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: How important is pricing strategy in the current market?
Answer: Precise pricing is more important than ever! Even in a white-hot “Seller’s Market,” owners must be careful when pricing for maximum buyer exposure.
It’s a market that can be enticing for sellers and exhausting for buyers: record-low inventory, high interest rates, and competition around every corner.
However according to David Howell, McEnearney’s Executive Vice President and Chief Information Officer, sellers still need to be smart and strategic in how they price their property. In fact, in reviewing McEnearney’s most recent statistical research, Howell observes that there are four kinds of sellers in this market — the Very Successful, the Eventually Successful, the Hopeful, and the Failures.
Let’s examine who has the numbers on their side.
The Very Successful Seller:
This is what every seller aims for but only about half of properties actually meet that goal. The “very successful” are those who sell at or above their original list, and those folks usually see a quick sale. For example, in October 2023 in Fairfax County and City of Fairfax, 55% of all homes sold fell into that “very successful “category, and those properties sold in an average of just 9.4 days and 2.5% above list.
The “worst of the best” in the metro area was Washington, D.C., where 40% of homes sold at or above list, and sold in an average of 17.3 days. That’s still pretty darn good.
The Eventually Successful Seller:
These homes sold, but below their original list price and with longer days on the market (DOM). In the City of Alexandria, about 48% of homes fell into this category in October, selling in an average of 30.7 days at 3.6% below the list price. In comparison, 52% of homes sold in six days and 1.6% above list.
The differences are significant — those “eventually successful” sellers took a month longer to sell (that’s another mortgage payment, insurance, and HOA or condo payment!) and sold for much less money. Those homes weren’t priced correctly at the outset, and the significant majority had to reduce their price before getting a contract.
The Hopefuls:
The third category of sellers are the “hopefuls.” Those are homes on the market that haven’t yet accepted an offer. In every jurisdiction we track, the average DOM for these “hopefuls” is at least twice as much as the average days on the market for homes that sold. This is where “testing the market” is at a seller’s peril. Buyers are scouring inventory for the right home and if a listing comes to market and isn’t attracting offers, holding out longer for “That One Perfect Buyer” is not going to solve that problem.
In fact, buyer mindset can affect even normally-priced homes that haven’t yet sold. If the average DOM is 7 days and your listing is at 14 DOM, some buyers may assume something is wrong with the property, even if there isn’t. This in turn brings lower offers — if any.
The Failures:
That brings us to the final category of sellers: the “failures.” We know that sounds harsh, but roughly one in every eight homes that go into the MLS expires or is withdrawn before it sells. This could be for any number of reasons — inflexible seller, significant property damage, distressed sale — but the end result is the same: no buyers were interested.
So, if most of the Washington metro area is in a seller’s market, why aren’t these homes selling? As shown, even with so many market advantages, 3 out of 4 sellers won’t sell their home right away. In most cases, this is because they simply aren’t priced in line with the reality of today’s market where many buyers have been slammed by higher mortgage interest rates.
What can a seller do to ensure they land in the “Highly Successful” camp? The first step is to work with a licensed Realtor® who will provide local market insight and guide your pricing strategy. The second is to prepare your home to attract the most qualified buyers: fix, remodel, and paint for the best first impression, and consider offering credits for buyers.
Finally, have a plan to make a pricing adjustment if the home hasn’t sold within 21 days, which appears to be the local “tipping point” when sales prices drop. In a recent study by the National Association of Realtors, a listing that is 30 DOM without an offer is likely 3-5% overpriced. Be ready to make a pricing decision that keeps you within a competitive time-and-pricing window that keeps buyers interested.
As we have noted before, there are still buyers actively engaged in the market, but they make their decisions based on value. And they don’t see value in an overpriced home. So, heed the warnings of three out of four kinds of sellers who learned the hard way: price matters and time kills.
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
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Just Listed highlights Alexandria City properties that came on the market within the past week. This feature is sponsored by the Jen Walker Team (Licensed in VA) of McEnearney Associates REALTORS®.
Welcome Back!
Jen Walker here with The Jen Walker Team! We are a real estate group based out of Alexandria, Virginia. I, along with my rock-star team members, Sue Kovalsky, Micki MacNaughton, Adrianna Vallario and Nancy Lacey, have more than 35 years of experience in real estate and sold over $150 million in 2022.
This listing by Lisa Groover of McEnearney Associates is a must see! Her listing boasts “Enjoy the Del Ray lifestyle in this charming three level end-unit townhome just blocks from the shops, restaurants and local services along The Avenue. Filled with light, this spacious home has a place for every thing, every purpose, and everyone!
Move-in ready with beautifully refinished hardwood floors on the main level and fresh paint throughout — 4 E Del Ray is waiting for you to call it home! Relax by the wood burning fireplace, grill your favorite meal on the expansive deck, or lounge in the spacious primary suite with updated ensuite bath. Spend time with your friends and family in the lower level recreation/family room with a full wall of built-ins. Work from home from downstairs or one of the three bedrooms. Tons of storage in the unfinished portion of the lower level.
Lovely nine-unit community of Commonwealth Cluster at the corner of Commonwealth and E Del Ray Avenues with one assigned spot in the parking lot and plenty of street parking. All of this, and pet friendly too!
Open House: Saturday, December 16 and Sunday, December 17 from 1-4 p.m.
4 E Del Ray Avenue, Alexandria 22301 — $785,000
Click here for Just Listed properties in Alexandria and call The Jen Walker Team to schedule a home tour at 703-675-1566 or email [email protected].
- 840 W Glebe Road, Alexandria 22305 — $750,000
- 318 N Alfred Street, Alexandria 22314 — $1,750,000
- 305 Mount Place, Alexandria 22305 — $1,295,000
- 400 Cameron Station Blvd #130, Alexandria 22304 — $367,900
Happy House Hunting!
In our highly competitive Alexandria market, the Jen Walker Team has the insider knowledge to connect you with homes that are not even public yet. With more than 35 years of experience, the Jen Walker Team has the expertise to answer questions, calm fears, and streamline your transaction. Want to see other homes not featured in this article? Contact our team today!
Please note: While The Jen Walker Team provides this information for the community, they may not be the listing agents of these homes. Equal Housing Opportunity.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314 #WeAreAlexandria
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 are the most important things I should know about caring for my home during the winter?
Answer: Great question! I frequently get reach outs from my buyers about caring for their new (or not so new) homes. After almost no snow last year, many local weather news sources are predicting a winter with lots of snow in the D.C. area. Veronica Johnson, chief meteorologist for 7News First Alert Weather has predicted “17 to 22 inches of snow for the D.C. Metro area this coming winter.”
As we are getting solidly into winter, but not below freezing yet, this is the time to make sure that you are doing some preventative maintenance. Here are a few of the most important things to do to get ready for the winter months.
Check the inside of your home for air leaks. Check all your windows for air leaks, and caulk where needed — both inside and outside. If you have any window air conditioners, this is the time to put them in storage or invest in an insulated cover. Not only will your home be warmer and cozier, but you will also have a more energy-efficient home with a more manageable heating bill.
Check the outside of your home for open entry points and potential water issues. While you are checking for air leaks, look around the exterior of your home, and cover any openings to guard against water intrusion, and also rodents that are looking for a warm hideaway. Make sure to pile fireplace wood away from your home, so that little critters don’t migrate towards the cozy inside of your home. Double check your gutters and downspouts so that rainwater and melting ice can run freely off of your roof and away from your home.
Winterize the pipes. It’s important to make sure that all your outside spigots are protected for the winter. First, turn off the water supply to outside faucets, then unhook hoses, turn on the outside spigots and drain them of all the water. Last, shut them off from the outside only, and cover them with a spigot cover. This can prevent your pipes from freezing and bursting. You should also make sure that any pipes in unheated areas are properly insulated. On particularly cold nights, you may even want to leave your inside faucets on a slow drip, so that the pipes don’t freeze. I grew up in an 1800s home and my parents still use this technique when the temperatures drop below 25 degrees.
Get a fireplace check-up. Speaking of being cozy, there’s nothing better than a lovely fire in the fireplace during the winter. This is a great time to have your fireplace inspected and cleaned, for both heat efficiency and for the safety of you and your family.
Have your furnace and hot water heater serviced. There’s nothing worse than having a furnace breakdown in the middle of winter, so it’s best to be proactive when it comes to your HVAC system. An easy way to extend the life of your furnace is to change the filter regularly. This keeps contaminants out of the system and keeps your system running smoothly. Have your local HVAC service company service the system in early winter and again in late spring, and get their advice on how often to change the filter for your particular furnace. Have the hot water heater checked while you’re at it, so that you don’t wake up to a cold home or shower.
Change the batteries in smoke and carbon monoxide detectors. These batteries should be changed once a year, so if you haven’t done it already, do it now. And if your detectors are more than 10 years old, change them out completely. There should be smoke detectors on every level of your home, including the basement.
Be ready for snow removal. Stock up now on ice melting products and grab a snow shovel or two if you don’t already have them. The worst time to be looking for these things is the day or two before a storm. Put your gloves and hat near the front door, too, while you’re at it. It’s best to be ready for snow and sleet.
It’s best to address these maintenance tasks ahead of time, so that you protect your home, keep your energy costs down, and don’t have major repairs during the coldest time of year. For lots more great information on taking care of a home, we frequently recommend a couple of home maintenance books to our new buyers. “Home Maintenance for Dummies” by James Carey is an oldie but a goodie. Another good book is “The First-Time Homeowners Survival Guide” by Sid Davis.
If you need advice, or recommendations on local contractors, don’t hesitate to reach out. Proactive maintenance not only protects your investment, but also contributes towards a stress-free winter and a cozy home. And if you need help finding your dream home, please get in touch!
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
Explore Alexandria living in this bi-weekly column sponsored and written by Sandy McMaster of McEnearney Associates. Got a question or comment? Contact Sandy at [email protected].
Amy Rutherford’s elves have thankfully opened Pippin Toy Co. just in time. This fantastic new addition to the city is the answer to your holiday shopping prayers!
A sister store to Penny Post and Red Barn Mercantile, Pippin Toy Co. shares that special sauce that Amy’s known for. The store features a candy wall, a STEM section, a building block room, and arts and crafts. Sweet stuffies and nostalgic toys are sprinkled throughout — it seriously feels like Santa’s best work.
You can find the perfect gifts for a child’s head, hands, and heart!
The shop is located in the 1300 block of King Street and is open Monday-Saturday from 10 a.m. to 6 p.m. and Sunday from noon to 5 p.m.
We’re so happy to see this addition to the city! Happy shopping and happy holidays!
To get to know more about me and how I help people build lives they want in homes they love, follow me @SandyMcMaster on IG or visit www.
Just Listed highlights Alexandria City properties that came on the market within the past week. This feature is sponsored by the Jen Walker Team (Licensed in VA) of McEnearney Associates REALTORS®.
Welcome Back!
Jen Walker here with The Jen Walker Team! We are a real estate group based out of Alexandria, Virginia. I, along with my rock-star team members, Sue Kovalsky, Micki MacNaughton, Adrianna Vallario and Nancy Lacey, have more than 35 years of experience in real estate and sold over $150 million in 2022.
This McEnearney Associates listing is located in the Southeast Quadrant. This location offers an amazing block of historic homes.
This mint condition brick townhome is in a superior locale near Lee Street Park and the Potomac River. There are four finished levels, 2,350 square feet — an outstanding value in the heart of Old Town.
This home has coveted off-street parking!
604 S Lee Street, Alexandria, VA 22301 — $1,495,000
Click here for Just Listed properties in Alexandria and call The Jen Walker Team to schedule a home tour at 703-675-1566 or email [email protected].
- 1401 N Pickett Street, Alexandria, 22304 — $1,299,900
- 324 E Howell Avenue, Alexandria 22301 — $899,900
- 320 S West Street #301, Alexandria 22314 — $879,000
Happy House Hunting!
In our highly competitive Alexandria market, the Jen Walker Team has the insider knowledge to connect you with homes that are not even public yet. With more than 35 years of experience, the Jen Walker Team has the expertise to answer questions, calm fears, and streamline your transaction. Want to see other homes not featured in this article? Contact our team today!
Please note: While The Jen Walker Team provides this information for the community, they may not be the listing agents of these homes. Equal Housing Opportunity.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314 #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 are the real costs of renting?
Answer: Homeownership is not for everyone. Is that a bad thing and what does it cost in the long run?
There are times when homeownership makes sense, but is this one of those times? For many, the combination of inflation, high interest rates, and steadily increasing home prices has put homebuying plans on hold, especially for Millennials and Gen Z buyers who have less purchasing power due to lower incomes, more debt, and less equity.
In a pricey area like ours, the pinch is even worse. The D.C. area’s cost of living was reported this spring to be 53% higher than the national average, while the housing portion of overall costs was a whopping 144% higher. Combined with a growing population that hasn’t kept pace with housing inventory, the supply-and-demand pressure continues to keep rents high, although there are some signs the climb may be leveling. In August it was reported that the average monthly rent in D.C. was $1,901/month, Virginia was $1,594, and Maryland was $1,741.
About 40% of the D.C.-metro area is made up of renters and a growing number of them report spending more than half of their monthly income on rent. A November report from Virginia Association of Realtors showed that compared with homeowners, renters are carrying more than two times higher housing costs. Data from the Census Bureau indicates that as of 2022 about 50% of renters were housing cost burdened in Virginia, while only 20% of homeowners were housing cost burdened (meaning 30% or more of monthly income was going toward housing costs).
But even with the financial burdens that renting can bring, it may actually be better for some in the long run to stay in tenancy. Because while rental prices have climbed, so have purchase prices. High list prices coupled with high interest rates means it now costs 52% more to own a home than to rent.
The podcast The Daily from The New York Times covered this recently and reviewed the financial paths that buyers and renters take on the way to building wealth. On one path, renters hold off on buying and invest what would have been a down payment in another way; as the investment grows the renter can increase their buying power for a time when overall housing costs may be lower. On the other path, homeowners navigate the initial high costs of buying a home and are rewarded (eventually and hopefully) with equity that grows over years of ownership.
Here are a few things to consider when deciding which is the better path for you right now. Because the market can and will shift, and “timing the market” is almost never a successful strategy.
How long do you plan to stay in the home? If it’s less than 5-7 years, it makes more sense to rent and invest cash elsewhere. Use a rent ratio calculator to determine your relative cost of renting versus buying.
How steady is your income? Annual rent increases can be unpredictable and plenty of tenants have been surprised by a sudden unexpected hike. For the most part, mortgage payments are consistent over the term of the loan (allocating for increases in taxes, insurance, and amenity fees) and easier to budget around in the long term.
What is your budget (or patience!) for home repairs? As a renter, home maintenance costs are borne by the landlord. If something goes wrong, you pick up the phone and someone else takes care of it. As a homeowner, you can expect to pay about 1% of the home’s purchase price every year toward home maintenance. But there are also big-ticket repairs — like a new roof, appliance upgrades, and systems repairs — that will unexpectedly take a bite out of your budget.
What is your lifestyle? Do you like exploring new neighborhoods? Are you a traveler and want the flexibility of trying on a new city for a while? Could a major life milestone be on the horizon? Do you simply want a low-maintenance living situation? Renting offers many benefits for people who don’t want to be tied to the responsibility of paying for and maintaining a home.
The National Association of Realtors has many resources to help decide if homeownership is the right move and where to find first-time homebuyer assistance, as well as reporting relevant data to understand current market dynamics.
And, when you’re ready to find a fantastic new rental or take the first step toward homeownership, be sure to connect with an amazing agent at McEnearney Associates.
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
Eat Fish, Be Healthy — even at home!
Opening their storefront in November 2020, owners Michael and Katy set out to supply top quality fresh and frozen seafood to Alexandria
The staff at MAS Seafood is incredibly knowledgeable and the owners are always available to discuss products, sustainability, seasonality, or just about anything. Their extensive line of fresh products is purposefully sourced, and hand-cut in house. With strict quality controls and bespoke services, MAS ensures everyone receives exactly what they need.
As the business grows, they stay receptive to suggestions, allowing the neighborhood to help fine-tune the shop. After three years in business MAS can offer more than just fresh fish. This family-owned market has items ranging from gourmet tinned seafood, to staples like pasta, beans, and rice.
The newest addition is their MAS Made line of delicious, ready-to-cook items, including crabcakes and salmon burgers. Check out their weekly offerings on their website or social media channels!
Whether you’re looking to add more seafood to your diet or want to wow guests with your holiday menu, you’re guaranteed to find the best seafood in town at MAS.
Stop in to see us Tuesday-Saturday 10:30 a.m.-6 p.m. at 809 Pendleton St Alexandria, VA 22314, a few blocks east of the Braddock Rd Metro station.
masseafood.com | Instagram @masseafood.va | Facebook @mas.seafood.va
All states have laws criminalizing the operation of a vehicle while intoxicated. In most states, this offense is called DUI, an acronym for driving under the influence. Some states use different references for the offense, such as OWI (operating while intoxicated) or DWI (driving while intoxicated).
While intoxication can result from various substances, alcohol intoxication is the most widespread. The federal limit for operating a vehicle on public roads is 0.08 percent BAC (Blood Alcohol Concentration). However, states have the prerogative of setting their own limits as long as it stays within the federal limit. All states follow the federal standard except Utah, which adopted a 0.05 percent BAC limit in 2018.
It Can Be Either
“Most DUI arrests occur during a traffic stop when the police suspect you of operating a car while intoxicated. However, you can also face a DUI charge when you aren’t actually driving. For example, you could be charged with DUI for sleeping in a car while intoxicated,” says Attorney Shawn Sukumar of Shawn Sukumar Attorney at Law.
After an arrest, you must appear before a court to classify the driving under the influence charge as a misdemeanor or a felony. The circumstances of your arrest usually determine the resulting charge.
What Is the Difference
Most DUI arrests culminate in a misdemeanor charge, but there are circumstances when the charges may be upgraded into felony charges. Only Maine, Maryland, Pennsylvania, New Jersey, and the District of Columbia do not have DUI felony charges in their books.
If you have been arrested for DUI in any other state, it is important to understand what circumstances can upgrade your charges into felony charges to ensure you know what you are up against. While each state will look at different circumstances as aggravating factors, some are common across all states, including:
- Having a child in a car. Having a child in the car while intoxicated is considered child endangerment, thus attracting severe consequences.
- Excessive BAC. A BAC slightly higher than the federal limit will result in a misdemeanor, but a concentration that is way too high, such as twice the legal limit, will result in a felony charge in most states.
- Injury or death and property damage. If an arrest occurs during a police stop, you will likely face a misdemeanor charge; however, if your intoxication is established after an accident resulting in a death, injury, or property damage, you will probably face a felony charge.
- Repeat offenses. If you had a conviction less than five years ago, a new arrest is more likely to result in a felony charge.
Consequences of a DUI Conviction
The consequences of a DUI conviction depend on the charge you face, but some penalties remain the same irrespective of the type of charge, including license suspension, mandatory DUI education, and IID installation.
All DUI can result in jail time. However, misdemeanor convictions carry shorter sentences of not more than one year and fines of up to $1000. Felony convictions, on the other hand, carry penalties of more than one year and penalties that could run into thousands of dollars.
Since DUI is a criminal offense, a conviction will mean getting a criminal record that could have long-lasting consequences, such as limited employment opportunities. Also, a conviction will cause your insurance premiums to increase significantly.
In light of the potential consequences of a DUI conviction, it is important not to take the charges lightly, so ensure that you have a lawyer working on your case.
Just Listed highlights Alexandria City properties that came on the market within the past week. This feature is sponsored by the Jen Walker Team (Licensed in VA) of McEnearney Associates REALTORS®.
Welcome Back!
Jen Walker here with The Jen Walker Team! We are a real estate group based out of Alexandria, Virginia. I, along with my rock-star team members, Sue Kovalsky, Micki MacNaughton, Adrianna Vallario and Nancy Lacey, have more than 35 years of experience in real estate and sold over $150 million in 2022.
This Colonial-style home presents a picture-perfect blend of classic allure and modern convenience. With a beautifully landscaped yard and driveway, the exterior sets the tone for elegance. Inside, hardwood flooring spans the entire home, leading to a cozy sitting room with a fireplace and a spacious dining room with French doors opening to a screened porch. The family room, featuring coffered ceilings and a gas fireplace, seamlessly connects to the gourmet kitchen equipped with a seated island, white shaker-style cabinetry, and stainless-steel appliances, including a double oven. A breakfast nook bathed in natural light complements the kitchen.
Entertaining is a breeze with a wet bar, while an adjacent sitting room, convertible into a home office, offers versatility. A coveted first-floor powder room adds practicality to the main level. Upstairs, four bedrooms, a full bathroom, and a laundry room provide convenience. The primary bedroom is a sanctuary, boasting an en suite bathroom, walk-in closet, and a patio overlooking the large fenced-in backyard. A separate garage adds to the appeal.
Nestled in a prime location, this home allows easy access to the vibrant neighborhood amenities, including Rosemont’s Grape & Bean, and dining options, coffee shops, entertainment, and shopping on The Avenue!
Open House: Sunday, December 3 from 1-3 p.m.
10 W Glendale Avenue W, Alexandria 22301 — $1,725,000
Click here for Just Listed properties in Alexandria and call The Jen Walker Team to schedule a home tour at 703-675-1566 or email [email protected].
- 604 S Lee Street, Alexandria 22314 — $1,495,000
- 709 W View Terrace, Alexandria 22301 — $799,900
- 11 E Myrtle Street, Alexandria 22301 — $749,000
- 1115 Prince Street, Alexandria 22314 — $2,000,000
Happy House Hunting!
In our highly competitive Alexandria market, the Jen Walker Team has the insider knowledge to connect you with homes that are not even public yet. With more than 35 years of experience, the Jen Walker Team has the expertise to answer questions, calm fears, and streamline your transaction. Want to see other homes not featured in this article? Contact our team today!
Please note: While The Jen Walker Team provides this information for the community, they may not be the listing agents of these homes. Equal Housing Opportunity.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314 #WeAreAlexandria
