Question: How did the real estate market for the first half of 2021 compare with 2020?
Answer: The City of Alexandria’s real estate market saw substantial improvement in the first half of 2021, but it would have been stunning had it turned out any other way given the doldrums of the COVID market during the spring of 2020.
Question: What is home staging?
Answer: Staging is preparing a home for market by furnishing and decorating it specifically to attract potential buyers. Through the use of furniture and accessories, staging helps buyers envision how the space can best be used and makes the property appealing. It puts the home in its best possible light by accenting the home’s positive features and helping enhance the flow of the rooms.
Question: What exactly does a backup offer mean, and do they even work?
Answer: So glad you asked! There was a time when backup offers were rarely used or even talked about. Once a home is under contract, it did not seem likely it would come back on the market, so it was seen as a waste of time to put in a backup offer. However, in the past year, we have seen a resurgence in the use of backup offers, and sometimes they are actually successful! We recently had a buyer win the home of their dreams with a backup offer after losing the home in a bidding war less than a week prior.
Question: How do I make sure our next move isn’t too stressful for our dog?
Answer: We’re in the Dog Days of Summer. Even in this heat, a dog’s love is never wavering. Mine have certainly made my life whole and have made my home a happy (albeit 80% chaotic) place! I moved earlier this year, and it’s taken quite a bit of time for my dogs to adjust.
Question: Can I avoid losing thou$and$ of dollar$?
Answer: Now, that I have your attention… it will not surprise you to know “the devil and the angels are in the details,” and you must keep your guard up during any transaction, especially in real estate.
Question: How do I get a house ready to sell when I live out of town?
Answer: Funny you should ask… I have had the opportunity to help five sellers in the past year in this very same situation. One couple had been renting their home for over 10 years — they live in Canada. The second rented his townhouse for about 15 years — he lives 1.5 hours away. I am working on three more now. One is an estate with the executor living in South Carolina. Another is a large single-family home, and the owners have already moved to their farm in Tennessee. And one will close this week with the sellers signing remotely from California.
Question: Should I rent or buy?
Answer: When considering a move, sometimes there’s a dilemma. Is this the right time to buy, or should I rent again? In some areas of the country, it’s a clear choice. If mortgage payments will be consistently lower than rent, or at least close, there is an obvious opportunity to see appreciation in your investment and come out ahead in a few years. In our area, it can be a little tricker.
Question: What does the 2021 real estate market look like so far?
Answer: Real estate fascinates many people. The real estate market over the last year, however, has been particularly captivating to follow. Whether you’re actively in the market or just mildly interested, there’s been a lot to discuss this year (and we’re only halfway through!).
Question: Why do local traditions matter when selling a home?
Answer: In February, I told you about the somewhat painful and sometimes silly family organization of my parents’ home to prep it for sale. (Click here for a refresher.) What I didn’t tell you was about the toddler-sized nutcrackers in my mother’s collection, which scared everyone who stayed in the guest room, or the drama caused when a large, live opossum landed on the chest of the HVAC technician installing new systems in the crawl space.
This week’s Q&A column is written by Karisue Wyson, Director of Recruiting & Agent Support at McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article, contact Karisue at 703-615-0876 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: What Can Ted Lasso Teach Us About Real Estate?
Question: What’s the current status of the mortgage industry?
Answer: The pandemic has had a significant impact on the residential mortgage industry. At the beginning of the public health crisis, investors in mortgage-backed securities stopped purchasing the instruments, which caused a liquidity shortage and a spike in the rates available to consumers. The Federal Reserve quickly stepped in and began purchasing Fannie Mae and Freddie Mac issuances, stabilizing the market and easing rates. Underwriting standards involving employment, income, liquid reserves and credit scores were tightened by Fannie, Freddie and jumbo loan providers. Some lenders in the jumbo space chose to stop making those types of loans until the economic impact of the pandemic was understood.
