There’s a saying I’ve heard said to travelers “go everywhere, talk to everyone, eat everything”. While this might not be as intuitive for your home town, in my opinion, it’s not always good advice.
Eat where the locals eat!
Ask McEnearney
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: A reader recently asked us a question about the resale value for homes with solar panels. Did it help, hurt or have no impact at all?
Question: Where can I find reliable information on local real estate market activity?
Answer: Every month on our website we profile the most important market indicators — contract activity, interest rates, inventory, affordability, and the direction of the market — in an easy to read and digest summary followed by supporting charts and data. Then each quarter we take a look at submarkets in Northern Virginia and last month in this column we shared information on contract activity for the first half of the year in the City of Alexandria and South Alexandria.
Question: Are real estate appraisals always accurate?
Answer: The short answer is, no. Not always. However, it’s complicated! Here are some important considerations for understanding appraisals, and how to assure the best appraisal outcome.
|
Question: How do finance contingencies work in a competitive market?
Answer: For the past several years we have been experiencing a seller’s market in residential real estate. Buyer demand exceeds the number of homes available for sale. There have been plenty of news articles over the past few months that appear to question that, but for a lot of buyers out there, that is what they are experiencing. Realistically, we can expect to experience a seller’s market for a long time coming.
Question: How was the real estate market for the first half of 2023?
Answer: As we wrap up the first half of the year, the low inventory of available homes for sale continues to be a dominant factor in the local market. Despite the significant pullback in contract activity because of interest rates that edged near 7% by the end of June, home prices in Northern Virginia still rose in June and have risen year-to-date.
Question: Why wouldn’t the highest price offer win, in a competitive situation?
Answer: Although the local market has cooled somewhat since the height of 2020, it is still a fairly competitive market for buyers right now. One question that I’ve been asked a lot lately is, shouldn’t the highest price offer get the home? It seems so, but it’s not actually quite that simple.
This week’s 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.
Two of the most respected names in local real estate — McEnearney Associates and Middleburg Real Estate/Atoka Properties — have combined our exceptional talent and resources into one powerhouse firm. This strategic union marks a significant milestone poised to affirm our long-standing traditions of excellence and transform the future of independent real estate.
Question: How can my local real estate agent help me move long distance?
Answer: Buying and selling a home can be exciting and stressful all at the same time. Locally, most people know at least one real estate agent; whether an agent they have used before or someone they are acquainted with. If not, recommendations from a friend, family member, or trusted advisor are a great place to start.
Question: How long should I plan on owning a home to make it a good investment?
Answer: Purchasing a home is one of the most significant financial decisions that one can make, and many wonder how long they should plan on owning a home to make it a good investment. If you plan to live in the home for many years, this may be less of a concern.
Question: What are the main culprits of wet basements and how can I prepare?
Answer: Every summer we see rolled up carpet on curbs after thunderstorms. And sometimes just during heat spells. Summer brings heat, humidity, and thunderstorms. And wet basements.