Ask McEnearney

This week’s Q&A column is sponsored and written by Darlene Duffett of Corcoran McEnearney, 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 visit her website, darleneduffettrealestate.com. You may also submit your questions to Corcoran McEnearney via email for response in future columns.

Question: I’ve heard there are lots of hidden costs when buying a home. Can you tell me what they are?

Answer: When most people start their homebuying journey, they tend to focus on the headline numbers—purchase price, down payment, and mortgage rates. But there’s a whole category of additional costs that some people like to consider “hidden” costs. But after reading this article you will now know them, so they will not be “hidden” anymore. I’m hoping this helps buyers be prepared and not surprised as these expenses aren’t necessarily secret, but they’re easy to overlook if you’ve never gone through the process before. The good news? With a little planning and guidance, you can stay ahead of them and move into your new home with financial confidence.

INSPECTION COSTS

One of the first out-of-pocket costs you’ll encounter is the cost of any inspections. This can include, but is not limited to, home inspection, wood destroying insect inspection (often called termite inspection), radon inspection, mold inspection, chimney inspection, sewer scope inspection, and well or septic inspection (which we don’t encounter often inside the beltway).

As you construct your offer to purchase a home you may include one or some of these. We have seen them far less in the last few years with the competitive market but if the market shifts, we will see more. The most common type of inspection is the home inspection. A typical home inspection is performed by a licensed inspector who will assess the condition of the property and look for issues that could end up costing you money if left unaddressed—things like roof problems, foundation cracks, outdated electrical systems, or plumbing issues. These can add a few hundred dollars to your upfront costs, but they’re well worth it for peace of mind. It’s tough to list prices for each of these inspections as they are based on the size of the home or system, but a typical home inspection can run from $300 for a 1-bedroom condo into thousands for luxury homes.

HOME APPRAISAL

Another expense that could catch buyers off guard is the home appraisal. If you’re financing your purchase with a mortgage, your lender will most likely require an appraisal to confirm the value of the home. This protects both you and the lender by ensuring the loan amount aligns with the property’s market value and the bank will only lend on the appraised value. Although it’s part of the loan process, the appraisal fee is typically paid by the buyer out of pocket and usually ranges between $500 and $800 or higher for luxury properties.

On occasion the lender may be able to obtain an appraisal waiver if the property is valued under one million dollars. Many factors play into this as the loan is run through an Automated Underwriting System, and there are many requirements including percent down, credit score, income, debt-to-income ratio, and if it is a primary residence or secondary home.

CLOSING COSTS

Perhaps the most significant hidden costs are what’s known as closing costs. These are the fees and charges associated with finalizing the home purchase, and they can add up quickly. Closing costs usually include things like loan origination fees, title insurance, title search, escrow fees, attorney fees (if applicable), transfer taxes, and prepaid expenses such as homeowners’ insurance and property taxes. In our market, buyers can expect to pay between 2% and 4% of the purchase price in closing costs. On a $600,000 home, that’s anywhere from $12,000 to $30,000—an amount that should be factored into your homebuying budget.

MOVING COSTS

Once you’ve made it through closing, it’s time to move—and that comes with its own set of expenses. Moving costs vary greatly depending on how far you’re going, how much you’re moving, and whether you hire professional movers. Local moves may cost a few hundred dollars, while long-distance or full-service moves can run into the thousands. Don’t forget to consider other move-related expenses too, such as storage fees if you’re in transition, utility connection deposits, or temporary lodging if your move-in date doesn’t line up perfectly with your closing date.

IMMEDIATE HOME EXPENSES

Immediate home expenses are usually personal decisions if your home is not new or move-in-ready. Decide what you can live with for a little while or if it is something you can do yourself in your free time. These can include new appliances, painting, replacing flooring, window treatments, or updating fixtures. You might need to buy basic tools, lawn equipment, or hire landscapers to maintain the property if you are moving from a condo to a detached home.

Personal Note: The first thing I recommend is having the locks changed right away for security. You have no idea what neighbors or friends have keys to your home.

HOA OR CONDO FEES

If you’re buying a home in a planned community, condo building, or townhome development, you’ll also need to pay for Homeowners Association (HOA) or Condo fees. These are recurring fees that cover the maintenance of shared spaces and amenities. In some cases, they also include services like snow removal, trash pickup, or exterior maintenance. HOA dues and condo fees can vary significantly—from as low as $50 a month to several hundred dollars—and should be factored into your monthly budget just like utilities or a car payment.

In the end, buying a home is a powerful and rewarding step toward building long-term wealth—but it’s also a financial commitment that extends beyond the purchase price. By budgeting for these ahead of time, you’ll not only be prepared—you’ll be positioned for success and stability in your new home.

If you’re starting the homebuying process and want expert guidance every step of the way, I’d love to help! From budgeting tips to referrals for trusted lenders and inspectors, I make sure my clients have the full picture—so there are no surprises, just smart decisions.

Darlene Duffett is a licensed real estate agent in Virginia with Corcoran McEnearney in Old Town, Alexandria. She is licensed in Virginia and Washington, D.C. She has built a reputation of partnering with her friends and clients throughout the home buying or selling process. If you would like more information on selling or buying in today’s complex market, contact Darlene at 703-969-9015, [email protected], or visit her website DarleneDuffettRealEstate.com.

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.

Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.

This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and Corcoran McEnearney, 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 Corcoran McEnearney via email for response in future columns.

Question: What’s the deal with buyer love letters?

Answer: I’ve had a lot of questions lately, from both buyers and sellers, about buyer “love letters”.

Many sellers I work with are curious about buyers who might be purchasing their home, and sometimes buyers are hoping that a letter from them will encourage the sellers to choose them and help seal the deal.

Reading buyer letters, however, can come with many hidden risks that home sellers might not expect. Here are a few examples of statements that might seem harmless, but in fact tell the seller about characteristics that are protected classes.

“We can already imagine opening presents beneath the Christmas tree, in front of that beautiful bay window, and hiding Easter eggs in the lovely yard.”
Religion – While this doesn’t mention an exact religion, the holidays are typically Christian and can give the impression that this buyer is Christian.

“This cul-de-sac will be perfect for us to teach our daughter to ride her bike.”
Familial status – Some sellers would love for the home in which they raised their own children to go to another family with children. However, it is a fair housing violation to pick a buyer based on whether or not they have children.

“My wife and I just graduated from Bryn Mawr and can’t wait to make this our forever home!”
Sexual Orientation – The fact that both members of this couple graduated from a women’s college might be a reference to their sexual orientation. A person’s actual, or perceived, sexual orientation is a protected class. If there is any indication of the sexual orientation of the couple purchasing the home, it could be a red flag for housing discrimination.

“I grew up in Hong Kong, and my parents, who still live there, would love to stay in the guest suite when they are visiting.”
Nation of Origin – This statement doesn’t necessarily confirm national identity, but this is a protected class. What’s important to remember is that any perception of preferential treatment could be a minefield for fair housing violations.

“This location is perfect, since it is just a few blocks from our Temple.”
Religion – You probably guessed this one! Even if there are multiple local temples, and this doesn’t necessarily indicate a specific religion, a seller should not give the impression that they are favoring buyers who have a religious practice.

Any photos!
They say a picture is worth a thousand words, and in this case, it could be worth thousands of dollars! It might be nice to see a cute family who will potentially be taking over the care of a beloved home, but it is never a good idea to look at photos when deciding which offer to accept. In Virginia, the protected classes are race, color, religion, national origin, sex, elderliness, familial status, source of funds, sexual orientation, gender identity, military status, and disability. Any one of these could be indicated in a photo.

Keep in mind that fair housing discrimination applies whether you are discriminating against someone, OR choosing someone because of their status. Think about it this way. If you also grew up in Hong Kong, and love the commonality between you and the potential buyer, it would be discriminatory against everyone who is NOT from Hong Kong.

It is also important to remember that this information could come to a seller by means other than a letter from the buyers. If a seller waits outside in their car while visitors come to view their home, that can also open the door to all kinds of potential accusations of discrimination. For this reason, I always advise my sellers to stay as far away as possible when showings are scheduled.

As a buyer, it is important to remember that there are many other things that you can do to appeal to a seller. Accommodating their timeline or putting down a higher earnest money deposit are both much better ways to give yourself a competitive advantage!

We love working with both sellers and buyers, and can help you navigate this sensitive aspect of real estate. Please give us a call or email if you have any questions about this topic!

Hope Peele is a licensed real estate agent with Corcoran McEnearney 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.

Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.

This week’s Q&A column is sponsored and written by Darlene Duffett of Corcoran McEnearney, 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 visit her website, darleneduffettrealestate.com. You may also submit your questions to Corcoran McEnearney via email for response in future columns.

When your parents move out of their long-time home—whether they’re downsizing, moving into assisted living, or transitioning to live with family—it often falls on adult children to handle the sale of the property.

I’ve worked with 3 different sellers this past year that found themselves in this exact situation. It’s not just about paperwork and staging; it’s about managing memories, emotions, and the responsibilities of a life transition. If you’re facing this journey, here’s what you need to know, what to expect, and how to make the process manageable with confidence and care.

Understand the Legal and Financial Landscape

Before you begin packing boxes or calling contractors, it’s essential to understand the legal and financial aspects of selling the home. Start by confirming the current ownership status—whether your parents still hold the title, if it’s in a trust, or if there are multiple heirs involved. If your parents are unable to manage the process themselves, you’ll need to have legal authority through a Power of Attorney to make decisions on their behalf. In cases where the property has been inherited or is part of an estate, consulting a tax advisor or estate attorney is crucial. Getting these legal and financial questions clarified early will save time and stress down the line.

Begin the Decluttering and Sorting Process

Clearing out the home can feel like the most emotional part. Whether your parents have lived in the house for five years or fifty, it’s likely full of treasured memories and belongings accumulated over a lifetime. The key here is to work methodically and compassionately, starting one room at a time. Create clear categories: items to keep, donate, sell, or discard. Involve your parents if possible, especially when it comes to sentimental objects, and allow time to honor the emotions that may come up. You may also consider hiring a professional organizer or a senior move manager—especially helpful if you’re managing the process from out of town. In one of our cases, we had a company come in to hold an estate sale and another to haul away the leftovers.

Assess the Home’s Condition

Now it’s time to look at the home through a buyer’s eyes. Older homes may have outdated finishes or deferred maintenance, and it’s important to identify which updates will provide a return on investment. I recommend walking through the property with an experienced real estate agent (like me!) who can advise on smart, cost-effective improvements. This might include painting dated walls, replacing worn carpeting, or enhancing curb appeal with simple landscaping. In some cases, a pre-listing home inspection may be a wise move, particularly for older properties, as it allows you to proactively address any major issues and avoid surprises once the home is under contract. The goal is to present the home in its best light while being mindful of your time and budget. Or, it may be just to sell it in “as is” condition. There are many construction companies that will purchase the home even with the contents intact. For some, this is the easiest way to a quick closing.

Create a Thoughtful Pricing and Listing Strategy

Once ready, it’s time to create a pricing and marketing plan tailored to the DC-area market. We usually do this based on recent comparable sales and current demand. If the home is empty or features older finishes, staging (either physical or virtual) can help buyers see its potential. Professional photography, detailed floor plans, and strategic marketing are essential. Your agent should coordinate everything—from marketing to showings to negotiation—to ensure the sale goes smoothly, allowing your family to focus on what matters most during this transition.

From Contract to Closing – What Happens Next?

Once your parents’ home goes under contract, it might feel like the hard part is over, but there’s still an important phase ahead. The time between contract acceptance and closing typically lasts 10 to 45 days, and a lot happens during this period.

The first step could be the home inspection, usually scheduled within the first week. Buyers may request repairs, a credit, or a price adjustment based on what’s uncovered.

Next, the buyer’s lender will order an appraisal to ensure the home’s value supports the loan amount. If the appraisal comes in low, it could require price adjustments, additional negotiations, or documentation to justify value.

Behind the scenes, title work, HOA document reviews (if applicable), and final loan approval are all in motion. You’ll want to keep the home in good condition until settlement day and make any agreed-upon repairs well in advance. Your agent will coordinate access for re-inspections, walk-throughs, and provide updates every step of the way.

Finally, as you approach the closing date, you’ll gather necessary documents, sign paperwork, and hand off the keys. Once the transaction is complete, funds are disbursed, and the home is officially sold, you’ll be able to take a breath—and maybe toast to a job well done.

Here is a quick checklist that might be helpful:

Legal & Financial

• Confirm ownership and title status
• Secure Power of Attorney (if needed)
• Consult with a tax or estate planning professional

Prep & Declutter

• Sort personal belongings (keep/donate/sell)
• Hire a junk removal or estate clean out service (if needed)
• Deep clean the entire home

Repairs & Improvements

• Repair visible damage (walls, fixtures, floors)
• Refresh paint, lighting, or flooring if cost-effective
• Spruce up curb appeal (trim, mulch, clean porch)

Listing Prep

• Hire a real estate agent familiar with estate or downsizing sales
• Stage the home (either fully or virtually)
• Schedule professional photos & create a marketing plan
• List and show the property

Darlene Duffett is a licensed real estate agent in Virginia with Corcoran McEnearney in Old Town, Alexandria. She is licensed in Virginia and Washington, D.C. She has built a reputation of partnering with her friends and clients throughout the home buying or selling process. If you would like more information on selling or buying in today’s complex market, contact Darlene at 703-969-9015, [email protected], or visit her website DarleneDuffettRealEstate.com.

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.

Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.

This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and Corcoran McEnearney, 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 Corcoran McEnearney via email for response in future columns.

Question: What if I want to sell but don’t want a lot of people in my house?

Answer: While at first glance it might seem counterintuitive for one to want to sell their home but not want others inside, there are a ton of reasons why a seller might hesitate to put their home on the open market.

The first thing that is important to know is that putting your home on the market does not mean that you are opening it up to the general public. Buyer appointments are always made by real estate agents, and they will always accompany their client throughout the entire home.

However, as I mentioned before, there are countless reasons why a seller wouldn’t want their home openly marketed. Perhaps they are the CEO of a large company and aren’t ready to share that the company is relocating. Maybe the seller is a public official or just doesn’t want nosey neighbors to visit. There could be someone who is immunocompromised living in the home. In these cases, discretion, privacy, or safety might be more important to the homeowners than price.

What is most important in every situation is that each seller understands how their home will be marketed and how that could affect the price they ultimately sell for.

One option that sellers have is to opt for Limited Marketing, also known as an Office Exclusive. This means that information about your home is not distributed through the Bright Multiple Listing Service.

In this case, there is a disclosure form* that sellers must sign stating that: “Nearly every home in the area is in Bright’s database, and most websites and apps get their information from Bright. This form instructs your broker, however, not to have your property information shared with others through Bright’s system.” The seller must initial that they are “instructing my broker not to market through the MLS and instead to limit marketing to their own network and methods, per my written instruction.” (Source: Bright MLS Office Exclusive Form)

Also stated on this form are the risks of this option: “Studies show that homes publicly marketed through Bright’s MLS typically sell for significantly more than homes marketed as ‘off MLS,’ ‘off market,’ ‘private’ or ‘exclusive.’ And most homes that start with restricted marketing find a buyer only once marketed through the MLS to the open market. If you want to instruct your broker to restrict marketing, then you must sign this form because this limits people’s access to information and may affect the sale price.”

After considering all of this information, the majority of sellers will elect to list their home on BrightMLS but may still have some concerns. Of course, there is never any guarantee that accidents won’t happen. Even the most responsible and professional agent might have a buyer trip into a cabinet and shatter your favorite vase on the floor. I always recommend that my sellers remove this possibility by taking out anything valuable or irreplaceable. Whether it’s starting to pack up a few boxes stashed in your closets or renting a short-term storage unit, this is always a good step to ensure peace of mind.

If they’re able, I typically advise my buyers to get out of town for a long weekend once their home goes on the market. If you’re out for a few nights, you can rely on your Realtor to manage the showings, and you don’t need to worry about keeping your living space “show ready”.

No matter what you choose, there will likely be moments that you are a bit stressed or irritated by people coming into your home. Keep reminding yourself that this is only temporary and to look to the future. You are getting one step closer to being in your new home!

Hope Peele is a licensed real estate agent with Corcoran McEnearney 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.

Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.

This week’s column is sponsored and written by Corcoran McEnearney, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact us at 703-549-9292. You may also submit your questions to Corcoran McEnearney via email for response in future columns.

Question: When is the best time to list my home?

Answer: Across the country, sellers are consulting their calendars to land on just the right time to list their properties.

Just like the temperature, the spring real estate market is heating up in our region, and buyers are anxious to get in on the action. Limited inventory still favors sellers, but there are strong signs that more homes will continue to be added, allowing buyers a better chance of finding a home that meets their needs.

It’s not a secret that the spring market is the busiest of the real estate cycle, but unlike local declarations of the change in season — “the first pitch of Nationals baseball” or the “first blooms of the Tidal Basin’s cherry blossoms” — there’s no clear date that sellers can peg for “The Best Day” to list their home.

Locally, the “spring market” is loosely defined by many agents as “between the Super Bowl and Memorial Day,” which is pretty broad. If you’re looking to move soon and you can be flexible about your listing strategy, here’s what to consider. ​​

Realtor.com’s annual “best time to sell” analysis identifies April 13-19 as the ideal new listing window based on seasonal trends in pricing, demand, and days on market (DOM) seen over the past seven years. But Zillow pushes their ideal date further out and predicts that, based on 2024 data, sellers who listed their home in the last two weeks of May netted an additional 1.6% on the sale, about $5,600 on the typical U.S. home.

Because all real estate is LOCAL, let’s take a look at the trends in our region, with the disclaimer that the best time to list your home is…when you need to move! Life changes can happen at any time, necessitating a move when you may least expect it. Factors like rising or falling interest rates (ex: higher interest rates are likely to keep would-be sellers in their current homes), consumer confidence, and the impact of cuts to the Federal workforce can also influence local market activity, throwing a potential curveball at well-crafted listing plans.

“In general, April and May tend to have the most available inventory, with March and June close behind. Same goes for new listings coming on the market,” says David Howell, CIO and a Principal of Corcoran McEnearney. “But it’s important to note that the relative supply doesn’t change as much as the actual inventory. And that’s because there are more buyers in the spring as well. So, the supply of homes — inventory and contracts — is only a little lower in the spring than it is in the winter months.”

“That wasn’t always the case,” says Howell. “Many years ago, we could count on the market being very quiet from Thanksgiving through most of January. But as our market grew more culturally diverse, the traditional seasonality waned to some degree.”

Another regional influence is the high number of military installations and the service members who keep them operating, but even that impact is shifting from a spring/summer impact to one that is increasingly spread out over the year.

“The summer months were always the biggest for military moves, but PCS (permanent change of station) moves in the military are now typically three years rather than two like they used to be, decreasing the number of moves military personnel would make,” Howell explains.

“What moves the market far more than the seasons is geography and major economic indicators — like mortgage rates and unemployment,” he adds.

As we head toward what could be peak Selling Season, what are the stats telling us about what to expect? BrightMLS, the mid-Atlantic database of real estate transactions, reports that year-to-date, new listings are up 10.4% in the D.C. region, compared to 4.8% for the overall Bright MLS service area. (This is higher than last year but is 5.3% lower than listing activity in the week prior.)

BrightMLS also reports that for the week ending March 23, the increase in local inventory is encouraging sellers to lower their prices, with the share of sellers dropping their asking price now two percentage points higher than it was a year ago. It had been anticipated that DOGE would cool housing market activity in the greater Washington, D.C. area, but BrightMLS reports that the uptick in new listing activity has drawn some sidelined buyers into the market.

“In the spring market, homes tend to go under contract about 10-15% faster, likely influenced by a combination of better weather that makes it easier to see and show houses and the simple fact that there are more buyers in the spring,” says Howell.

Sellers who are preparing to list soon should expect some negotiation from buyers who see, maybe, not “bargains” but “opportunities” with more homes to choose from. Buyer activity was relatively stronger in the D.C. area market than in other parts of the Mid-Atlantic region last week, with pending sales activity the strongest in the local markets where listing activity has increased the most.

If you’re planning to list within the next month or two to capture excited buyers and stand out from the competition, working with the experienced Realtors® at Corcoran McEnearney who understand the nuances of our local market will ensure your real estate goals are achieved no matter what season you’re selling.

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.

Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.

This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and Corcoran McEnearney, 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 Corcoran McEnearney via email for response in future columns.

Question: Do I have to move out immediately after selling my home?

Answer: This actually might seem like a silly question with an obvious answer. Most people assume that once they no longer own the home they must move out. And while that is correct in the long term, sometimes you have some time after selling – if you work it out in advance!

A lot of times, the homeowner’s main concern when considering selling their home is finding their next home. Oftentimes, a seller’s market is the time to sell, but then the sellers become buyers and the fear of not finding a new home becomes real! If this is the case, asking for a Post-Settlement Occupancy Agreement might be the best option. It is always a good idea to have your agent know your timeline, so that they can properly communicate with agents whose clients are interested in submitting an offer.

A post-settlement occupancy agreement outlines a timeframe, and potential cost, of staying in your home past settlement. The new buyers are now the owners, and you will technically become a tenant while you are finishing up moving out. The terms are always negotiable. There is an option for the former owners to pay a flat rate, or a daily rate, and there is a security deposit held by the settlement company.

In some cases, if it is a competitive situation, the new buyers might not charge for the extra time in the home. This can be a leg up against other offers and those buyers who are competing for the home. Some buyers can afford to give the seller some free weeks, since their first mortgage payment will not be due until the 1st day of the 2nd month after settlement (for example, if you settle on April 1, the first mortgage payment will be due on June 1).

The buyer is still protected, because if there is any damage to the property, or if there are disagreements about move-out, the settlement company holds the security deposit as an independent party.

Once the former owner moves out, the buyer has three days to either provide a list of damages – reasons to withhold the deposit – or notify the settlement agent to release the deposit.

If you are selling and need a little extra time to pack and/or find a new home, a Post Settlement Occupancy Agreement may be a great option for you. Talk to your agent about whether this is a good fit for you. And don’t hesitate to reach out if I can help in any way.

Hope Peele is a licensed real estate agent with Corcoran McEnearney 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.

Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.

This week’s column is sponsored and written by Corcoran McEnearney, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact us at 703-549-9292. You may also submit your questions to Corcoran McEnearney via email for response in future columns.

Question: What are the top five things you might not know about home buying?

Answer: In home-buying, what you don’t know can indeed hurt you in the long run.

If you’re in the market for a new home you may be pondering many things: Will I get the best interest rate? What will my commute to work be like? What can we do with the basement? Will the primary bedroom closet fit all my clothes? Is there a cul-de-sac for the kids to play? Will I be able to afford the loan payment?

All important considerations, no doubt. But there are some not-so-obvious aspects of buying a home — one of largest, most important, and expensive transactions most people will undertake — that buyers should consider to minimize risk for what should be a happy and positive life milestone.

Keith Barrett, an attorney and founder of Vesta Settlements, recently met with many of our agents to discuss his top five things that buyers should be aware of.

Title Insurance

Title is the formal right of ownership of property; title insurance protects and insures an owner’s (or lender’s) interest in real property. Specifically, it is a policy of indemnification (“making whole”) against loss caused by any covered defect in the title. Title insurance is unique in its scope because where most insurance policies protect against future unknown events, title insurance is retrospective and looks back in history (generally back 40 years) at what has occurred to land or a property regarding ownership. It’s also unique in that the premium is paid once, rather than monthly or annual premiums like other insurance policies.

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This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and Corcoran McEnearney, 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 Corcoran McEnearney via email for response in future columns.

Question: Should I bring my children when looking for our new home?

Answer: Bringing children along when viewing homes can be tricky. You might be concerned about them getting too attached to a home or even the objects inside the home! You also might be concerned about them running around in the home and potentially upsetting the staging. But, in my experience, bringing your children in on your home search can be an asset — with the right approach.

Here are some tips on how to make it easier:

Set expectations. Explain to your children that they will be visiting new houses, but it is different from visiting a friend. Running and playing inside might not be as safe as it usually is.

There might be rooms set up with fun things but let them know that they should think of these tours like visits to a store. The items in the home are just for looking at and not for taking home.

It is also important to note that if a home is completely staged it is very possible that the beds aren’t real. In some cases, it might look like a comfy king bed — complete with ample pillows and comforters — but it is really just an air mattress precariously balanced on a few empty boxes.

Another factor to consider is that other buyers have been through the home, and could have fiddled with locks, etc. I never thought about this, until I experienced what could have been a pretty scary situation.

I was touring a home with a good friend, her husband, and their two young children. Her daughter wanted to check out one of the bedrooms and shut the door behind her to get the full experience. It turned out that someone had tested the door lock before her, so she was locked in the bedroom. Luckily, her parents were able to coach her to open the door and let herself out, but it was an important lesson that I was thankful to have learned, with few consequences.

Bring entertainment and snacks. If you will be touring more than one home, pack a tablet, books, or toys to keep them occupied, as well as a snack. If a home is staged to appeal to families with children, it is likely that there will be toys in the home. It is always a good idea to have your own toys, so it isn’t as upsetting for them when you need to leave toys behind. Snacks can also be very helpful for maintaining stamina. Of course, you know your child best, so plan ahead if there is a chance that your home tours will run into a mealtime.

Don’t get outnumbered. If there are more children than parents, it can be useful to enlist help. The main benefit of this is that you will have more freedom to actually look at the home. Depending on the age of your children, you can always introduce them to your Realtor and have them hang out while you look around. Of course, I am personally biased to this option, as I enjoy hanging with the kids!

Limit visits. Viewing multiple houses in one day can be exhausting for kids. Honestly, from my experience, it is exhausting for adults, too. Try to keep it to just a few per day. When you see more than three or four at a time it can be hard to maintain energy, and remember which homes have what specific features. Children are much more likely to get exhausted and that could potentially impact your impression of the home.

Get them involved. Older children may enjoy choosing their future room or looking for fun nearby places. Let them know that you are in the home search, but don’t let them know that they have a new home until it is a done deal.

Of course, every family is unique and sometimes the decision to bring your children isn’t in your hands. These are just a few ideas to help make that home search smoother!

If you are looking for a local, experienced agent to guide you through the process, negotiate on your behalf and ensure that you make informed decisions, don’t hesitate to reach out!

Hope Peele is a licensed real estate agent with Corcoran McEnearney 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.

Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.

This week’s Q&A column is sponsored and written by Brian Bonnet, Senior Loan Officer (NMLS ID# 224811) of Atlantic Coast Mortgage, LLC (NMLS ID# 643114). To learn more about current mortgage rates and the home loan process, contact Brian at 703-766-6702 or email [email protected]. You may also submit your questions to Corcoran McEnearney via email for response in future columns.

Question: Why aren’t mortgage rates dropping?

Answer: The Federal Reserve began lowering the Fed Funds Rate this past September with a ½ point decrease, followed by additional ¼ point reductions in November and December. Consumers had eagerly awaited these reductions in the hope that rates on consumer loans, such as mortgages, would follow. (This article was written prior to the January Fed meeting.)

Unfortunately, the opposite has been the case.

According to Freddie Mac’s weekly mortgage rate survey, the average rate on 30-year fixed-rate loans closed during the week of the September Fed rate cut was 6.08%. The survey shows the average rate increasing in the following months with that number currently sitting at 7.04%. So, with a total decrease in the Fed Funds rate of 1.0%, mortgage interest rates have actually increased 1.0%. Why?

Mortgage rates generally track the direction of the 10-year Treasury Yield. The 10-year yield and the yields of other long-term treasuries and bonds are driven largely by expectations of where short-term interest rates will be in the future, as opposed to where they are now.

The Federal Reserve lowered the extremely short-term interest rate, the Fed Funds Rate, but economic reports and even commentary from Federal Reserve governors continues to indicate concerns that instead of moving closer to the Fed’s 2% inflation target, we are actually moving away from it.

In addition to the actual economic numbers we are currently seeing, we have the prospect of tariffs being added to the mix, the result of which would very likely be inflationary. Fed commentary suggests they are less likely to continue lowering the Fed Funds Rate in the near term which has the impact of keeping long term yields, including mortgage rates at higher levels.

No one can tell consumers when mortgage rates will trend lower again, but waiting for lower rates before purchasing a home may not be the wisest financial move. The median price for a home in the D.C. Metro area rose approximately 6.2% in 2024 to $610,000. We continue to see low inventory and will likely see similar increases in home prices during 2025. As prices increase, so do loan amounts. Consumers should remember when rates decline, you can refinance a loan to a lower rate, but you can never “refinance” your purchase price to a lower price.

Let’s look at an example: a $610,000 purchase price now with 20% down at a rate of 7% results in a principal and interest payment of $3,247 on a loan of $488,000. Refinancing the balance a year later to a 6% rate reduces the P&I payment to $2,896.

But if a consumer waits that same year for rates to drop to 6%, the price of that same home will likely be $647,820, an increase of almost $40,000. With 20% down the loan would increase to $518,256 which results in a P&I payment of $3,107, or just $140 less than the previous year.

So, while the purchaser saved $140/month in their P&I payment in the second example by waiting to purchase until rates dropped the next year, they could have saved $351/month by refinancing the loan if they had purchased the year before. Waiting for rates to decrease while home prices increase almost never makes sense.

If you’re in the market to purchase a home, we’d love to create a home-buying strategy that gets you a rate you can live with for a home you can afford today. Please reach out to me or my colleagues at Atlantic Coast Mortgage to get started.

If you would like more information about financing a mortgage in today’s market, please contact Brian Bonnet at [email protected] or call 703-766-6702.

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.

Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.

This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and Corcoran McEnearney, 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 Corcoran McEnearney via email for response in future columns.

Question: What should I know when trying to buy a house?

Answer: That’s a great question! Many buyers think that the first step is to go to open houses and see what you like in a home. While that’s fun, it can be counterproductive, especially if you are looking in the wrong price range. It’s also kind of like putting the cart before the horse, since there are several steps that should be accomplished before trying to make an offer on a home.

Here are my top tips for positioning yourself well and competitively, when you’re ready to buy.

1. Talk to a Lender

Many buyers think, “Of course, I will qualify, so I’ll deal with choosing a lender once I’m ready to make an offer.” However, even the most qualified buyers can run into hiccups, if they have not submitted a loan application already. There may be something that pops up, such as a debt you didn’t know about, or even someone using your name for credit. These are things that you need to find out as soon as possible. Even more importantly, a lender will give you a true picture of what you can afford.

Many of our buyers have been looking at the wrong price point, not realizing they could afford more, or shopping for homes that would not fit their budget. It’s important to have a very clear picture of your price range. A lender can also look at your credit and help you to improve your score quickly. It doesn’t cost you anything or hurt your credit to talk with a lender, submit an application (even if it’s early in the process), and figure out your true buying power. It’s best to do it sooner rather than later.

2. Set Your Priorities

While pricing is important, you should also assess what else matters to you. How many bedrooms do you want or need? How many square feet? Number of baths? Parking? Distance to work, family, or other frequently visited spots? Ability to sell easily in future? Make a list of all your priorities and then rank them.

3. Choose a Realtor

A Realtor can help you target communities that fit your most important priorities. You DO NOT want to be picking a Realtor the day you find the home you love. And you most likely do not want to pick the listing agent to represent you, since they were hired to represent the seller. It is in your best interest to already be working with a Realtor, even if you know it will be several months or even a year before you buy.

Choose a Realtor who is knowledgeable, has experience, and that you feel comfortable with. Meet with them in advance and ask all your questions. I would suggest asking: How many homes have you sold? What are the lowest priced homes you’ve sold and the highest priced homes you’ve sold? What are your suggestions for winning in a competitive market? Do you think I should have a home inspection? BTW, I think you should always have a home inspection. I also believe that the location of the home should not impact your choice of Realtor (unless they are not licensed in that jurisdiction), as it’s their skills that matter most. Again, it’s best to choose your Realtor sooner than later.

4. Drive Around Neighborhoods

If you are interested in an area, look carefully at the neighborhoods. Drive your commute, especially in rush hour, so that you can see if this is a commute that you’re really comfortable with. Maybe even take a walk in the neighborhood and ask some of the neighbors how they like living there. Look on social media sites for a neighborhood group. It’s really important to know the vibe and what, if anything, the neighbors love or don’t love about the community.

If you are looking for a local, experienced agent to guide you through the process, negotiate on your behalf and ensure that you make informed decisions, don’t hesitate to reach out!

Hope Peele is a licensed real estate agent with Corcoran McEnearney 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.

Corcoran McEnearney, 109 S. Pitt Street, Alexandria, VA 22314, corcoranmce.com. Each office is independently owned and operated. Equal Housing Opportunity.