Ask McEnearney: What Does the New Year Mean for the Market in Alexandria?

This week’s Q&A column is sponsored and written by Jillian Keck Hogan of Jillian Keck Hogan Real Estate Group and McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact Jillian at 703-951-7655 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.

Question: It’s a New Year and a new decade — what does that mean for the market in Alexandria?

With each new year we all start taking stock of what the new year will have in store for us. For a good number of you, that list includes moving to a new home. That new home might be just down the street or across the world. If you are a homeowner, one of the first questions you may have is how will the market in 2020 impact the sale value of my home in Alexandria?

Here are a few insights on the market to assist you in making the most of your sale in 2020. If interested in learning more, join us at the new ALX Community on Union Street in Alexandria on February 6 for our group round table and wine pairing where we discuss expectations and answer questions on buying/selling in our area. To RSVP Email [email protected].

• Inventory is lower in the month of January and February compared to March-June. The commonly referred to “spring market” actually kicks off the end of February and does not begin to calm down until the end of June. Though sellers tend to think that is the most ideal time to sell, remember that the less the inventory — the more of a seller’s market. For example, The Jillian Keck Hogan Group had a listing go on the market on February 12 of 2019 and sell within the first weekend online with over five offers, one all cash.
• The biggest “no, go” in our area is weather. This could be as large as the snowstorm we had in 2016 or as small as a dusting that closes schools and work for a day. The impact is that buyers stay indoors and do not go out on tour with their agent or get out to visit Open Houses. Our advice, prep your home, take your photos, but wait to click active on your listing until you can confirm that there will be no snow in the forecast for your first week on the market.
• After the “Amazon Effect”, buyers are out there and interested in finding a new home, no matter the season. If the home is priced in line with the last 6 months of comparable home sales, is in good condition, and staged well, you should have no issues in finding a well-qualified buyer quickly. Need some assistance in getting your home in “good condition”, ask your agent for referrals to trusted licensed professionals and also provide suggestions on what projects to prioritize.
• Outside of Amazon, we have a number of other great new developments breaking ground and coming to our neighborhoods. These include Potomac Yard Metro, Wegmans and plans for new Landmark Mall. These large-scale additions to our community assist in home values increasing. To see all that is happening, check out the city’s website https://www.alexandriava.gov/Projects.
• As for the fall market, this can be just a strong as some spring months for sellers. Over the last few years, sellers have continued to see multiple offers on their homes with contingencies that lean more in the seller’s favor.
• This fall does bring a Presidential election in 2020. McEnearney Associates, Inc. has been collecting data on the market impact of big election years. We would be happy to break that down for you at your price point and trends prior to and after elections. If President Trump does not win the election, we can predict an influx of buyers coming to the area and also owners selling to move back to a hometown.

Overall, 2020 is shaping up to be another stand up year for sellers. With the right preparation, marketing plans and at market pricing, home owners can plan to see quick sales with terms in their favor.

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