the midst of chaos, and having an optimistic view of the future. Why else would anyone take on a job where you don’t get paid until the end of the process? This is a career for entrepreneurs looking to build a business over a long period of time with highs and lows along the way.

But there is no doubt that what realtors are facing now is complex and challenging, tying together economic and health crises with a seismic shift in the way we do business.

No one has experienced what we are going through right now, so in some sense all agents are at the same starting point of learning to sell in the midst of a global pandemic. Of course, agents who were selling during the housing crisis of the late 2000s have a better reference level for what it takes to succeed in a challenging market.

But during the Great Recession it took years for our housing industry to recover and a great deal of overhaul in the businesses associated with real estate to reclaim public trust. That is not the case today, and there are signs that the strength of our local housing market prior to the pandemic — buoyed by low inventory and low mortgage rates, two things that have not changed — is keeping us in a positive position.

As local officials designated real estate as an essential service, realtors quickly ramped up to serve the public in the safest and most efficient ways possible. From stocking listings with anti-bacterial supplies to hosting virtual open houses and guiding clients through remote-access settlements, agents have ensured that CDC guidelines on public interactions have been carefully followed. And the results show that sales are still happening at a hopeful pace.

Local stats from throughout the D.C. area, as compiled by McEnearney’s David Howell, Executive Vice President & CIO, shows that for the last several weeks, contract activity still lags behind that of last year, but the previously very wide gap continues to narrow.

For the week of May 10-16, the total number of newly ratified contracts was down just 14.6% compared to the same week last year. To put that into perspective, the previous week was off 19.3%, and that was preceded by weekly drops of 30.9%, 40% and 45%.

Absorption rates for the City of Alexandria — the rate at which properties went under contract or sold in a 30 day period — in April showed a continued seller’s market, with a 47% rate for detached homes up to $1 Million and 33% for homes over $1 Million, 50% rate for townhomes up to $1 Million and 32% for townhomes over $1 Million, and 49% rate for condos and co-ops up to $1 Million (the news was not so great for condos and co-ops over $1 Million with barely any movement in those properties). While we do not expect contract activity to catch up to 2019’s performance anytime soon, the trend is very positive.

What the last two months have made clear is that our homes have never been more important to us than they are today. They have become the center of our universe — our workplace, our schoolroom, our communications center — providing a sanctuary in a time of uncertainty.

Demographics will shift as a result of our time in quarantine that will necessitate a change in housing: families will grow, couples will divorce, working from home will mean less focus on commuting times, multi-generations will come together under one roof. There will be a lot of movement in the housing market and opportunity for savvy agents at every change in that cycle.

Real estate was key to so many things in our lives before the COVID-19 pandemic arrived. It will take professional, knowledgeable and caring realtors to guide buyers, sellers and renters, through the new market ahead.

If before the pandemic you were considering a career in real estate because you wanted to be a part of something essential, not just to our economy but to our social fabric, then now is the perfect time to start.

If you’d like to learn more about how McEnearney Associates is growing, visit us at www.JoinMcEnearney.com.

This week’s Q&A column is written by Karisue Wyson, Director of Recruiting & Agent Support at McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article, contact Karisue at 703-615-0876 or email kwyson@mcenearney.com.

When we think of home … maybe we think of shelter or, somewhere we like to entertain family and friends. Perhaps it’s a quiet respite after work or a place to enjoy lazy weekends.

But, never before has it been work, school, the place to host online social gatherings, conduct Zoom meetings, field numerous conference calls, “attend” virtual conferences and workshops. It’s never been the place where you shuffle your workspace to make space for the kids to do schoolwork or “attend” an online lesson.

Never have we had to carve out workspaces, clear dining room tables, and breakfast bars, and work from home so continuously that we experience posture issues, strained eyes, and cabin fever. Until now.

We are all learning new ways to use our homes – whether we have a dedicated office or not. So, what do we do if we don’t have a home office? Where can we carve out some workspace or a place where the kids can do homework and study or where different family members can rotate into the space at different times? How do we find a quiet space to host Zoom meetings? Where can we sit, work, and be inspired to innovate and problem-solve?

I recently interviewed a couple of local business owners who had great ideas.

For instance, Niki VanEch, a talented local interior designer and owner of VanEch Studio and Design offered really smart suggestions for clever workspace solutions. She suggested ideas for utilizing corners, small nooks, and even unused wall space where a narrow profile desk or work surface might be installed.

She had a suggestion for converting a modest closet into an office – and, the coolest feature – it had small roll-away barn doors. So, if you are working and need to walk away to focus on something else, you have this beautiful and artistic design element where you can simply roll your barn doors closed.

Another good idea: Creating space under stairs to a basement that is often just a closet (frequently home to old luggage, boxes, and wayward spiders). By removing that long wall beneath the steps, finding a small desk with some shelving and offering cute and useful accessories, and great lighting – it can be transformed from an under-utilized space into something truly inviting and cozy. It is a thoughtfully designed space where one might enjoy a hot cup of tea while reading, writing, or really digging into a project.

Niki even shared some really clever and smart-looking floating desks that can become beautiful design elements in a room.

But what if you feel cramped – you have employed some good ideas but you just need more places to go? You are sick of your proverbial “four walls.”

Gifted landscape architect Pragya Mishra, owner of Artscapes, would ask you to consider what “rooms” you can create in your outdoor space. Can you create space for inspiration, reading, writing, and even meeting outside?

Pragya has helped people with beautiful patios and decks – she has designed small spaces with Adirondack chairs and firepits on a gravel base or just the simple bench or chair beneath a tree. You can get really clever with outdoor lighting and simple pergolas that have power running to them where a fan can be installed to blow the pesky mosquitoes and gnats away while you avoid pesky family members working inside!

Outside can be a great space for conference calls – no barking dogs, screaming kids, other family members on their own Zoom calls, and bouncing sounds, in general. Yes, sometimes we have to contend with the zealous neighbor who opts to mow his lawn right as you start your conference call, but – there will likely always be something with which to contend and at least this way you get a change of scenery and some fresh air.

Pragya even offered some great solutions for townhouses – so, small yards work, too!

Home – even though how we use it has changed – can actually benefit from some carefully re-thought and re-purposed space. If you would like to learn more from either of these bright professionals about great ideas for your home, please reach out to me – I’m happy to connect you!

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.

Question: Other than less activity in the marketplace, how else has COVID-19 changed the way real estate is being conducted in Alexandria?

Answer: Do you remember Spencer Johnson’s book, “Who Moved My Cheese?”

I re-read it for about the 20th time again recently, and it never fails to inspire me to look at my business from a different perspective. Having been in some form of sales for my entire professional career, this is far from the first time I have had to reinvent my normal way of going about my business. Luckily this time I have a terrific company in McEnearney Associates Realtors that is providing the support to make the evolution less difficult.

To highlight a few modifications and validations that have resulted over the past few months:

Professional Photography: This has always been a must at McEnearney — now more than ever. Over 95% of buyers start their home search online, therefore, high-quality photos are essential in having your listing stand out. Not only still photos, but interactive 3-D Virtual Tours where you can move through the home with a click of your mouse, to narrated videos set to music, and my personal favorite, live Facebook and Instagram virtual open houses.

421 S Payne Street, Alexandria, VA 22314 — Offered at $1,350,000

I love the feedback that I received from a neighbor recently on a listing in Old Town Village…

“I watched your live Facebook Open House last Sunday and really enjoyed it! Frankly, I liked it better than an in-person tour because you went into so much detail about each room, the upgrades and improvements, and the exterior of the home and the community.”

Believe it or not… as I was finishing up the live tour and locking up the house, the doorbell rang… it was someone that had watched the live open house and wanted to check it out. She ended up buying it!

Advertising: Since I am not holding the traditional public open houses with groups of people in and out over a three-hour period, advertising has become even more important. Between mailings, print media, email marketing, online advertising, networking agent-to-agent and agent-to-potential buyers, and social media — the goal is to encourage agents and buyers to check out the various methods of viewing a home and to set up a private tour.

Private Showings: These are being conducted by appointment only — one group at a time — with a maximum of three people per party – and are scheduled to avoid overlap. Masks and gloves are required by all parties, and we are asking potential buyers and agents to stay in their cars until their appointment time to avoid contact with neighbors or other parties leaving the home.

Paperwork Signing: Electronic signing has become the norm.

Closings: Settlements are done virtually with all parties in separate locations and include a notary. As of now, the time from contract to closing has been extended a bit to at least 30 days.

Whether you are buying or selling, feel free to contact me to discuss the market, and how I can safely help you achieve your real estate goals.

Lisa Groover is a licensed real estate agent with McEnearney Associates, Inc. in Old Town Alexandria, VA. Having had seven golden retrievers since moving to Alexandria in 1989, she is dedicated to helping other dog owners through the challenges of renting, buying and selling their home.

We are currently in a seller’s market. Home inventory is low and interest rates are, too. You know that this is a good time to sell your house, but you do not know where to begin and the process seems daunting. There seem to be a plethora of real estate agents available; how do you know who is the right choice for you?

Listing Presentation appointments allow you to interview multiple agents for the job of selling your home. Through recommendations from your family and friends, print and online advertisements, or even a business card you stumbled across on the sidewalk, you should be able to narrow the field down to a couple of agents. A good Realtor will guide you in determining what is necessary and what is not before getting your home ready to sell.

I like to call the listing appointment process the 2-step. In the first step, your potential listing agent will come to your house to gain as much information as possible about your specific property. This visit includes taking a lot of pictures, inspecting all of the nooks and crannies of the interior and exterior, asking questions about important features that a potential buyer will care about such as the age of your roof and Heating/AC systems as well as taking note of personal items that will need to be removed from your home while it is being listed and the condition of the kitchen and bathrooms and other features that a prospective buyer considers most when deciding to purchase.

The agent will then compile all of that research to determine what if anything should be done to help sell your house as quickly as possible and for the greatest amount of profit. Before you meet with your potential agent again, she will perform a comparative market analysis to determine the value of your home using recent sales in your neighborhood and other factors such as the size, style and lot, as well as taking an in-depth look at improvements of those comparable properties and adjusting your home’s prospective value accordingly.

Now, both you and your potential agent are ready for the second step. Ultimately, it is your choice what you list your house for since you are the seller. That being said, you do not want to rely exclusively on tax assessments and online estimates that utilize algorithms to determine home prices. In fact, the creator of Zillow sold his own home for 40% less than its Zestimate.

You want an expert opinion on your home’s value, and that is what a good agent will provide. Overpricing a home is the single most detrimental mistake an agent can make when it comes to listing a home since it will affect the final sales price. Along with the potential range of your home’s value, a good agent will come to your second appointment with a personalized marketing plan for you, often in the form of a calendar to help you visualize the timeline for your home’s sale. Included in this presentation will be examples of both digital and print media that will be utilized to broadcast your house to the largest market possible. Information about the importance of staging and its impact on your home’s ability to sell will also be discussed.

The listing agent works for you, so choosing the right one is important. You want someone who is experienced and knowledgeable but treats you as if you are her only client.

Remember, you only have one opportunity to make a great first impression on your future buyer. Be sure to rely on a great Realtor to help you make that impression.

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.

Question: As a buyer, what should I know before diving into the current Virginia real estate market?

Answer: Real estate sales are governed by state contract law and property law. Depending on the circumstances, buyers in Virginia can expose themselves to significant risk if they are not fully aware of their rights and responsibilities.

Virginia is one of only three states that follow the caveat emptor theory for real estate transactions. Caveat emptor is a Latin term meaning “let the buyer beware.” It is a legal principle that requires a buyer to assume the risk for the purchase and conduct the appropriate inquiries before completing the sale.

Sellers in Virginia, and their agents, are merely required to provide buyers with a signed notice of the Virginia Real Estate Disclosure Act, which alerts the buyer that the seller will make no representations or warranties about the property. As a result, sellers are not required to make any disclosures about the condition of the property or adjacent parcels, with the exception of known material defects which would affect the value of the property.

It is the obligation of the buyer to conduct the necessary inspections or to ask the proper questions to uncover any potential issues with the home.

In the “buyer beware” atmosphere what should a buyer do to ensure that they are purchasing a property in good condition? Including a home inspection contingency with the purchase offer allows the buyer to take a close look at the property and its various systems (i.e. heating/air conditioning units, electric, and plumbing) and become aware of existing or possible future problems. When necessary, the buyer may have multiple inspections take place during the home inspection contingency period.

For example, in addition to a general home inspection, the buyer may opt to have a structural engineer inspect the property and give an opinion on the foundation or have a contractor inspect the roof. The home inspection contingency gives the buyer the opportunity to discover systems or appliances that are in need of repair or replacement, or safety hazards present in the home that should be addressed.

During this time of the novel coronavirus pandemic, inspections are still taking place with extra safety and health precautions. Inspectors are wearing protective gear and performing the inspection without the buyer or buyer’s agent present in the home.

Video clips and texts, in addition to the written report, are used to provide information to the buyer about the home’s systems, appliances and structure, and the inspectors are available to discuss concerns and answer questions that the buyer and their agent have.

Following the inspection period the buyer has the opportunity to negotiate with the sellers to make necessary repairs in the home prior to settlement. As an alternative to negotiating repairs, the buyer has the option of voiding the sales contract if they determine they no longer want the property. The buyer is responsible for the cost of the inspection(s), but it is money well spent to gain information on the condition of the property.

Kathy Hassett and Chris Perry, Realtors® with McEnearney Associates in Old Town, have the experience and knowledge to guide their clients through the home buying process successfully and protect their clients’ interests throughout the transaction. Contact Chris Perry at 703-286-1204 or Kathy Hassett at 703-863-1546 today for assistance in your next real estate purchase or sale.