One of the very first things I learned when I became a real estate agent twenty plus years ago was that you never sold your house in January, February, or March. “Wait for the spring market,” is something that I told numerous sellers early in my career because that was what the real estate industry taught us. You have to wait for the azaleas to be in bloom, for the grass to green up, and for the new crop of buyers to start entering the market. For the most part, that is what we did; we circled dates in early April, figuring that was going to give our sellers the best opportunity to get the most for their properties. As agents, we embraced the notion that the first three months of the year were going to be on the slower side and that, once we turned the calendar to April (yes—we still used an old-school paper calendar), we would all be going a thousand miles an hour until the traditional summer slow down. 

I am here to tell you that, for the most part, we were all living a lie. As it turns out, the first three months of the year can often be the best time to list your property. Despite what many of us believed a decade or two ago, I now truly believe that January, February, and March are quite possibly the best three months to sell your home, and I am going to tell you why.

Increased Lack of Inventory

One of the largest factors driving our real estate market is an overall lack of inventory. Simply put, there are not enough homes for all of the potential buyers in our area. Even with the slower-paced market that we have been in for the last eight months, our overall supply in most areas is still between two and four months, which is incredibly low. To put that into perspective, at the peak of the great recession of 2008, 2009 and 2010, our inventory levels were consistently between a twenty-five and thirty month supply. To make matters worse, many builders have canceled or delayed new construction projects as the market has shifted away from the frenetic pace of 2020, 2021, and the first half of 2022, which is putting an even greater strain on our already depleted inventory. The supply levels for our region are typically at their lowest in January, February, and March, potentially making that a fantastic time to list your property.  

New Buyers Entering The Market

One thing that we have consistently seen over the last ten years or so is that the new year brings out new buyers. Even with the recent rise in interest rates, this has held true in 2023 as well. Speak to any reputable mortgage lender, and they will tell you that the number of new mortgage applications rises sharply in the new year. Many agents have taken on several new buyer clients and/or had purchasers reach back out to them, saying now they are ready to buy. While you will see new buyers entering the market throughout the year, one could make a very strong case that the largest collection of them are starting their home buying journey just after the holidays. What this has meant for many agents early on in 2023 is fully booked showing schedules on their listings, multiple offers, and, in some cases, escalation clauses that are going well above the original list price. 

If you are a seller, the laws of supply and demand may not be any more in your favor throughout the year than they are in January, February, and March. Obviously, there are exceptions to everything, but historically, many of the highest prices we have seen for properties are for those that sold in the first three months of the year. While waiting for the spring market was what we used to think was the best strategy for sellers, now may, in fact, be the best time to list your property. So, if you are considering selling your home, it is important that you speak to your trusted McEnearney Associate about whether now is the right time for you.

Andy Hill is Executive Vice President and Managing Broker for the Washington, DC and Maryland offices of McEnearney Associates.

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I started my real estate career selling new construction and it was a unique and educational experience for me and my clients. There is nothing quite like watching a hole in the ground become a bustling construction zone that gradually evolves into a beautiful dream home, despite all the annoyances of delays due to weather, supplies, or contractor issues. It’s a process that can be both exciting and agonizing, with a lot of unknowns along the way.

When a potential buyer comes into the sales office for a new development, it would be an understatement to say there is a high potential to be overwhelmed. This is where having a trusted, professional Realtor working for you is crucial.

First, there are the numerous options – plantation shutters! wood grain! Sub-Zero refrigeration! heated tiles in the bathroom! a doggie shower! –  and floor plans to choose from and it’s inevitable that there is always that one feature from one floor plan that a buyer wants to make work in a different floor plan. 

Builders are becoming much more flexible with buyer customizations, but where the new build is in the construction process will determine how much tweaking can be done. For example, when a home is 3/4-complete, a buyer cannot expect the builder to now add extra outlets, a speaker system or a fireplace. In building their “Forever Home,” you would be amazed at the last-minute changes buyers expect a builder to do. Of course, the builder wants to make the customer happy and will try to accommodate them…for an additional price. Your Realtor can advise on the features that offer the best bang for your buck and what will unnecessarily increase the price tag.

Second, there’s the question of “location, location, location” and consistency in aesthetics. What are the premier lots in the development? How does lot elevation affect views or noise? How much can a townhome be customized if an entire row of homes are being built at the same time? Do buyers get to choose the brick color on the house? A builder does not want to have two townhomes or detached houses next to each other with the same features and aims to have an appealing and cohesive look to the block/street/development. 

Builders want to make all models of a home enticing, so you may have some features that are better on an interior unit than an end-unit to make both equally saleable, but if you want that end-unit with upgrades, it will cost you. Some plans may already include an extension on the back or a finished lower level including a full bath. Depending on the buyer’s budget, there may be a rough-in for a bathroom that the buyer can complete at a later date. Timing is important so knowing the timeline of construction will allow your Realtor to help you keep track of deadlines to make changes. For example, if construction on a townhouse has not been started there is a slight chance a buyer can make a small change (i.e. extra outlets, wiring for a ceiling fan, removing decorative columns, adding a bump-out.)

Third, as sales progress on a development it’s common for the premier lots/models to sell out on that fancy map builders have in their sales showroom, and buyers who come later in the construction process may have less to choose from. A savvy Realtor can keep track of what pending sales fall out because of financing or delivery issues and help buyers pounce on under-contract homes that may be coming back on the market.

Finally, the most important thing for buyers to keep in mind when purchasing new construction is that the sales representatives – while very knowledgeable and helpful in providing information and recommending options for the home – are working for the developers. Their job is to sell homes at the highest profit possible. Unrepresented buyers are essentially trusting this important purchase to a company that is not looking out for their best interests, but the interests of the builder. Having a Realtor guiding their clients through the construction process, maintaining direct and regular contact with the sales office and ensuring that their clients are dealt with fairly and professionally is the best way to make building a “Dream Home” as smooth and easy as possible.

If building a new home is on your wish list for this year or next, I would love to be the experienced and trusted advisor to take you through this journey. Please feel free to call me at 703.898.0032, visit MadelineHomes.com and follow me at @madelinehomes on Facebook or Instagram.

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Are you feeling either unsettled or bored?

Take a look at challenges faced by five of my recent buyers and see if you find yourself in their shoes.

1. Active, handsome fellow using lots of energy walking his dog, but cursing his aching knees when climbing stairs in his townhouse.
2. Dynamic, world-traveler in need of pizazz, after years in her large Arlington house, proud of her garden but tiring of lawn-mowing and repair responsibilities.
3. Couple well-known in Atlanta for their neighborhood parties, transferring and forced to give up their famous outdoor pizza oven for urban living.
4. Busy professional woman deciding whether to up-light the dramatic landscaping around her estate-sized home ($$$) or explore a totally new lifestyle instead.
5. Fun duo living with history, contemplating stepping away from years of renovation and restoration to find classy new one-level living with water views.

For so many reasons and personal experiences, I am finding buyer after buyer wanting to turn the page. These wise ones are not following, but creating, a trend to reward themselves with their own “happy” place. They are figuring out what they want but do realize that some compromises will be required. I hear them saying to themselves “step away from the warming drawer and embrace the wine refrigerator,” “let’s bag snow shoveling and applaud the work of doormen and porters,” and “next steps, no steps.”

Consider me your part-time life whisperer. I ask questions such as “how often do you really have houseguests?” “Would you like to simply pack a bag and head to the airport for Nantucket or Florence?” “Is that cherry buffet from your great-grandmother cherished by other family members who would like it delivered next week?” “Will you read those books a second time?” and “Do you need the phone number for 1-800-GOTJUNK?”

After “whispering,” it’s time to consider individual concerns and get real life suggestions. Do you need that amount of square footage? If you’ve always wanted a place for a piano, go for it. Concerned about making paint selections and appropriately-sized furniture choices — hire a designer! What really will make your life more enjoyable?

So, what happened to each of my friends above?

1. He happily garages his car, takes a short elevator ride up to greet the waiting dog ready for her walk and lives in a glamorous, one-level condominium complex at the north end of Old Town. (We sold the pretty townhouse to younger-kneed people).
2. Three days after settlement of her detached house, she moved into a very hip-and-cool new condominium in D.C.’s Dupont/Shaw, took delivery of all her furniture stored in a POD during house marketing and is getting to know her neighbors.
3. Amazingly, their big NW D.C. luxury residence gives them almost more useable space than their detached Atlanta home, so they are inviting lots of friends and family to visit this special historic condo while searching for the best brick oven pizza in town — ideas?
4. Still a work in progress, she is looking toward a 2023 move, while we study a wide range of striking D.C., Alexandria and Fairfax properties which must accommodate a grand piano or two.
5. Since those wished-for water views might not be in Florida but in Alexandria instead, they are enjoying the fruits of their labors in their restored circa 1880 townhome, now almost ready for the market when the time is right, and the special water view residence is found.

So where are you in your journey — beginning, middle or already “in your happy place?” There is no script for getting there, just decisions, compromises and making it up as you go along. Without naming names, I can share the experiences of others and provide resources that will help… from suggesting handymen/women, painters, designers, movers and more. We Realtors are important partners in your “page turning.” Of course, the stocking of that wine refrigerator for those discussions is a good place to start, too!

Ann Duff is a licensed real estate agent in VA, DC, and MD with McEnearney Associates, Inc. in Old Town Alexandria, VA. If you would like more information on selling or buying in today’s complex market, contact Ann at 703-965.8700 or visit her website AnnDuff.com.

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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 that 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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A few years ago, I downsized. We moved from a single-family home to a townhouse. The kids were out of college, and the question was, do we need this large house? Plus, my business here at McEnearney Associates/Crouch Realty Group is all about downsizing, helping older folks transition, and working with estates, so I wanted to practice what I preached.

The real final straw in making the decision was that, as I was mowing the lawn one day, a friend stopped by and asked me to go fishing. My reply was that I was busy, and that I would take a rain check. Later, it occurred to me that one of the things I had been looking forward to through the years of trekking to sports events, band concerts, art shows and the like, was indeed the time to go fishing. And I had passed it up to mow the lawn. Yes, the lawn was a source of pride, and mowing was a source of exercise, but was it fulfilling? It was nowhere on my “bucket list,” so why spend that time on it? Sure, I could hire it out, but why even have a big lawn? Some of the answers were so the kids would have a place to come home for a visit. So I could preserve some of the antiques of past generations handed down to me. So I could host gatherings of friends/family visiting the Metro Area. So we could be near friends whose kids hung out with ours.

Nothing, however, about refocusing on things I/we wanted to do. Instead, we downsized into a townhouse. We considered a condo, but still wanted a little yard.

How are we a few years later? The kids are here all the time. They do not miss the house – it is the FAMILY they want to be near. Out-of-town guests still use us as home base for tours. The Big Brown Furniture (BBF) of past generations no longer defines our decor. (We kept smaller reminders of our wonderful heritage). I am not consumed with maintenance of a big house for, essentially, diminishing returns. And I no longer own a lawnmower.

So, give it some thought and ask yourself:

• Do you want family to come hang out with you, or with your house?
• Do you want to preserve the Museum of Past Generations, or rather smaller mementos of them, plus add your style to your house?
• Do you want to keep up with the maintenance, whether by yourself or contracted out?
• Do you want to focus on the activities that bring you satisfaction, or the unending chores?

Anyone who wants to go fishing, give me a call. I won’t be mowing the lawn.

Pete Crouch is a Seniors Real Estate Specialist, which means he is well-versed in all aspects of moving as we age. His own downsize gave him tremendous insights into what is involved, from emotional matters to real estate considerations. Pete is a Board Member of At Home in Alexandria (AHA), our local Senior Village, and was the 2018 National Recipient of the “Outstanding Service Award” by the National Association of Realtors for his work with Senior Moves. Text 703-244-4024 or email PCrouch@McEnearney.com for a copy of his Downsize Alexandria! Booklet about living more simply in Greater Alexandria.

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