Sponsored

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: When downsizing, who do I need on my team?

Answer: When you’ve lived in a home for years — decades even — there comes a time when many decide to pare things down. This is something that is always better to start on sooner, rather than later. The downsizing process can feel overwhelming, but The Peele Group likes to create a team of professionals who do this all the time and can take some of the burden off of you.

Here are some examples of who we recruit to help!

Organizer — After living in a home for years of holidays, vacations, and memories, there is bound to be a ton of things you’ve accumulated that you might not necessarily need in the next stage of your life. Perhaps you have a passion for artwork and it fills the walls of your current home. If your next home is smaller, you will need to choose which items to keep and which to pass along. A professional organizer can help you make decisions about what is important to you. They should never make you feel judged, and will work with you to establish goals as well as a pathway to get there!

Estate Sales — Many of my clients are collectors of some sort, or at the very least have a collection of beautiful things they have amassed over the years. An estate sale company will be able to assist in valuation and then go over various routes of resale, based on both the value and number of items.

Junk Removal — Once you’ve decided what to keep and what could be sold, sometimes it’s easiest to hire a company to come and haul away everything else. They should have all of the same equipment and methods as movers, keeping the home completely protected. Some companies will also go through what they gather and donate what they can. Many of my clients prefer ones that do, so that they know their things are going to a good home, plus the added benefit of avoiding the landfill as much as possible!

Mover — Sure, we all have friends and family who might offer to help us move. But in my experience, it is always worth it to hire insured, professional movers. They not only have the equipment but also the know-how on the best way to pack up your belongings efficiently and safely. There is also a recourse process if, in the worst case, anything should happen while your items are in transit. Some movers will even hold onto your things if you don’t know your final destination quite yet.

Stager — Whether you’ve decided to empty your entire home, or begin showings while you are still living there, a stager is very helpful in deciding how to give the best impression possible. Most people think of stagers as bringing in all of the furniture and creating an entirely new set-up. While this is one of the services they offer, many will also work with your existing living space. They can advise on which art pieces to show, and where, and how to best arrange the things already in your home.

Realtor — Getting this entire team together is one of the many services that we provide at The Peele Group. Engaging with your real estate agent early in the process, maybe even before you’ve fully decided on a timeline, can make everything go more smoothly. We frequently work with sellers who are planning on downsizing in the next five years or so and would like us to work with them to create a timeline that works for them.

For more information on downsizing, and to meet and hear top tips from the professionals listed above, RSVP to our Downsizing Seminar — July 13th at James Duncan Library from 2-3:30 p.m. at [email protected] or reach out for a private consultation.

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

This week’s Q&A column, sponsored and written by McEnearney Associates Realtors®, the leading real estate firm in Alexandria, is a bit of a departure from our usual format. To learn more about this article and relevant Alexandria market news, contact us at 703-549-9292. You may also submit your questions to McEnearney Associates via email for response in future columns.

Question: What resources are available to help me become a homeowner?

Answer: Summer is a time for graduations, weddings, and dreams for the future. Officially June is National Homeownership Month, the time when Realtors® and housing advocates promote various pathways to homeownership, a goal for those who want to build generational wealth and create a place to call their own. It may now be July, but these goals don’t become any less important.

The truth is that buying a home in 2024 is challenging, and it is harder for some groups to take that first step to homeownership.

According to Realtor.com research, low-income earners are 22% more likely to be denied a loan, LGBTQ+ are 25% less likely to own a home compared to all Americans, one in four Hispanic individuals complete the home-buying process entirely in Spanish, seven in 10 veterans are unaware they qualify for a zero-down home loan, and the gap between Black versus white homeownership is worse today than in 1968 when the Fair Housing Act was passed.

The Census Bureau’s quarterly report for Q1 2024 showed the latest homeownership rate is at 65.6%, down 0.1 percentage points from Q4 2023 and the lowest rate in two years. On May 31, the Biden administration issued a Proclamation on National Homeownership Month 2024, calling upon “the people of this Nation to safeguard the American Dream by ensuring that everyone has access to an affordable home in a community of their choice.”

Put simply, the proclamation states, “Whether they rent or buy, Americans deserve a safe place to call home.”

Some of the proposed initiatives to make homeownership more accessible include:

• A tax credit of $5,000 per year for the next 2 years for any family earning under $200,000 — money they can put toward a mortgage when they buy their first home or trade up for more space.
• My plan would also provide first-generation homebuyers with $25,000 for a down payment.
• A pilot program run by the Federal Housing Administration (FHA) to make it more affordable to refinance a home by eliminating title insurance fees on certain federally backed mortgages, which would save buyers $1,500 at closing.
• The FHA is now considering positive rental history when making decisions about creditworthiness — ensuring that the people who could qualify for mortgage financing receive it.
• Advancement in fair housing practices, including by rooting out bias in the home appraisal process, which keeps too many Black and Brown families from enjoying the full financial returns of homeownership.

(more…)

This week’s Q&A column is written by Darlene Duffett of McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact Darlene at 703-969-9015 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.

Question: I’m thinking about buying a home. Where do I start?

Answer: Buying your first home is an exciting milestone, but it can also be a daunting process filled with unfamiliar terms and important decisions. As a real estate agent, I’ve guided many first-time buyers through this journey. Here’s a comprehensive guide to help you navigate the home buying process smoothly and confidently.

First off, homeownership offers a multitude of benefits that extend beyond merely having a place to call your own. Financially, it provides stability as owning a home shields you from the unpredictability of rising rent prices, allowing for more consistent monthly budgeting.

Additionally, making regular mortgage payments can act as a credit amplifier, enhancing your credit score over time. Unlike renting, homeownership grants you the freedom to customize and renovate your living space to match your personal tastes and needs, truly making it your own. Moreover, there are significant tax benefits, such as deductions on mortgage interest and property taxes, which can lead to substantial savings. As you pay down your mortgage, you build equity in your home, which can serve as a valuable financial asset and provide a sense of security for the future.

Now The Process

Find a Real Estate Agent

Finding the right real estate agent is crucial to navigating the home buying process with confidence and success. Start by seeking recommendations from friends, family, or colleagues who have had positive experiences with local agents.

(more…)

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 is the difference between dual and designated agency?

Answer: I have been working at open houses before and occasionally a buyer will come in, hoping to work with me — assuming that if I write the offer they will get a leg up on the competition. 

What I always remind buyers is that my primary agency is to the seller. I cannot give them any information about the home, or other offers, that I wouldn’t give to another agent. More importantly, I can’t guide them in the way that I typically advise my buyers. It is completely up to them to decide the offer price. I can explain how the terms and contingencies work, but I can’t give them my true expertise in this situation.

Ultimately, this is one of the only times that a buyer can’t choose whichever agent they’d like to work with. The seller has already selected if they will allow dual agency. When signing a listing agreement with a realtor to sell their house, sellers have the option to allow dual and/or designated agents. 

Also, once a buyer enters an agency agreement with their realtor they will have an opportunity to choose if they want either type of representation. The difference between the two can be a little confusing though! 

Designated agency refers to agents who work under the same brokerage as the listing agent — in my case, McEnearney. 

Per the Virginia contract, “Designated representation occurs when a buyer and seller in one transaction are represented by different sales associate(s) affiliated with the same broker. Each of these sales associates, known as a designated representative, represents fully the interests of a different client in the same transaction. Designated representatives are not dual representatives if each represents only the buyer or only the seller in a specific real estate transaction. In the event of designated representatives, each representative will be bound by client confidentiality requirements, set forth in the CONFIDENTIAL INFORMATION paragraph. The broker remains a dual representative.”

Designated is the most common type of agency, as it widens the pool of agents who can submit offers and allows for all agents within a company to represent the other side in a transaction. They just can’t represent both sides, and it should not be a concern to either side if different agents work for the buyer and the seller. There should never be an ethical gray area in terms of giving priority to an agent who works in my brokerage. It best serves my seller to give everyone equal consideration when it comes to bringing buyers. 

Dual agency, on the other hand, refers to a realtor who is representing both buying and selling sides of a transaction. One of the most common times that this happens, is when a landlord is planning to sell and the tenants decide to buy the home. Since the tenants are living in the home, there is relatively little to negotiate between the two parties, so it’s less of a risk to each party. However, with most standard sales dual agency is not as easy. The dual agent now becomes the agent for both sides, and must maintain confidentiality on both sides. This means that neither side is truly represented to the fullest extent.

Per the Virginia contract, “Dual representation occurs when the same broker and the same sales associate represent both the buyer and seller in one transaction. In the event of dual representation, the broker will be bound by confidentiality requirements for each client, set forth in the CONFIDENTIAL INFORMATION paragraph.”

Choosing the same realtor as the seller when purchasing a house, and engaging in dual agency, can present significant risks for both sides, but mostly to buyers. It can create a conflict of interest, and makes it very difficult do the best job for both parties. Dual agency can compromise the buyer’s ability to negotiate the best deal and it certainly reduces the ability to get unbiased advice. 

I always recommend that you choose an experienced realtor to represent just your interests. This assures that you get the advocacy that you need in the complicated world of real estate and that you ultimately have a smoother and more advantageous home buying experience.

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