This week’s Q&A column is written by David Howell, Executive Vice President and Chief Information Officer, of McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant market news, contact David at 703-738-9513 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: Has COVID-19 crashed the real estate market?
Answer: We’re now more than two months into the region’s — and the nation’s — efforts to cope with the COVID-19 pandemic and everyone, in every walk of life, has been impacted in some way. The real estate market is no exception. We believe that an important part of what we do at McEnearney Associates is to provide accurate, timely information to our clients so they can make informed decisions, and we want to offer a candid view of some of the myths about the state of the market.
Buyers & sellers are sitting on the sidelines and the real estate market has crashed.
More serious buyers and sellers have returned to the market since the previous month, and they are making decisions rapidly when they see value. Since mid-March, the average number of days that homes going under contract were on the market was 22 days. In the same time period last year, it was 27 days.
Home prices are coming down.
There is absolutely no indication of falling home prices. Homes that went under contract last year between mid-March and mid-May sold on average for 99.6% of their original list price. This year it is exactly the same. Based on what we have seen so far, the pace of price appreciation may be slowing, but prices are not coming down.
Mortgage financing is much more challenging.
Buyers with stable employment and the confidence to purchase are able to do so with no more difficulty than last year, and because of the low rates, their money goes further. Yet it is also true that those individuals who have been furloughed aren’t looking to get a mortgage, and if they were, it would be really tough to qualify.
For more in-depth, local analysis of our real estate market, please visit McEnearney.com/3Myths.
f 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
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Monarch Montessori School located in the heart of Del Ray is enrolling children 6 weeks to 6 years of age for our half day and full day program.
Our hours of operation are 8:00 AM to 5:30 PM, Monday-Friday. Monarch Montessori School is open year round, with intermittent breaks.
Children engage in self-directed, self-initiated activities under the guidance of a trained Montessori teacher. Classroom sizes range from 8-12 students. Our robust curriculum includes botany, sensorial activities, the social graces, culture, math, science, practical life, geography, music appreciation and language arts.
You’ll get half off of the registration fee when you register and begin care with us before April 30, 2023.
EDBS Dental Billing Solutions is pleased to announce that it has achieved compliance with the federally mandated standards of the Health Insurance Portability and Accountability Act (HIPAA) through the use of Compliancy Group’s proprietary HIPAA methodology, The Guard® compliance tracking software, and HIPAA Seal of Compliance®.
The HIPAA Seal of Compliance is issued to organizations that have implemented an effective HIPAA compliance program through the use of The Guard, Compliancy Group’s proprietary compliance tracking solution.
Clients and patients are becoming more aware of the requirements of HIPAA compliance and how the regulation protects their personal information. Forward-thinking providers like EDBS Dental Billing Solutions choose the HIPAA Seal of Compliance to differentiate their services.
Del Ray Dog Fest & Yappy Hour
The 1st Annual Del Ray Dog Fest is a fun outdoor event that will include dog-centered activities, dog menu items, live music, vendors and food on Sunday, April 2 from 11am- 3pm at the George Washington Middle School parking lot.