How young is too young to be a homeowner? For the minor children of a top-producing Realtor®, you can’t start soon enough.

Cher Castillo began building her real estate savvy when she was an undergrad at the University of Florida in the late 1990s and found a condo she thought was a great buy at only $40,000. But she needed the help of her mother, who was not enthusiastic about the purchase and passed. 

By the time Cher graduated, that little condo had increased in value to $200,000 and she knew her instincts had been correct. She also knew that one day when she had a family of her own she would encourage them to take the leap into homeownership as soon as possible.

That’s how her sons Cruz and Lincoln both became property owners at age 4.

But before sharing her wisdom with her children, Cher first had to build her own knowledge base. She was finally able to buy her first home after graduating and moving to the DC area at age 22 for a job on Capitol Hill. She beat out 15 other offers and paid $150,000 for a Victorian row home in Eckington that was in need of renovations, which she did herself room by room. 

Along the way, she discovered a love for the property development process and making an income in real estate. She sold the home 2 years later for $450,000 and after purchasing two more properties, she opened her own brokerage at 26.

Fast-forward to the present and Cher’s family includes a blended family of six children, all of whom have an interest in real estate. But it’s the youngest who have – quite literally – become the poster children for building generational wealth through real estate.

Cruz, now 14, became an owner at age 4 with the purchase of a property in Baltimore for the nominal amount of $2,500 (which Cher had negotiated down from $10,000) and without yet doing any improvements have already increased in value to $125,000. 

She asked Cruz, now that he owned a property, what he planned to do with it. He answered, “Renting! That way I get money every month rather than selling it and just get money once.” His ability to conceptually understand the complexities of buying and holding real estate impressed Cher, but Cruz took it in stride. “I listen to you all the time in the car, Mom,” he told her.

Not long after the Baltimore purchase, at age 8 he became the face of Cruz Condominiums, a development with three luxury condos in North East DC. “He really got a turn-key experience in terms of developing and selling with this project,” Cher recalls. Cruz accompanied his mom on project development meetings, renovation tours, and open houses, and was featured in all the property marketing. Cher says that he has a large poster of himself and the condos on his wall at home and is proud to show it off to his friends, who are also curious about real estate.

“We lived on the same block that the condos were being built and kids would come by and ask questions,” Cher says. “They would see my name on the sign and wonder what that meant, and I was able to explain how real estate worked.”

Lincoln followed his big brother and bought his first property in Baltimore City as well and went through the purchase process just like any other buyer, complete with a settlement meeting arranged by an attorney friend of the family.

Obviously, the purchase of real estate property by a minor requires responsible adults to navigate the process, but the homes are indeed in the childrens’ name through an LLC that is connected to a trust that the boys will have access to at age 21. “IF they behave themselves,” Cher jokes. She advises that parents or guardians who want to purchase properties in their kiddos’ names should first consult an attorney and an accountant to ensure legal and financial logistics are buttoned up.

Cher also advises having a trusted Realtor® guide the property search and dig for information about what areas are ripe for investment. “Don’t just buy because it’s cheap,” she cautions. “Is it in an area where development is happening? Is there growth potential? Approach it with an investment mindset.”

She also encourages parents and guardians to involve and educate their children throughout the home

-buying process. “If you are going to do this, walk your kids through it from A to Z so they understand all the parts of the transaction,” she says. “Helping them understand the journey is the part that will make them fall in love with the process.”

To that end, Cher is developing a non-profit she calls Young Moguls, aimed at helping 4-17-year-olds learn how to build a real estate portfolio and generate wealth and equity at a young age. 

The most important thing that Cher wants children and the adults who are guiding them to do is not to wait to buy real estate. “If you show them the possibilities of home ownership as early as possible, they won’t be afraid of it in the future.

Cher Castillo & Family

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Buyers’ Agents are getting a lot of attention thanks to a recent ruling on real estate commissions and it’s important to know why they are crucial to selling a home.

Recent signals by the Federal Reserve to cut rates in the new year are expected to usher in an improved market for buyers in 2024. As interest rates continue to decline it will not only increase buying power but it will also increase inventory as sellers who also need to buy are encouraged by lower mortgage rates to list their properties for sale. At the same time, new home builds are increasing as contractors see their building costs decline.

And with more buyer activity, there will be Buyers’ Agents ready to assist them in the purchase of their next home. Recently, there’s been an intense focus on buyers’ agents’ commissions, thanks in part to October’s Stitzer-Burnett antitrust judgment, which found that the National Association of Realtors® (NAR) and several large real estate franchisors conspired to inflate commissions. The jury awarded damages of more than $1.8 billion and the verdict is being appealed even while similar cases are being filed throughout the country.  

It’s a developing story and one that has many perspectives – sellers, buyers, brokerages, and Realtors® – in the mix. But it’s buyers’ agents who will be key to helping navigate the debate for their clients.

Very simply, a Buyer Agent is a Realtor® or licensed real estate agent who represents the interests of a buyer in a sales transaction. Buyers don’t have to use an agent to buy a home, but most benefit from the knowledge, contract expertise, negotiation skills, and helpful connections during the transaction and beyond that a professional Realtor® provides. 

In our region, a Buyer Agency Agreement is usually the first time a client learns what their agent will do for them during their home purchase process. It outlines the tasks an agent is required to perform as well as what the buyer is responsible for and includes a paragraph about how the Buyer Agent is paid. These agreements have been used in real estate since the 1990s and help ensure that all parties understand the agency relationship – including loyalty to the client, confidentiality about the information shared, fiduciary responsibility, and required disclosures – and offer clients the opportunity to ask questions and negotiate terms before a home search begins. 

But the most important assurance the Buyer Agency Agreement offers is that a client can trust that their agent will represent them to the fullest extent and put their interests first. The seller has their own agent negotiating on their behalf so it makes sense for a buyer to avoid any conflicts of interest by also having their own representative – their champion! – during the sale. In short, a Buyer Agency Agreement ensures transparency and accountability for everyone involved.

Like buyers, sellers can represent themselves, but most hire a real estate professional to list a property and protect their interests during the transaction. In the Washington, DC metro area, the majority of homes are sold with agents, and commissions from these sales are paid to brokerages, most of whom have affiliated agents as independent contractors.

Traditionally, sellers have paid both their listing agent’s fee/commission and that of the buyer’s agent (also called a co-op fee) for bringing a qualified buyer and managing the transaction to settlement. How much commission a seller chooses to pay, and whether to offer a co-op commission, is always negotiable. These fees are disbursed at settlement, meaning both the seller’s listing agent and the buyer’s agent get paid at the end of the transaction. In the meantime, both agent sides are incurring business and operating costs that they will pay with the commissions they eventually earn from their brokerages.

One of the arguments in favor of co-op fees is that it helps buyers’ purchasing power. If buyers were required to pay the agent’s fee it would greatly reduce buying power, adding commission expense on top of hefty down payments, closing costs, and inspection fees. This would significantly impact first-time, FHA, and veteran (VA) buyers, especially those with limited equity and generational wealth. Rising home prices have already kept many of these buyers on the sidelines and could exclude an entire group of would-be homeowners. Many in the industry worry that buyers will instead choose to be unrepresented in a transaction rather than hire an agent, opening themselves up to being at a disadvantage during negotiations, inspections, deadlines, and appraisals.

While the co-op fee is at the heart of the debate in the NAR and brokerage lawsuits, it doesn’t take away from the expectation that professionals like Realtors® should be paid fairly for their work in representing their clients and their clients’ goals of homeownership. The question of who will pay for that compensation is one of the most hotly debated topics in real estate right now and will be for some time to come.

Don’t be afraid to ask your agent about commissions and how they may affect your home purchase. A professional McEnearney Associates | Middleburg Real Estate | Atoka Properties agent is ready to answer all questions, provide guidance and clarification, and get to work representing you!

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Homeownership is not for everyone. Is that a bad thing and what does it cost in the long run?

There are times when homeownership makes sense, but is this one of those times? For many, the combination of inflation, high interest rates, and steadily increasing home prices has put homebuying plans on hold, especially for Millennials and Gen Z buyers who have less purchasing power due to lower incomes, more debt, and less equity.

In a pricey area like ours, the pinch is even worse. The DC area’s cost of living was reported this spring to be 53% higher than the national average, while the housing portion of overall costs was a whopping 144% higher. Combined with a growing population that hasn’t kept pace with housing inventory, the supply-and-demand pressure continues to keep rents high, although there are some signs the climb may be leveling. In August it was reported that the average monthly rent in DC was $1,901/month, Virginia was $1,594, and Maryland was $1,741.

About 40% of the DC metro area is made up of renters and a growing number of them report spending more than half of their monthly income on rent. A November report from Virginia Association of Realtors showed that compared with homeowners, renters are carrying more than two times higher housing costs. Data from the Census Bureau indicates that as of 2022 about 50% of renters were housing cost-burdened in Virginia, while only 20% of homeowners were housing cost-burdened (meaning 30% or more of monthly income was going toward housing costs).

But even with the financial burdens that renting can bring, it may actually be better for some in the long run to stay in tenancy. Because while rental prices have climbed, so have purchase prices. High list prices coupled with high interest rates mean it now costs 52% more to own a home than to rent.

The podcast The Daily from The New York Times covered this recently and reviewed the financial paths that buyers and renters take on the way to building wealth. On one path, renters hold off on buying and investing what would have been a down payment in another way; as the investment grows the renter can increase their buying power for a time when overall housing costs may be lower. On the other path, homeowners navigate the initial high costs of buying a home and are rewarded (eventually and hopefully) with equity that grows over years of ownership.

Here are a few things to consider when deciding which is the better path for you right now. Because the market can and will shift, and “timing the market” is almost never a successful strategy.

How long do you plan to stay in the home?

If it’s less than 5-7 years, it makes more sense to rent and invest cash elsewhere. Use a rent ratio calculator to determine your relative cost of renting versus buying.

How steady is your income?

Annual rent increases can be unpredictable and plenty of tenants have been surprised by a sudden unexpected hike. For the most part, mortgage payments are consistent over the term of the loan (allocating for increases in taxes, insurance, and amenity fees) and easier to budget around in the long term. 

What is your budget (or patience!) for home repairs?

As a renter, home maintenance costs are borne by the landlord. If something goes wrong, you pick up the phone and someone else takes care of it. As a homeowner, you can expect to pay about 1% of the home’s purchase price every year toward home maintenance. But there are also big-ticket repairs – like a new roof, appliance upgrades, and systems repairs – that will unexpectedly take a bite out of your budget.

What is your lifestyle?

Do you like exploring new neighborhoods? Are you a traveler and want the flexibility of trying on a new city for a while? Could a major life milestone be on the horizon? Do you simply want a low-maintenance living situation? Renting offers many benefits for people who don’t want to be tied to the responsibility of paying for and maintaining a home.

The National Association of Realtors has many resources to help decide if homeownership is the right move and where to find first-time homebuyer assistance, as well as reporting relevant data to understand current market dynamics.

And, when you’re ready to find a fantastic new rental or take the first step toward homeownership, be sure to connect with an amazing agent at McEnearney Associates!

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

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Brian Bonnet, Atlantic Coast Mortgage

Even if you’ve previously bought a home, you’re experiencing market dynamics that haven’t been in play for decades. Here’s how to navigate the current market atmosphere.

It’s not a new story that it’s tough out there for buyers, but that’s not the whole story. For buyers ready to get to work with their Realtor and their lender, success could be a few smart moves away.

To thrive in a tight and expensive housing market, your Realtor is your expert and guide in the field: there to research property history, study future trends, and learn from other agents in the market. Your lender is there to ensure you have the financing necessary to get the property you want, to avoid taking on more debt than is prudent, and to find creative solutions and avoid last-minute surprises as a loan makes its way through the underwriting process.

Agents and lenders can work together to better prepare to negotiate for their clients, so consumers should prepare to work smarter in this market as well.

While the market is always evolving, there are three angles to help you succeed in any market.

Tap Into Familial Funds

The current housing market is making life especially difficult for first-time buyers, as they don’t have equity from a recent home sale to transfer to their next purchase. Saving for a down payment can take years, but cash provided as gift funds can speed up that process. That’s the good news for cash-strapped buyers: many mortgages allow family members to provide cash to help buy that first home.

Family members can offer support with a down payment, closing costs, or both, but this type of financial assistance needs to be carefully documented as gift funds,

Younger buyers are currently making the most parental ATM withdrawals, with 78% of Generation Z homeowners reporting some financial support for a down payment, mostly from their parents. 54% of Millennials have received assistance, followed by 33% of Gen Xers.

What About Adjustable-Rate Mortgages?

ARMs may not be the solution to high fixed rates.

There is a fair amount of discussion about adjustable-rate mortgages (ARMs) being a decent alternative

to fixed-rate mortgages which are currently pushing 8 percent. The truth is that most adjustable-rate

programs do not have rates significantly lower than fixed-rate products.

The most recent daily survey of 5-year ARMs pegged the rate at 7.300% compared to 7.900% for fixed-rate programs. Occasionally, a depository institution will offer more attractive ARM rates than the general marketplace for a short period of time to boost its loan servicing portfolio to a desired level. The lower rates are generally short-lived and not widely available to consumers.

The overwhelming majority of purchase money loans being closed are still fixed-rate mortgages and as long as the 10YR-2YR Treasury yield curve is inverted, this will likely continue to be the case.

The Banking Industry Is Trying To Help

Home buyers aren’t the only ones unhappy with current mortgage interest rates. Last week, The Independent Community Bankers Association (ICBA) began promoting a plan that could reduce mortgage interest rates by 1% to 1.5%.

The ICBA was supported by the National Association of Realtors (NAR), and Community Home Lenders of America. Together, these three submitted a letter to The White House and Treasury Department outlining a plan to reduce the historically large spread between 30-year mortgage rates and 10-year Treasuries.

ICBA states that their proposal could reduce mortgage rates by up to 150 basis points. They also recommended that the following changes take place:

• The Federal Reserve should shift its policy to maintain its stock of mortgage-backed securities (MBS), suspending runoff until the spread between the 30-year fixed-rate mortgage and 10-year Treasury note stabilizes.
• Fannie Mae and Freddie Mac should be enabled to purchase their own MBS and/or Ginnie Mae MBS for a temporary period of time.

“The housing shortage is structural for the time being and has a significant impact on inflation,” the letter continues. “Our groups thoroughly respect the independence of the Federal Reserve but believe it should take this structural issue into consideration when evaluating strategies to attain the Fed’s desired 2% inflation target.”

The path from scouting homes online to meeting the moving van can be a complicated one. But knowing where to go for help – starting with a great Realtor and expert lender – gets you headed in the right direction. Connect with us today to see where that path will take you!

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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Buying and selling a home can be exciting and stressful all at the same time. Locally, most people know at least one real estate agent; whether an agent they have used before or someone they are acquainted with. If not, recommendations from a friend, family member, or trusted advisor are a great place to start. However, there may come a time when you have a real estate need outside of your local real estate market. When looking for an agent, you have to remember that anyone can build a beautiful website and hire a professional marketing team to support them, that doesn’t guarantee they are experienced or the best agent for your needs.

Knowing a Realtor who is part of a truly global network of vetted professionals is key. At McEnearney Associates, we are fortunate to be a member of Leading Real Estate Companies of the World® (LeadingRE). LeadingRE is home to the world’s market-leading independent residential brokerages in over 70 countries, with 550 firms and 136,000 sales associates making 130 client introductions, producing 1.2 million global transactions in 2021. Our by-invitation-only network is based on the unparalleled performance and trusted relationships that result in exceptional client experiences.

Why is this important to you?

We want to ensure you receive the same professional service anywhere in the world that you receive from us. The three most common reasons clients reach out for recommendations outside our local area include: job relocation, family needs, and life-style changes. 

Job Relocation

Many employers offer a variety of packages from full relocation to flat-fee services, while other employers are not equipped to provide relocation services. If Realtor recommendations are part of your relocation program or suggested by a co-worker, you should still do your research. Job relocations add an extra level of stress due to time constraints of the position start, selling your current home, relocating family, and more. The right Realtor is experienced in your market but also “relocation best practices,” fully understanding the relocation processes, additional paperwork, and requirements of the employer so that you can take full advantage of all relocation benefits. When you are not offered relocation benefits by your employer, you must find the right agent on your own; not just an experienced one, but an agent with a true relocation background, because it will make all the difference in your move.  

Family Needs

From growing families to downsizing, inherited homes to vacant land, relocation trained agents are equipped to assist with all types of family situations as they arise. For example, when parents are no longer able to age in place, relocation agent services can include: complimentary market analysis noting as-is and repaired/improved values; supplier introductions from repairs to improvements and cleaners to movers. A relocation trained agent is a full-service Realtor who specializes in the area and type of transaction you are navigating, as well as proficiency in working with out-of-town clients.

Life-Style Changes

Often buyers are comparing multiple areas as a potential destination for retirement, investment property or even a second home. Relocation specialists offer more than housing information; they provide cost of living comparisons, area tours, local life-style information, and market trends to assist you in decision making.

The best Realtors are more than local, they can also provide global real estate services. When you need an agent recommendation, anywhere in the world, McEnearney Associates are happy to help. We are your Trusted Relocation Resource.

Relocating With McEnearney Associates

Trudy McCullough & Britni Spurlock
Relocation & Referral

McEnearney Associates would be delighted to help you navigate through a very exciting transition in your life whether you are moving to or from the Washington metro region. McEnearney’s award winning and experienced Relocation Team is dedicated to personally selecting the best agent to represent you before, during, and after your move.

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We know. Learning about homeowners insurance isn’t the most scintillating way to spend your time. But if you own or are considering buying a home, it’s imperative to understand why it’s needed, how much is needed, and how to get the right coverage … before it costs you more than you expect.

Your home is more than a place to make lifetime memories. It’s likely the biggest financial asset you have that will likely continue to grow in value over time. Protecting that asset is where homeowners insurance enters the picture.

Homeowners insurance is different from a home warranty (which covers appliances, systems or structures in a home), hazard insurance (which only covers the structure of a home), or title insurance (which protects against claims of ownership or liens on the home).

In short, homeowners insurance is a form of property insurance that covers losses and damages to an individual’s residence, along with furnishings, jewelry, and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

Having insurance in place is generally required for buyers acquiring a mortgage and a lender will set a deadline by which a policy has to be in place prior to closing. At the very least, properties without a mortgage should still have liability insurance coverage for accidents that occur to others in the home or on the property. 

First-time homeowners will need to account for this new expense in their monthly housing costs, while existing owners will want to keep watch for rising rates and changes in their household. Determining how much insurance coverage you need is based on a number of factors:

• What is the replacement cost of the home? This is not the same as the price of the home when it sold (a.k.a. market value of home and the land it sits upon) and is determined by construction costs, material, and labor. Land is not considered in replacement cost but additional structures on the property would be.
• What is the potential for a natural disaster where the property is located? Areas subject to hurricanes, tornadoes, fire, landslides, or other natural “perils” will likely require more coverage and at higher premiums, while properties subject to flooding or earthquakes may not be covered at all or will require an additional and specific insurance rider (at additional cost).
• Is your home located in a high-risk area for crime or accidents, or far from a fire hydrant,? Does it have a pool, or have other unique qualifiers like being a historic property? Insurers will drill down to find details like this that can affect your premium.
• What is the age, size, and condition of the property? Insurance for a home that’s more than 30 years old can be up to 75% higher when compared to a new home, and properties with older electrical and plumbing systems or show signs of decay will affect premium pricing. 
• What is your credit score? According to Experian, a major credit-monitoring company, while the algorithms insurers use are different from lenders to determine a “worthiness score,” insurers will evaluate the potential to file a claim, which will affect premium rates.

Once you’ve estimated how much coverage you’ll need, the next step is to select an insurer. Anyone who has turned on their TV knows there is no limit to the number of companies vying for your business (surely you’ve seen commercials with Martin the Gecko, Flo, Jake, Mayhem… the mascot list goes on), and there are plenty of online calculators to help get ballpark estimates and compare coverage. If you already have another type of insurance policy in place – such as auto, personal property, renter’s coverage – ask if your current insurer will offer a bundled discount. If you are brand new to the insurance market, ask around for recommendations; your Realtor, your lender, your neighbors are a great way to crowdsource worthy companies.

Evaluate your homeowners policy at least annually, and update immediately following any important changes to your home or when you experience major life events. Contact your insurer to update coverage OR receive a discount on your premium if you experience any of the following:

• Home expansion, improvements, and renovations
• New furnishings and electronics
• Installation of security devices
• Addition of energy-efficient appliances, windows, roofing, etc. 
• Installation of solar panels 
• Add or remove family members living in the home (including pets!) 
• Acquire new assets like jewelry, artwork, antiques, etc.
• Begin or end working from home
• Retire

With a little bit of research and an annual review of current coverage, your homeowners insurance should be one of the easiest and most cost-effective ways to protect your home and all that dwells within it. And that’s anything but boring!

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

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Condo associations are in the spotlight as new government lending requirements for condo sales take effect this week, impacting millions of owners and potential buyers. 

In the early hours of June 24, 2021, Champlain Towers South, a 12-story beachfront condominium in the Miami suburb of Surfside, FL partially collapsed, causing the deaths of 98 people. 

Later that same day a lawsuit was filed in Miami Dade Circuit Court by a resident of the building against the Champlain Towers South Condominium Association, seeking $5 million in damages “due to defendant’s acts and omissions and their failure to properly protect the lives and property of plaintiff and class members”.

What followed was a year of legal maneuvering and class-action lawsuits that ultimately ended on June 23, 2022 –  one day before the first anniversary of the collapse – with a $1.02 billion judge-approved settlement in favor of victims of the collapse. The defendants in the case, including the Champlain Towers South Condominium Association and other developers of the property, chose to settle rather than face lengthy litigation and exposure to additional liability. 

The collapse of a seemingly sturdy building – only 42 years old at the time – put a spotlight on the culpability of condominium owners’ association boards and deferred maintenance. Reports soon emerged that the long-term degradation of reinforced concrete structural support in the basement-level parking garage under the pool deck had been a cause of the collapse. The problems had been reported in 2018 and noted as “much worse” in April 2021, and while a $15 million program of remedial works had been approved before the collapse, the main structural work had not started.

Flash forward to this week and federally funded lending companies Fannie Mae and Freddie Mac made permanent on September 18 new requirements to project eligibility standards for condominiums and housing cooperatives. Given that there are an estimated 175,000 condo associations in the U.S. – according to the Community Associations Institute (CAI), the leading international membership & advocacy organization for condo associations with over 45,000 members and 63 chapters internationally and domestically – this move will have great impact across the condo market. 

According to CAI, community association boards and managers will likely see changes in lender questionnaires and requests from lenders for additional documentation, including: insurance policies, budgets, financial reports, reserve studies and funding schedules, documentation regarding special assessments, documentation about litigation or alternative dispute resolution, and – importantly – building inspection reports. If the association does not provide this information to lenders, the project may be deemed ineligible, and put on an ineligible list. 

While the Fannie Mae/Freddie Mac requirements had been in temporary status since shortly after the Surfside collapse, it may come as a surprise to buyers and sellers who were not aware of them now that they have become standard practice. So what does this mean for condo owners and potential buyers? 

“Subsequent to the tragedy in Surfside Florida, Fannie Mae and Freddie Mac implemented more stringent requirements for determining whether a condominium project is eligible for individual unit financing, meaning lenders now require an increased level of documentation and additional appraisal requirements to help determine whether a project is potentially structurally unsafe,” says Brian Bonnet, Senior Loan Officer with Atlantic Coast Mortgage. “The temporary project review requirements implemented two years ago, and which have now been made permanent, have resulted in an increased number of condo projects no longer being eligible for standard mortgage financing. Condo associations, individual unit owners and potential buyers should become educated as to the lending industry’s requirements for certifying the acceptability of a condominium project.”

As a buyer, the best start is always to speak with a local lender who will guide you through the process and let you know which condo projects are not currently eligible for some financing. There may be additional requirements for FHA and VA/veteran buyers to be aware of that conventional financing doesn’t require. For sellers, be sure to review your condo associations documents and speak with the condo association board for any updates to be aware of. 

Read the full Fannie Mae & Freddie Mac review of condo lending requirements here.

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