This week’s Q&A column is sponsored and written by Philip G. Matyas, Associate Broker of The Shannon Group and McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact Philip at 703-507-8655 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: What will the local Alexandria housing market look like at the beginning of 2020?
Answer: It has been but a few occasions during my past 25 years of local Old Town, Alexandria residential real estate practice that I expect an opening like the one coming for 2020. I believe that 2020 will begin with a housing market worthy of all the Old Town fireworks you will see explode over the Potomac River at the foot of King Street on First Night.
Along with the New Year’s Eve revelers, sellers will be happy to see the values of their homes moderately increasing and buyers can celebrate continuing availability of low mortgage interest rates to purchase their new homes. However, this is one of those years the weather could put an odd twist to seasonal home deals.
Could there be an early spring housing market?
Be one of the first 10 readers to email [email protected] to receive local artist Todd Healy’s Old Town Alexandria 2020 Calendar — photo above.
It is quite possible spring-like sales could occur in early 2020. Below are some personal residential decisions to consider at the beginning of the New Year that could prove beneficial in the sale or purchase of a home in the first quarter.
- During warmer than usual winters, the spring housing market can appear within weeks of New Year festivities. This coming year, if warmer weather combines with our low housing inventory and pent-up buyer demand, it could be the perfect storm for an early “January/February” spring market.
- Seller’s should prep their homes and make listing decisions sooner. For those homeowners who find the prospect of prepping a home quite daunting and difficult to manage an experienced, dedicated and dependable full-service real estate agent can transform a mind-bending challenge into a pleasant, successful conclusion. From decluttering, finding temporary storage and making home repairs to professional staging, photography and cutting-edge marketing, members of the Shannon Group provide concierge services and negotiation strategies as part of their local portfolio of experience, dedication and dependable full-service client coordination.
- Yes, Amazon transfers begin in earnest next year. However, if Seattle is any history, the vast majority of employees will be renters. So, sellers in the area may want to list homes earlier in the year to benefit from “selling into limited inventory.” As a side note, sellers should consider the insight that Amazon’s and Virginia Tech’s eventual impact on the area could be to keep our higher-priced local residential market stable during a down real estate market nationwide.
- Buyers should start looking now rather than waiting for the “historical” spring market listing inventory build-up which could be lessened by warmer winter weather. Sellers are often more flexible and motivated to make a deal at the holidays and the beginning of the new year than they are in March or April. Contact Joan Shannon at [email protected] to learn about her recent strategies and successes to help buyers purchase a home during the holidays.
- Through the first three quarters of 2019, McEnearney Associates Realtors has been the residential leader in Old Town & Alexandria sales volume and number of listed homes/sold listings (according to EVP & CIO, David Howell). I expect McEnearney Associates Realtors to finish 2019 as the leader in these areas by as much as two to three times more than the nearest Alexandria/Old Town competing office. In this highly competitive and high-demand market, sellers want higher prices and buyers want new or like-new homes. Success depends of those agents who bring experience and winning strategies to the table.
- What makes Historic Old Town, Alexandria such a wonderful place to live and such a highly publicized destination by a variety of national publications are what I call the local unsung heroes. With little recognition the work of such individuals adds to the character, culture, color, vibrancy and ambiance of Historic Old Town — and that helps add value to the local real estate market. One such owner is Todd Healy, owner of Gallery Lafayette. Through four decades, his creative paintings, streetscapes, Old Town calendars, framing of historic maps, historic letters and meticulous work on early Alexandria cartography have set him apart from any other local artist. His shop has always been one of the most inviting, and warm places to experience. He is part of the fabric that makes Old Town shine.
Bring your home buying or selling needs and questions to The Shannon Group Old Town experts, Joan Shannon and Philip G. Matyas. Contact us to set up an appointment to view homes from Old Town to Mt. Vernon and beyond and to see how 40+ years of experience, local knowledge, integrity, dedication and care means success for you.
If you would like a question answered in our weekly column or to set up an appointment with one of our Associates, please email: [email protected] or call 703-549-9292.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria