Whatever lifestyle you want to lead in your Golden Years, there’s a way home.

As we age, our housing needs and preferences evolve. For many seniors, part of that evolution involves choosing the right retirement community that can significantly impact quality of life, access to care, and overall well-being. 

Retirees are a significant demographic with wide-ranging financial resources, and retirement living is as varied as the residents they serve. Last week we looked at the option of aging in place, and we’ll now review options for those ready to leave home maintenance responsibilities behind. It takes planning and research to find the right kind of property and community to ensure the lifestyle you’re envisioning so we asked a few of our Associates who work with seniors about what to consider when making a retirement move.

The Downlow on Downsizing & Starting the Search

They say you can’t take it with you… but would you really want to even if you could? Downsizing can be an emotional, cumbersome, and time-consuming process but it can also be deeply satisfying and a little preparation will go a long way. Our agents advise the same thing when it comes to preparing for retirement living: start downsizing and start early. 

Debbie Miller, an Arlington Realtor® and Certified Senior Advisor, has written Doing The Right Thing: Simple Solutions, Essential Tips & Helpful Resources for Assisting Aging Loved Ones, a guide for finding “right-sized” living, and was featured in the “The Next Chapter” Senior Care Transitions Podcast and advises clients on managing the process from beginning to end.

“It’s important to bring in help as early as possible before someone makes those decisions for you,” Debbie said. “It can take up to a year to do the research on finding the right community, time to prepare your home for listing, and time to make the move.”

Peter Crouch of Crouch Realty Group has extensive experience guiding clients through retirement moves – he was awarded the National Association of Realtors® Senior Real Estate Specialist® (SRES) Outstanding Service Award in 2018 for his expertise –  and echoes Debbie’s advice. “It’s a huge learning curve. Some of these folks haven’t moved in 40+ years so it’s going to take time and assistance to work through the process.”

Realtor® Martha Floyd of McEnearney’s McLean office has worked with many clients who have made the move to retirement housing and offers these tips:

• Identify the space you’re moving into to determine which furniture will make the most sense in the new layout.
• Consult with your agent about resources and vendors – like Ararity, a local downsizing company – focused on who can take items for consignment, donations, and even for junk.
• Employ the Four Sort Method. Get four large boxes labeled Keep, Donate, Sell, and Trash/Recycle.

Martha suggests retirees work with a family member or their trusted advisor (often their real estate agent) to determine the criteria most important to ensure an easy transition to a new home. “Pay attention to the different pay structures at retirement communities,” she advises. “What is the monthly fee, what does it cover? What amenities are available? Are there different levels of care provided? How close to my current home is the new location to the shops and services I currently visit?” 

Peter noted that while some people might prefer to age in place, a drastic event like a fall can precipitate a move they weren’t prepared for. “You want to be in control of your future,” Peter counsels. “If you make your choices early you will have a better chance at being where you want to be, aging in a comfortable environment with the right care and people to spend quality time with, instead of being isolated.”

Once you’ve determined what will come with you and what type of lifestyle you want, the next step is to determine what kind of community fits your retirement vibe. 

Age-Restricted Housing

Age-restricted housing is residential communities that legally limit residency to a majority population of older individuals—typically 80% over a set age, usually with a minimum of 55 years old. We say “legally limit” because under the Fair Housing Act, age is a protected status against discrimination. Therefore, in order to qualify for the 55 or older” housing exemption, a facility or community must satisfy each of the following requirements:

• At least 80 percent of the units must have at least one occupant who is 55 years of age or older; and
• The facility or community must publish and adhere to policies and procedures that demonstrate the intent to operate as “55 or older” housing; and
• The facility or community must comply with HUD’s regulatory requirements for age verification of residents.

Operated through a homeowners or condo association, age-restricted communities offer a variety of amenities to residents that can be as luxurious as gated entries, golf courses, walking trails, dining clubs, and spas to more general offerings like fitness centers, community lounges, and scheduled group activities. As with traditional real estate, the more amenities included the higher the monthly association fee, so budget accordingly! 

The stringency of the rules varies based on the individual HOA bylaws and can restrict the ages of visitors and how long they can stay, or if a younger spouse is permitted to stay in the community following the death of their senior partner. Just as with any property purchase, it’s important to read the fine print in a community’s bylaws to ensure the best lifestyle fit.

Assisted Living Communities & Continuing Care Retirement Community (CCRC)

Some 55+ housing include an option to age into assisted living, where residents have their own private apartments or villas but can access help with activities of daily living as needed. These communities often include meal plans and may offer nursing care options. Memory Care Communities specialize in care for cognitive decline and cater to seniors with cognitive impairments, such as Alzheimer’s disease or dementia. These communities provide specialized care and support, focusing on cognitive stimulation, safety, and assistance with daily activities.

“Many folks want the security of all of the options in one place,” Peter shares. “They may be independent now, but want their housing to include all the care options they might eventually need.” For those seniors, a Continuing Care Retirement Community (CCRC), also known as a life plan community, delivers independent living with various lifestyle amenities and access to onsite higher-level care as medical needs progress. Residents may enter these communities as part of the 55+ crowd who live independently in their own units, and as they age will move to smaller units within the community for increased staff assistance as medical situations dictate. The living environments as care progresses could be private or semi-private rooms and include adult day care, memory care, nursing home, and respite services.

Making It a Family Affair

Debbie, who has years of personal experience in helping her own family members move in their golden years, said it takes careful planning and communication to make sure the process doesn’t get overwhelming. “The decision is yours to make but it’s important to rely on those you love and trust to help make it as stress-free as possible.”

And for children or other confidants who are called to assist a senior, remember your role in this milestone move. “Don’t be afraid to ask the questions but understand that your role is to support, not to interfere or control,” Debbie advises. 

Remember that it’s normal to expect some bumps along the way, “A lot of this will be emotional,” Debbie cautions, “But if you understand the options available and give yourself the time to make the right decision, the easier it will be to understand the process and manage it the best way for you.”

Many of our Associates specialize in helping clients find their best senior living community. If retirement is your next chapter, let a McEnearney Associates | Middleburg Real Estate | Atoka Properties agent help you make that next move.

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

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There are different options for living out your Golden Years at home with benefits for more than just homeowners.

A first home purchase. Moving to a larger home. A major remodel. Downsizing. And then…

There are as many stages to homeownership as there are stages in life. Major milestones throughout careers, families, and financial circumstances often go hand-in-hand with changes in the type of home required or desired. And for many Baby Boomers and older Gen-Xers, retirement is the next milestone on the horizon. 

According to the National Association of Realtors (NAR), the 65-or-older segment now represents an important 15% of the population with numbers growing beyond 20% by 2050, and seniors are the fastest-growing population group in the country. According to a January 2024 report from Senior Housing News, nearly 60% of respondents to a summer 2023 survey by the American Seniors Housing Association (ASHA) said they were considering a move that potentially included transitioning to a senior living community within the next four years. But a total of 92% of respondents agreed or strongly agreed that remaining independent and self-sufficient was important to them, and just under a quarter of respondents said they preferred to live in their own homes.

Aging In Place and Senior-Sharing

For many retirees, moving simply isn’t an option. Whether it’s to retain the equity in a paid-off property; the cost of moving to a new community; leaving a circle of trusted friends, family, doctors, and vendors; the lack of nearby retirement-living options; or a desire to remain living independently, many people choose to stay in their current homes and adapt it to fit their requirements as mobility and accessibility needs change.

Ideally, one-level living offers the safest living floorplan with fewer stairs to navigate, but homes can also be modified with chair lifts (basic lifts cost between $2,000-$5,000) and elevators (cost ranges widely but are generally $20,000-$50,000). While these additions aren’t currently covered by Medicare or most insurance policies, there are grant programs and community groups that can help defray installation costs, including one offered through the Veterans Administration. Homeowners can also check with their local Department of Housing and Urban Development (HUD) office to see what grants are available in their area.

Aging in place is more than just adapting a home, it’s also about knowing you’re connected to your community with a trusted and caring network. The Senior Villages initiative of Washington, DC is a neighborhood-based nonprofit supported by volunteers that “makes it easier for older neighbors to continue living safely, comfortably and actively in their own homes and connected with their neighbors.” Residents can search for Villages in their area and find other resources for helping seniors thrive and get out and about in the community. At Home in Alexandria (AHA) offers a similar volunteer program, connecting seniors with local experts to help with home maintenance, technical assistance, and running errands.

One of the benefits of keeping a larger home in retirement is the option to bring in others to share in the upkeep and costs, whether they be family members, good friends, or renters. Senior-Sharing is growing in popularity, whether it’s with other seniors or intergenerationally where seniors are paired with college students or other young adults. 

For example, Montgomery County’s Housing Initiative Program has a home-sharing option that matches senior homeowners and renters to “reduce social isolation, create monthly income for homeowners, and offer new affordable housing options for home seekers.”  In some cases, light housekeeping – raking leaves, clearing snow, doing errands, and shared transportation – can be bartered for a reduction in rent. In Virginia, Fairfax County’s 50+ Community Action Plan has many housing initiatives, from adapting homes for accessibility and connecting seniors who want to share their home with other seniors or local residents. 

Affordability & Additional Resources

Affordable housing is a challenge, and this is even more acute for would-be and current retirees working with a fixed income, savings, and retirement resources that need to last for an indefinite period. AARP has a great online tool to find subsidized rentals and rent relief programs, connecting seniors with grants and affordable housing options in your area. (In fact, they have an entire section devoted to senior housing resources.) Here are some local resources that provide an overview of housing, lifestyle, and services for our DC, Maryland, Virginia, and West Virginia seniors.

Positive Aging Community – Founded in 1990 to provide individuals, families, and professionals with the most comprehensive listing of every retirement community, assisted living, nursing and rehab center, and home care option in the DC, Northern Virginia, and Suburban Maryland.

Alexandria Housing Crisis Assistance – Information on rental assistance, state funded resources for rent and mortgage relief, housing for seniors and persons with disabilities and the Senior Rent Relief Program.

Arlington County Housing Options and Resources – Resources for at-home retirement living and care, nursing home options, and other health and social services connections.

DC Department of Aging and Community Living – Links to various programs, events, and resources for senior living in The District.

Fairfax County Redevelopment and Housing Authority – Senior Housing Residences – Rental properties and assisted living facilities for people aged 55+ or 62+.

Loudoun County Health and Human Services – Various resources for housing and relief programs.

Maryland Department of Aging Housing Services – A roundup of community housing programs for seniors, CCRCs, and senior living subsidy programs.

West Virginia Bureau of Senior Services – Focus on the changing needs of older West Virginians with programs that promote health, dignity and independence.  

Many of our Associates specialize in helping clients find their best senior living community. If retirement is your next chapter, let a McEnearney Associates | Middleburg Real Estate | Atoka Properties agent help you make that next move.

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

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For those following the news, many consumers are aware that the National Association of Realtors® (NAR) entered into a settlement agreement with plaintiffs in a lawsuit over how Realtors® are paid. The settlement effectively ended the common practice of home buyer’s agents automatically being paid a cooperating brokerage fee from the amount the seller agreed to pay their listing brokerage. Under new NAR rules, a buyer may now negotiate with a seller to have the seller pay the buyer agency fees, or the buyer may pay the buyer agency fee directly to their agent, or negotiate a combination of the two.

Time will tell what the overall impact of the new compensation practices will be on buyers and sellers, but we do know that some buyers will now be saddled with higher cash requirements for their transactions. Prior to the NAR settlement, the buyer’s agency fee would have been paid by the seller. Although it was always the case, the seller can choose not to cover those fees and the buyer can expect to be responsible for that additional expense.

Traditionally, the total fee to list a property for sale was typically split between the listing brokerage and the buyer’s brokerage. And note that as home sale prices have increased, the percentage of brokerage fees on average have decreased. Now, at whatever level, the fee may now be an additional cost that requires the buyer to bring additional cash to closing.

How will these changes affect a buyer’s purchase power? In July 2024, the median sales price for a single-family home in the Washington Metropolitan Service Area (MSA) was $652,600. A 5% down payment for a first-time homebuyer would be $32,630. Closing costs would be approximately $16,654. The cash outlay by the borrower would total $49,284. If the buyer must now cover the cost of, for example, a 2.5% buyer agency fee, the total cash outlay for the purchase would increase by $16,315 to $65,599. That is a 33% increase in the total cash required. Some potential purchasers will not be able to cover that additional expense.

Again, time will tell how the new compensation practices affect buyers and sellers overall. In the meantime, Realtors®, lenders, and other real estate professionals are working together to ensure buyers and sellers continue to receive clear, accurate, and informed guidance throughout their transactions. Please reach out to me or my colleagues at Atlantic Coast Mortgage to have a conversation about your real estate goals and the best way to achieve them.

Brian Bonnet

SVP, Sr. Loan Officer, NMLS: 224811

Atlantic Coast Mortgage, NMLS: 643114

O: (703) 766-6702 | M: (703) 304-0188

Email Me

Notice: This is an advertisement and is not a commitment to lend. Contact a loan officer today to explore the financing options specific to each borrower.

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Real estate agents across our region are working together to educate homeowners about the affordability and benefits of renewables while increasing home values, one property at a time.

In 2022, DC became the second major city in the country after New York City to enact a ban on natural gas in an effort to curb carbon emissions. Emissions from buildings account for 75% of the pollution in DC and residential properties are responsible for 33% of those greenhouse gas emissions, giving homeowners a stake in helping to bring pollution  levels down by choosing high-efficiency electric appliances and incorporating renewable energy resources into both home improvements and new construction. 

A study released by the National Association of Realtors (NAR) showed that agents report that 45% of their clients are very interested or somewhat interested in sustainability. But where can residents get information about how to take action to reduce their homes’ carbon footprint and get to net zero emissions?

Enter a collective of real estate agents from across the area who are working together to get their clients connected with the initiatives, resources, and funds to help homeowners take concrete steps to fight climate change in their own homes.

James T. Kim and Jane Crosby-Bartnick are two of the agents leading the way as part of REALE (pronounced “Really”), a group of real estate professionals from different brokerages and real estate-related companies who believe “agents, as trusted advisors to homeowners and renters, with strong connections to their communities, can lead the effort to decarbonize our neighborhoods, one healthy home at a time.”

Part of James’ interest in REALE was born out of the Inflation Reduction Act of 2022, which offered citizens a number of tax credits to be used with different renewable sources of energy. Specifically for homeowners, there are credits relating to solar and wind power, energy efficient home improvements, home energy updates, among many others. James realized that many of his clients weren’t aware of the IRA credits and wanted to find ways to connect them with opportunities to put these credits – often worth several thousands of dollars – to work in their homes.

James connected with his McEnearney colleague Jane over the innovative net zero renovation of a 100-year-old home, by one of James’ clients Vanessa Bertelli.. Jane,  who has extensive eco-credentials and designations as a LEED Green Associate and TRUE Advisor certified through the U.S. Green Building Council and Green Business Certification, Inc. was very interested in the eco-upgrades of Vanessa’s home. Together, James, Jane and Vanessa co-founded REALE which became one of the initiatives of Electrify DC, a local nonprofit whose mission is to make it easier, faster and more affordable to decarbonize all homes. 

“Real estate agents are the real grassroots when it comes to efforts to fight climate change at the local level,” said Vanessa who is Electrify DC’s Executive Director. “Their deep connections with their communities and the trust homeowners and renters put in them make real estate agents key in the necessary electrification of our homes.” 

REALE offers collaboration across brokerages, allowing agents to share what they’re hearing in the market about clients’ questions and interests, and where the most education is needed. “We’re the ones guiding renovations. We’re the ones in touch with contractors,” said James. “We can be advisors in how homes can be focused on sustainability and affordability.”

REALE is growing its knowledge base, building a resource hub and connecting with lenders, appraisers, and builders who understand the growing desirability and demand for renewable housing features and how they affect home values. Electrify DC just hosted its inaugural annual Healthy Homes Fair, a free expo and interactive experience for homeowners, renters, home renovation professionals and career seekers to learn about sustainable products and services, increase comfort, and reduce emissions in the DC region. 

“Clients see us as a resource and we can show them how to save money, make our homes healthier and add more value to their homes,” Jane adds. “Even if a client isn’t interested in environmentalism, we can help educate them in ways they can help.”  

“If you can talk (to homeowners and buyers) about the ways that they can save money, offer a good return on their investment, improve their life and the lives of their kids, it’s worth having that conversation,” Jane said. “It’s not about politics. It’s educational and a real way they can improve their communities.”

REALE expects to grow beyond the DC-region as consumers look for guidance on making their homes more sustainable while increasing value. They continue to work with officials at local, state, and Federal levels to expand partnerships and initiatives aimed at educating the public while also bringing more agents into their ranks to spread the word. 

“Agents know the market trends,” James explained. “Not just where those trends are going but how to take economic advantage of smart renovations and tax credits available.”

Reach out to a McEnearney Associates | Middleburg Real Estate | Atoka Properties agent to learn more about how to find or create a home that’s sustainable and healthy for your family and your larger community.

(Dig deeper in The McEnearney Blog: Meet Jane Ellen Saums, another Realtor® who is bringing sustainability knowledge to her clients.)

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

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One of the most important players in a real estate transaction often flies under the radar: The Appraiser.

How do you know that your home was worth what you paid for it?

How did the bank determine if the loan was secured properly?

How did the seller and their agent come up with the list price in the first place?

The work of one person – an appraiser – answers the above and represents the grease that keeps the wheels of real estate turning. An appraiser is an independent, impartial, and objective professional in the mortgage transaction who develops a report which is a credible, reliable, and supported opinion of value. The work that they do has a direct impact on how much buyers might pay for a home and whether a loan may be approved at all for the property.   

John Chapman, co-owner of Omni Appraisal Services based in Fairfax, VA who has over 30 years of appraisal experience, recently spoke to a packed audience of McEnearney Associates | Middleburg Real Estate | Atoka Properties agents who turned out to hear how appraisals may be affected by National Association of Realtors® (NAR) changes in how buyer agents are paid for their services, among other topics.

“Our job is to reflect what’s going on in the market,” Chapman explained. “We’re not creating the value, we’re just reporting what we see in the market.”

Data used in an appraisal report is culled from various sources, the most important being information shared by agents. Chapman explained that appraisers are looking at previous comparable sales transactions, called “comps,” for as much detail as possible in the listing notes. Appraisers want to see hard data like plats, surveys, list of improvements/renovations, an array of pictures of the property, and whether there were multiple offers. But appraisers are also looking for insight agents may have gathered in their own research on the comps used to set a price. This could include details such as whether the home is being sold in a divorce (which could decrease sales prices), if there was an odor (such as from smoke or pets), what traffic noise could be heard from the property, and what concessions may have been offered to the buyer. 

“Each situation is case-by-case,” Chapman said when asked about the deciding factors in creating a report. “There are all these little clues that I’m trying to piece together that come up with my value report.” 

Beginning August 14, concessions from a seller could also include money to pay a buyer’s agent’s fee. Historically, those agent fees were paid through “cooperative compensation” whereby the seller’s brokerage shared a portion of the sales commission earned with the buyer’s brokerage, and this commission amount was advertised in a local multiple listing service (MLS). But recent NAR changes mean that all concessions – including home inspection repairs, closing costs, and other buyer fees – are negotiable between the seller and buyer within the terms of an offer and not determined at the time of listing. 

Chapman is concerned that not all agents will report concession information the same way, potentially leaving out important comparable cost data that could help in more accurately determining the value of a subject property.

Some complicating factors in determining a home’s value are specific to our region, Chapman noted. For example, because of low inventory there may not be comps for a subject property and the appraiser will have to look further than the standard 3-6 months of sales to find a comparable property. This is especially true for unique properties and homes in the luxury market. There’s also the way that different jurisdictions count square footage, where some include basements and some do not, depending on how much of the basement is above-grade (it gets complicated!)

Chapman also shared that kitchens offer the most value to a property, followed by bathrooms. Green and renewable energy features are starting to become a factor in appraisals because of new lending guidelines to factor their value into a report. 

Also of note: building cost increases due to post-pandemic inflation and supply issues. “It costs more on a per square foot-basis – labor, materials – to build a house now prior to (COVID-19),” Chapman shared. “What appraisers are adjusting for … has increased over the past few years to match the market.”

If you are considering selling or buying a home, here’s what your future appraiser would like you to know.

For Sellers:

• Review your tax record to check for errors or missing information.
• Provide your listing agent with a list of all home improvements and their dates.
• Document features that may not be readily observable, like hardwood floors under carpeting or an easement.
• Understand that what you have paid for home improvements may not equal the value these improvements are given in the appraisal report. A $100,000 kitchen renovation doesn’t necessarily equal $100,000 in market value.
• If you conduct a pre-listing appraisal, expect that it may be out-of-date by the time a buyer’s appraisal is ordered. While you can share that information with the appraiser, it may not have much influence on the final value.
• Be careful about “testing the market” and pricing higher than recent comps. Even if a buyer is willing to pay an inflated price, the home may not appraise at that price and the deal could be in underwriting jeopardy.

For Buyers

• Exercise your right to have an appraisal conducted, even if you are paying cash. This is likely your most valuable asset so you’ll want to know what you have!
• If you have an Appraisal Contingency, stay on top of the deadlines and communicate with your lender about any information you learn through the appraisal process.
• Be prepared that a home may not appraise for the contracted sales price and discuss a strategy with your lender and agent for next steps.

Pricing a home is often likened to “an art, not a science” given all the factors that are used to determine value. The appraisal process helps to put hard data into the mix to give buyers and their lenders the confidence that they are getting their money’s worth. Consult with one of our Associates to come up with a plan to value, price, and close on your home!

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It’s been the hottest year on record. How are you and your home holding up?

There’s no other way to describe it: this summer’s heat has been brutal. The DC-Metro area has been crushed by oppressive heat – The Washington Post’s Capital Weather Gang reported “every metric used to assess heat ranks among the most extreme in records that date to the late 1800s” – while temperature records across the country and the world have similarly been broken. And we still have several more weeks of summer to get through.

Heat, humidity, strong thunderstorms, flooding, hurricanes, and air pollution caused by wildfires and smog are all dangers not just to residents but to properties as well, and some neighborhoods and their residents are more prone to the effects of climate change than others. Urban communities like Washington and its suburbs are particularly vulnerable and it’s important for homeowners and dwellers to do what they can to mitigate how climate change affects not just their health but their homes.

Who Is At Risk?

According to studies by the Environmental Protection Agency (EPA), certain groups are more vulnerable than others to the health impacts of climate change due to social and economic factors like income, age, education, health care access, and housing which can affect people’s ability to prepare and cope with climate hazards. Socially vulnerable groups in the United States include communities of color, low-income groups, certain immigrant groups, and those with limited English proficiency. These groups may be more at risk because:

• They may live in locations that are prone to climate-related health hazards, such as flooding, extreme heat, and air pollution.
• They can have greater rates of existing medical conditions, such as physical disabilities, poor mental health, kidney disease, diabetes, asthma, or heart disease, which can be worsened by climate change impacts.
• They may live in urban and rural areas with poorly maintained or aging infrastructure that may not be able to handle climate-related events. Such infrastructure can include buildings, utilities, and transportation and health care systems. Individuals in these communities may also struggle to access resources and care during and after extreme weather events.
• They may have limited financial resources or cultural, language, or citizenship barriers that restrict their access to health care, social services, and safe, nutritious food.

How To Determine Risk

One comprehensive resource is the Climate Mapping for Resilience & Adaptation site (CMRA), which was developed in 2022 as part of an interagency partnership working under the auspices of the U.S. Global Change Research Program (USGCRP) and with guidance from the U.S. Federal Geographic Data Committee (FGDC). It is funded by federal grants and compiles information from various sources, including the Department of the Interior, Department of Energy, the National Oceanic and Atmospheric Administration (NOAA), and NASA among many others.

At the heart of the CMRA portal is the Assessment Tool, an interactive application that provides statistics, maps, and reports on climate conditions for every county in the United States, while the Climate Resilience Toolkit helps residents determine their specific risk not just to themselves but to their assets, like a home or a business.

Another option from Realtor.com offers homeowners risk assessments on a specific property for flood, heat, wind, air quality, and wildfires through FirstStreet.org, a research and technology nonprofit with expertise in assessing physical climate risk at the property level in the United States.

How to Combat Risks

Local, state, and civic authorities are the frontline for promoting Environmental Justice, a movement that calls for the “just treatment and meaningful involvement of all people, regardless of income, race, color, national origin, Tribal affiliation, or disability, in agency decision-making and other Federal activities that affect human health and the environment.” The EPA cites several ways for citizens to get involved via grants and resources, strategic and community planning, and collaborative resources.

Here are ways individuals can also identify, assess, and combat climate change risks:

• MyMoney.gov offers a roster of governmental resources in an easy-to-navigate format, and includes not only education about environmental hazards but also how to develop a disaster plan, what resources are available after a natural disaster, how to avoid fraud and scams, and how to modify a home to mitigate climate risk.
• The United Nations offers 10 Actions that individuals can take to limit their contributions to climate change and how to get involved on a global level. 
• The World Economic Forum offers tips on climate-proofing homes.
• The Consumer Financial Protection Bureau offers guidance specifically on housing, breaking it down for buyers, renters and current homeowners.

Check out these local organizations who are working on education, prevention and policy in our region:

• DC’s Commission on Climate Change and Resiliency
• Maryland’s Commission on Climate Change
• Northern Virginia Regional Commission (a division of Virginia’s Department of Environmental Quality)
• Fairfax County’s Office of Environmental and Energy Coordination
• West Virginia University’s WV Climate Link
• Climate Change Resources (choose your location)

It can feel overwhelming as an individual to mitigate the effects of climate change, especially if you are part of a community that is bearing an unequal burden caused by climate disasters. Learning about the resources available is the first step in protecting your health and your home for what will come next.

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Changes are coming to common real estate practices. Find out what they are before you buy or list a home for sale.

 If it’s been some time since you bought or sold a home, there are recent changes to the selling process you need to be aware of. These are part of nationwide changes from the National Association of Realtors® (NAR) and how homes are promoted in Multiple Listing Services (MLS) – regional databases across the country that compile information about homes for sale and sold, as well as rental properties that use an agent during the leasing process. Updates are designed to give consumers a better understanding of how they can negotiate fees associated with buying or selling a home and will take effect August 14. 

It’s important to know that in our region Realtors® have been following these practices for decades, allowing for a clear and fair sales process that encourages both buyers and sellers to have their own representation in a sales transaction and negotiate their agent’s fee for service. What has changed is that a broker’s fee is not only more clear to the buyer but can now be a potential negotiating item of the buyer-seller contract, rather than being listed in an MLS as a co-operating fee between brokerages.

Here are some things to be aware of:

Buyers

•  Your first step will be to sign a Buyer Agency agreement that will outline the ways your Realtor® will represent you in your search for a new home and how they will be paid for their professional services.
• Buyers can negotiate many terms in their offer to purchase, including cash concessions from the seller to help cover different costs associated with buying a home. This now includes negotiating for the seller to pay a buyer broker’s fee.
• The Department of Veteran Affairs (VA) announced a temporary policy allowing VA buyers to compensate their real estate agents directly. 
• Not all sellers will consider financial concessions so it’s important to set your home purchase budget to cover all costs associated with the sale, including your agent’s fee.
• Read more at NAR’s resource page for homebuyers.

Sellers

• Your first step will be to sign a Listing Agreement that will outline the ways your Realtor® will represent you in the sale of your home, including how they will be paid for their professional services.
• Your Realtor® will advise you on current market conditions and what will make your home attractive to the greatest number of potential buyers. 
• Sellers can indicate if they will consider concessions to a buyer but they are not obligated to do so. Sellers should evaluate offers to purchase their home based on all specific terms and conditions, which may include a request for cash concessions to cover a buyer’s costs, including their broker’s fee.
• Read more at NAR’s resource page for sellers.

A professional Realtor® is your best advocate and will work with you to develop the strategy that works best for your goals. Reach out to one of our agents to get started on your next move!

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

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One agent’s firsthand report at how NAR’s focus on sustainability is preserving housing inventory and the land it sits on.

The National Association of Realtors® 2024 Sustainability Summit was held in early June in Minneapolis with a focus on initiatives to upgrade our nation’s housing stock, add client value, increase business, and lead on an urgent global issue. As an agent who is committed to helping my clients find new and innovative ways to increase value in their homes and build more resilient communities, I was excited to hear what’s coming to the sustainability market from those working in the sustainability industry.

Realtors® work to help our buyers and sellers navigate myriad changes in an accelerated landscape, something the Sustainability Summit reinforced with each panel discussion. As the organizers laid out in the mission of the conference, “(Agents) understand that sustainability isn’t a box to check, but a fundamental part of our job. Our inventory requires stewardship. The properties we help people call home must be maintained, protected, and updated to grow in value.”

The summit had an emphasis on high-performance homes, which are properties with features that increase energy efficiency, prioritize climate resiliency, and reduce emissions while reinforcing comfort, durability, and a healthy indoor environment. Mentioned throughout the meeting were organizations and resources that provide standards to measure these features, like the non-profit Passive House Institute US, Inc. (PHIUS) and the Department of Energy’s Pearl Certification. These provide savvy agents and their buyer-clients quantifiable ways to compare properties and interpret results. These standards will also help seller-clients leverage these features when marketing their homes.

Forward-thinking speakers dominated the panels, including Rohit Bhargava, the summit’s keynote speaker and best-selling author of How to be a Non-Obvious Thinker (And See What Others Miss), the newest addition to his Non-Obvious Thinking book series. In his presentation he shared, ““Obvious Thinking is the inability to imagine something different, think bigger, be open minded, or shift your perspective” and challenged participants to invest in unconventional thinking to inspire change within the industry and serve the public.

Bhargava’s presentation resonated because while real estate has always been a dynamic field, factors like fluctuating interest rates, reduced inventory, and rising prices are affecting housing sales nationwide. Other influencers such as technical innovations and climate change, and developments in related industries like public utilities and insurance companies, are all moving parts that affect housing and sustainability advances.

Sustainability, stewardship, and home ownership go hand-in-hand, and as housing professionals we work to educate our clients, help them navigate industry changes, avoid expensive or unnecessary pitfalls, and maximize not only a property’s environmental benefits but its investment value as well.

If you are interested in working with a Realtor® who has advanced knowledge about these initiatives, look for agents with NAR’s GREEN or a LEED Green Associate designation as they have completed additional training in issues of energy efficiency and sustainability in real estate. There are many within our McEnearney | Middleburg Real Estate | Atoka Properties family and we’re excited to share our passion for building great communities!

Since permanently moving back to Northern Virginia, JaneEllen McLaughlin Saums developed an intimate knowledge of its diverse communities, and thanks to her  teaching background,  JaneEllen has always educates her clients on the area’s market and housing options, to make sure that they find the best place suited to them to call home. 

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

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Owning a home doesn’t have to be a dream. Check out these initiatives and resources to get buyers in a position to make homeownership a reality.

June is a month for graduations, weddings, and summer dreams. It’s also the month when Realtors® and housing advocates promote various pathways to homeownership, a goal for those who want to build generational wealth and create a place to call their own.

But the truth is that buying a home in 2024 is challenging, and it is harder for some groups to take that first step to homeownership. According to Realtor.com research, low-income earners are 22% more likely to be denied a loan, LGBTQ+ are 25% less likely to own a home compared to all Americans, one in four Hispanic individuals complete the home-buying process entirely in Spanish, seven in 10 veterans are unaware they qualify for a zero-down home loan, and the gap between Black versus white homeownership is worse today than in 1968 when the Fair Housing Act was passed. 

The Census Bureau’s quarterly report for Q1 2024 showed the latest homeownership rate is at 65.6%, down 0.1 percentage points from Q4 2023 and the lowest rate in two years. On May 31 the Biden administration issued a Proclamation on National Homeownership Month 2024, calling upon “the people of this Nation to safeguard the American Dream by ensuring that everyone has access to an affordable home in a community of their choice.”

Put simply, the proclamation states, “Whether they rent or buy, Americans deserve a safe place to call home.” 

Some of the proposed initiatives to make homeownership more accessible include:

• A tax credit of $5,000 per year for the next 2 years for any family earning under $200,000 — money they can put toward a mortgage when they buy their first home or trade up for more space.  
• My plan would also provide first-generation homebuyers with $25,000 for a down payment.  
• A pilot program run by the Federal Housing Administration (FHA) to make it more affordable to refinance a home by eliminating title insurance fees on certain federally backed mortgages, which would save buyers $1,500 at closing. 
• The FHA is now considering positive rental history when making decisions about creditworthiness — ensuring that the people who could qualify for mortgage financing receive it.  
• Advancement in fair housing practices, including by rooting out bias in the home appraisal process, which keeps too many Black and Brown families from enjoying the full financial returns of homeownership.

Homeownership In Our Region

Let’s start with a look at what local buyers are up against. Overall, Realtor.com statistics shows the Washington, DC/Northern Virginia/Maryland/West Virginia region with a median listing price of $640,000 (unchanged from May 2023). The District, which is not a state, ranks the lowest in both our region and the nation at 43.9% for homeownership. There are many factors that contribute to this lower rate of homeownership, including a higher transition rate of people moving in-and-out of the region (9.8% for DC compared to 2.5% nationally). This is partly explained by the number of universities, embassies, research facilities and government contract work that brings short-term residents to the area, but high housing costs are another factor. According to Realtor.com the median listing home price in Washington, DC was $614,900 in May 2024 (trending down -5.4% year-over-year) while the median home sold price was $697,500.

On the other end of the scale is West Virginia, which ranked highest in the nation at 74.7%, thanks in part to home values that are less than half that for the entire country. Again from Realtor.com, the median listing home price in Charleston, WV was $182.500 in May 2024 (trending down -13.1% year-over-year) while median home sold price was $181.900. Comparing the two areas, it’s clear that a buyer’s dollar is going to go much further in West Virginia than DC.

Rounding out the homeownership review is Virginia at 69.9% and Maryland at 70.9%. The average sales price in Northern Virginia in May 2024 was $882,180, up 10.2% the previous year’s average of $800.427, while the median sales price was $760,000 in May 2024, up from $715,000 in May 2023. Meanwhile, the average Maryland home value was $421,804, up 4.0% over the past year.

Where To Start?

Buyers in the DC-Metro area need a strong and strategic game plan to succeed in our competitive and expensive local market. The first step a buyer should take is to hire a Realtor® to assist in their search for a home. Agents have the resources, connections, insight to help buyers navigate the buying process and save their clients from the pitfalls of going into a major financial negotiation unprepared and unrepresented. An agent will connect buyers with savvy lenders who know the best financing and grant programs available and can guide buyers through complicated scenarios with many moving pieces. 

First-time home buyers have it the hardest in this current market, with interest rates higher than they’ve been in decades (although still relatively moderate in the 6-7% rate range), high home prices, and limited equity. But a little bit of research and preparation goes a long way! Both Realtor.com and the U.S. Department of Housing and Urban Development (HUD) have extensive resources to tap, in addition to the advice their agent will offer. 

Putting It All Together

Deciding to buy a home is a personal, economic, and logistical process. It’s not always the right choice for everyone, but for those who have a goal to become a homeowner, put down roots in a community, and begin building financial security through home equity, there is a way forward. Start with a conversation with an experienced McEnearney | Middleburg Real Estate | Atoka Properties agent and see which path is right for you,

Additional Resources for National Homeownership Month:

• PropertyAction.Realtor 
• Northern Virginia Association of Realtors®
• American Property Owners Alliance
• Greater Capital Area Association of Realtors®
• West Virginia Housing Development Fund

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

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No matter how hot the market is, homes listed with a Realtor® garner higher prices and faster closings than those sold directly by owners.

In a hot seller’s market like what the DC-Metro region has experienced for several years, it might seem like all owners have to do to sell a property is to stick a sign in the yard and wait for buyers to stream in. But, according to NAR’s research, For Sale By Owner (FSBO) transactions accounted for just 7% of home sales in 2023, a historic low that tied with 2021 for the fewest number of FSBO listings. 

Even more striking is that the typical FSBO property sold for a median of just $310,000 compared to the median of $405,000 for properties sold with the assistance of an agent – almost $100,000 and 30% less.

To paraphrase “Field of Dreams,” it would appear that selling a home is a lot more challenging than simply intoning, “If you list it, they will come.”

What these FSBO owners discovered is that a buyer liking a home is just one of many steps on the path to closing a deal, and without a professional Realtor® who understands not only the real estate transaction process but also the local market dynamics that shape how deals come together, it can be a long, lonely, and costly process. 

Not All FSBOs Are the Same, Except When They Are

There are some circumstances where a FSBO can make sense, for example in rural areas which make up 14% of FSBO sales compared with 3% in urban areas. Or, if the seller and buyer know each other like a neighbor or family member; 54% of eventual FSBO sellers knew their buyer. 

But by and large, FSBO sellers found it difficult to reach the widest selection of qualified buyers and then manage the work that came once a buyer was interested. FSBO sellers must manage multiple methods to market their home through “word-of-mouth” to friends, relatives, and neighbors making up the majority (20%) of how properties are promoted and a yard sign running a close second (19%). Only 5% of FSBO properties were promoted on a Multiple Listing Service (MLS), meaning a huge number of buyers and their agents would likely never even know that FSBO property existed because site aggregators like Realtor.com, Zillow, or Homes.com pull listing data from MLS feeds.

For FSBO sellers lucky enough to land a buyer who found their needle-in-a-haystack property and then would agree to work with an unrepresented seller, that’s when the real work kicks in. NAR’s report showed that some of the most difficult tasks for FSBO sellers were:

• Getting the pricing right (15%)
• Understanding and completing/performing paperwork (7%)
• Selling within the planned length of time (7%)
• Helping buyers obtain financing (5%)
• Preparing/fixing up home for sale (4%)
• Attracting potential buyers (4%)

Why a Realtor® Matters

With so much stacked against FSBO sellers, why attempt to go it alone? The obvious answer for most FSBO sellers is that they want to save money by not paying a Realtor® fee. However, 75% of all sellers paid a fee to a Buyers’ Agent regardless of whether they used a listing agent to sell their home. So if a FSBO seller is likely paying commission fees while also receiving a lower sales price and carrying costs, the value of hiring a listing agent becomes a lot more clear. 

One of the best tools an agent will share with their seller is a smart pricing strategy. Realtors® live and breathe local statistics and use them to tell a story, one that helps sellers understand where their home sits in comparison with other homes in the market. An agent’s pricing knowledge can be the difference between a property that goes under contract in a week and one that “tests the market” and sits unsold for a month or longer, costing the seller money in the long run.

The guidance a Realtor® provides can also ensure that oversights don’t become lawsuits. Agents use contracts, addenda and other sales paperwork that has been vetted by local Realtor® associations, allowing for clear understanding of terms and conditions. Realtors® are governed by NAR’s Code of Ethics and uphold the highest standards of conduct in working with clients, customers, and colleagues, ensuring that everyone is treated fairly and in the clients’ best interest. 

But the most important role a Realtor® can play for their seller clients is to be a Trusted Advisor who understands the value of a home, both in market dollars and as a significant personal investment. Selling a home is a huge undertaking, both in the logistical and emotional sense, and it’s not easy to navigate a process with so many moving pieces. It’s also why many Realtors® refer to what they do as a “calling,” a deep satisfaction in helping others achieve their real estate goals and pride in building stronger communities with each new sale. It’s what they’re trained to do, it’s what they love to do.

Learn the lesson from many regretful FSBO sellers: to earn more money and have fewer headaches, consult a McEnearney Associates | Middleburg Real Estate | Atoka Properties Realtor® and let their expertise guide you to your next real estate adventure.

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

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