Post Content

Ask McEnearney: What factors affect home values in this region?

This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact The Peele Group at 703.244.6115 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.

Question: What factors affect home values in this region?

Answer: When deciding to sell a home or purchase a home, it is common to wonder how much each home is “worth”. What some don’t always think about though, is that there are many factors that can influence these prices. Here are some of the main things that can affect regional home prices.

Location

Perhaps the most known cliche about real estate is “Location, Location, Location!” Homes in urban areas, close to shops and restaurants, parks, or schools, are typically valued higher than those that are more rural. This may sound counterintuitive, but even though a home stays where it is, how desirable a location is can absolutely change over time. For example, when a new shopping center is built, homes nearby will frequently see a boost in value, depending on their proximity. Expanding public transportation routes will also have a significant effect on regional home prices.

Market

Many have heard the terms “seller’s market” and “buyer’s market”, but I don’t see them explained much, so I’ll go over what those terms actually mean. Essentially, in a seller’s market there are a ton of buyers looking for homes. This means that if a seller’s home is priced appropriately, it will likely get competing offers, and therefore a higher price. Conversely, a buyer’s market has more inventory than buyers. This gives buyers more options and allows them more leverage for negotiating lower prices.

Interest Rates

Interest rates are just as important to watch as the market conditions — and can even influence them. Buyers have more purchasing power when interest rates are low, meaning that they can afford a mortgage for a higher amount. This results in increased demand and higher home sale prices.

Economy

Local economy is yet another… People are more likely to purchase homes when the local economy is strong, and there are a lot of available jobs. National economy on the other hand, might not necessarily have as much of an immediate impact on local prices, but the perception of either strength or weakness certainly can.

Overall, there are many factors that can influence home prices in any given region. It’s important to consider all these factors when buying or selling a home in the area. Your trusted real estate agent will walk you through all of these and help you to take them into consideration when either buying or selling to make the most informed decisions.

By understanding the local market conditions, interest rates, and economic factors, you can make informed decisions about buying or selling a home in Northern Virginia. If you need help determining the value of your home, or a home of interest to you, don’t hesitate to reach out for a market analysis.

Hope Peele is a licensed real estate agent with McEnearney Associates, Inc. in Alexandria, Virginia. She grew up in Old Town and currently lives in Del Ray. As a partner with The Peele Group, Hope is dedicated to guiding her clients successfully through the many-faceted process of buying or selling a home. Contact Hope at 703-244-6115.

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

Recent Stories

It’s going to be windy today in and around Alexandria. The National Weather Service says that conditions will be clear, with wind gusts this afternoon up to 50 miles per…

(Updated at 8 p.m.) More than 2,200 West End residents are without power after a transformer fire in the area of Seminary Road and N. Beauregard Street, according to Dominion Energy….

It was quite a week in Alexandria. It seems that nearly all of Monday’s news was overshadowed by the eclipse. Hundreds of bespectacled residents turned out at Ben Brenaman Park…

The Planning Commission didn’t have much by way of criticism for the proposed redevelopment of Vulcan Materials, but it opened the floodgates for Commissioners to dunk on the state of…

There’s a reason Well-Paid Maids has hundreds of positive reviews from happy clients in the D.C. area.

The home cleaning company pays cleaners — who are W-2 employees — a living wage starting at $24 an hour. Plus, cleaners are offered benefits, including insurance, 24 paid days off a year, 100% employer-paid commuting costs and more.

Lexi Grant, an operations manager at Well-Paid Maids, said it best: “People deserve their work to be respected and recognized. When that happens, you love what you do, and you create the best results.”

Read More

Submit your own Community Post here.

Are you feeling overwhelmed by life’s challenges? Do stress and anxiety seem to dominate your thoughts? At Peaceful Mind Solutions, we understand that navigating mental health can be daunting, but you don’t have to do it alone.

Our team of compassionate therapists is here to guide you on your journey toward inner peace and emotional well-being. With a client-centered approach, we tailor our therapy sessions to meet your unique needs and goals. Whether you’re struggling with depression, coping with trauma, or simply seeking personal growth, we provide a safe and supportive space for healing and growth.

Embark on a path of self-discovery with our comprehensive range of therapy services, including cognitive-behavioral therapy, mindfulness practices, and holistic approaches. Our experienced therapists are dedicated to helping you cultivate resilience, develop coping skills, and foster a greater sense of self-awareness.

Read More

Submit your own Community Post here.

Del Ray Kitchen Confidential Design Tour

Please join us for Del Ray Kitchen Confidential – a walking tour of recently renovated kitchens in Del Ray with the experts who make the magic happen! FA Design Build owner Rob Menefee and Design Consultant Melissa Fielding walk us

Celtic Corridor in Concert at the Lyceum

Billy McComiskey, on button accordion, National Endowment for the Arts Heritage Award winner, All-Ireland Award winner, who has played with the Irish groups The Irish Tradition, Trian, and Green Fields of America. Billy’s playing is highly regarded as are his

×

Subscribe to our mailing list