Real Estate Review |
What Are the Experts Saying About the Spring 2023 Housing Market?

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.

Take a look at what the industry experts are saying right now about the spring housing market and what it means for you:

Selma Hepp, Chief Economist, CoreLogic:

“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”

Greg McBride, Chief Financial Analyst, Bankrate:

“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”

Rick Sharga, Founder and CEO, CJ Patrick Company:

“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.” 

Jeff Tucker, Senior Economist, Zillow:

“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”

Active Listings in Alexandria VA

Take a look at the inventory of homes in Alexandria VA over the past two years:

Use your mouse to hover over the interactive chart above.  As you can see, we're entering the spring market with an inventory of homes in March 2023 4.1% higher than March of last year.  But in looking at the overall trend, you can easily see how the inventory levels in Alexandria VA are nowhere near what they were in 2021.  This goes to Jeff Tucker's point where you can expect to see buyers competing, simply because there's not a lot of homes to choose from in the market.

Bottom Line

If you’re thinking about selling your house, this spring’s a great time to do so while inventory is still so low. And if you’re in a good position to buy, lean on your local real estate professional for the best advice. Whatever your plans, let’s connect to make sure you’re able to navigate the spring housing market with confidence.

Coming Soon | 1BR Reston Condo at The Savoy

Reston Town Center Condo Coming Soon

Thinking about renewing your lease? This condo may be an opportunity for you to own for less than rent.  Why not take advantage of low monthly condo fees with an abundance of community amenities, walking distance to metro, and a move-in home that has been freshly painted, plus a garage space that conveys.

Located steps away from the Reston Town Center, Inova Reston Hospital, and close to metro, this second floor condo will be listed at $310,000.  Who wouldn't want to be close to a wide variety of restaurants and shopping, also Dulles Toll Road, and Fairfax County Parkway.

Interested in More Information?

The address is 12000 Market Street, Unit 242, Reston VA.  To be notified when this home goes active on the market, give me a call at 703-623-8759 or fill out our Contact Form today.  

• More condos for sale in The Savoy at Reston Town Center
• All condos for sale in Reston
• Condos for sale in Fairfax
• See if you're eligible for Down Payment Assistance

Why Aren’t Alexandria VA Home Prices Crashing?

There have been a lot of shifts in the Alexandria VA housing market recently. Mortgage rates rose dramatically last year, impacting many people’s ability to buy a home. And after several years of rapid price appreciation, home prices finally peaked last summer on a national level. These changes led to a rise in headlines saying prices would end up crashing.

Even though we’re no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), doesn’t expect that to change:

“[H]ome prices will be steady in most parts of the country with a minor change in the national median home price.”

You might think sellers would have to lower prices to attract buyers in today’s market, and that’s part of why some may have been waiting for prices to come crashing down. But there’s another factor at play – low inventory. And according to Yun, that’s limiting just how low prices will go:

“We simply don’t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”

As you can see in the graph below, we’ve been at or near record-low inventory levels for a few years now.

Bottom Line

Stress-Free Home Cleaning: 27 Practical Tactics for Busy Households

Let's face it, keeping a clean and orderly home is a challenge for many of us. Between busy work schedules, social obligations, and family commitments, it’s tough to keep up with daily chores—let alone larger seasonal tasks.

The effort is worthwhile, however. A sanitary environment can keep you and your family healthier by minimizing your exposure to germs and allergens.¹ Plus, researchers have found that organized, uncluttered homes have quantifiable mental health benefits, too, including reduced stress, improved emotional regulation, and increased productivity.²

The reality is, we enjoy our homes more when they are in good order. It’s much easier to relax without piles of unopened mail or a messy kitchen reminding us of work to be done. And don’t we all feel more inclined to entertain family and friends when our homes are well-kept?

That’s why we’ve rounded up our favorite tactics—from overall strategies to little tips and tricks—for keeping things tidy without spending all our spare time cleaning.

Set a Schedule for Daily and Weekly Cleaning

We’ve all been there—you put off vacuuming or mopping your floor for a few days, only to realize that weeks have passed. Creating a cleaning schedule that works for you is the best way to stay on top of things and avoid overwhelm. Here are a few of our favorite strategies:

1. Designate a day of the week for each task—then, add them to your calendar so you can’t forget.
2. Create a shared schedule that assigns specific responsibilities to each member of the household. Post it in a prominent place, like on the refrigerator, or create a shared digital calendar.
3. Carve out 15 minutes a day for cleaning and decluttering. Set a timer on your phone and get as much done as you can before it goes off.

It may take some trial and error to find the tactics that work best for you. The most important thing is to make a habit of cleaning so that clutter and grime don’t have a chance to build. And if you’d like some professional help, reach out for a referral to one of our favorite cleaning services!

Tackle Bigger Chores Seasonally

Many home care tasks are seasonal by nature and only need to be completed once or twice a year. But when we don’t have a plan to tackle them, it’s all too easy to put them off. Here are a few tips to stay on top of these chores:

4. Mark days on your calendar in advance to attend to annual or semi-annual chores, like cleaning gutters, washing windows, turning mattresses, and shampooing carpets.
5. Schedule just one primary task each weekend instead of blocking out a full two days. This will help ensure a good balance between chores and relaxation.
6. Designate a date two to four times a year, depending on your lifestyle, to put away out-of-season items like clothes, holiday decorations, and sporting goods.
7. Take some time to sort through your seasonal items when you pack them away. Then you can toss, sell, or donate items that you no longer need or enjoy.

Remember—breaking down these larger tasks can make them less overwhelming. If you space them out so that you can handle them one by one, even the most time-consuming chores become a lot more manageable.

And since all your time is valuable, don't hesitate to delegate these larger home care tasks to professionals. Give us a call for a list of our recommended service providers.

Reduce the Barriers to Cleaning

Set yourself up for success by ensuring you have the tools on hand to tackle small tasks with ease. Here are a few ways to make your cleaning supplies more accessible:

8. Store a broom, dustpan, and vacuum on each floor of your home so they’re easy to reach.
9. Stash containers of disinfecting and glass wipes under every sink for a mid-week wipe-down.
10. Place extra bags beneath the liner of your garbage pails, so you’ll have a replacement ready when you take out the trash.
11. Keep a paper shredder and recycling bin handy so you can dispose of unwanted mail as it’s opened.

By strategically placing your tools and supplies in the locations where you’re most likely to need them, you’ll make cleaning less of a chore and more of a habit.

Stop the Clutter Before It Starts

From coats to shoes to mail, it’s all too easy to find clutter taking over your home. Once these piles start to form, they can feel overwhelming—which only makes it harder to address them.

To avoid this problem, stop the clutter before it starts. Assign every item a home and create storage spaces and “drop zones” in key locations.³ Here are a few ideas to get you started: 

12. Install coat hooks and shoe racks in the entryway for easy access.
13. Add a key caddy or shelf for essential items to get you out the door.
14. Hang a letter bin to capture mail and newspapers as soon as you walk into the house.
15. Place a donation box in each closet for items you no longer want or need.

It can take a little time to get in the habit of returning items to their assigned space. But once you do, staying on top of clutter will become far more manageable.

Are you considering a larger organizational upgrade, like a custom closet or pantry system? Reach out for a free consultation to find out how the investment could impact the value of your home! 

Tackle Small Tasks Right Away

Sometimes, the mental load of thinking about a chore you need to do is worse than the chore itself. Plus, handling small tasks right away can reduce the need for lengthy cleaning sessions.³ 

Try working these changes into your routine:

16. Learn to clean as you cook, rather than piling it all up for later. As you wait for water to boil or food to cook through, wash the bowls and utensils you used for prep.
17. Hang bath towels on a bar immediately after use. By allowing them to properly air dry, you can cut down on the frequency of laundering.
18. Bring items with you when you leave a room. For example, return plates and cups to the kitchen right away rather than letting them stack up in your home office.
19. Take out the trash when you leave for work, school drop-off, or errands. This will save you the time and hassle of a second trip.

If you implement these small changes, your home will stay neater—and you’ll minimize the number of dedicated cleaning sessions you need to take on each week.  

Embrace an Evening “Shutdown” Routine

Kitchens can get dirty and cluttered fast. But a few minutes spent cleaning up each evening can prevent the mess from getting out of control.⁴

Imagine your kitchen is a restaurant and you’re tidying it up before closing down for the night. These simple steps will prepare you for the morning rush:

20. Wipe down all surfaces, including countertops, stove, microwave, and sink. Then toss your soiled washcloth in the hamper and lay out a fresh one for tomorrow.
21. Load and run the dishwasher every night so you can empty it the next morning.
22. Prepare for breakfast by programming your coffee pot and setting out some grab-and-go options.

We all know it can be hard to find the energy for chores in the evening. But if you complete these small tasks each night, you’ll start the next day off right in a tidy, clean kitchen. 

Think Outside of the Box When It Comes to Storage

Most of us have limited storage space. Unfortunately, without the right spots to stash our items, it’s easy to become disorganized.

But we’ve found that using household items in innovative ways can help keep mess and clutter under control.⁵ Here are a few of our favorite swaps:

23. Place a magazine file in your kitchen for cookbooks, takeout menus, and meal kit cards.
24. Hang a pocket-style shoe organizer inside your pantry door to store granola bars, spice jars, and other small items.
25. Separate dress and athletic socks by turning an old shoe box into a drawer divider.
26. Repurpose jam jars by using them to store office supplies or bathroom essentials.
27. Store out-of-season clothes inside rarely-used suitcases, so all that space doesn’t go to waste.

A little creativity goes a long way when it comes to making the most of your space. Just be sure that you’re creating systems you can stick with and not putting things where you might forget about them later!

WE’RE HERE TO HELP YOU MAKE THE MOST OF YOUR HOME

Keeping your home clean and organized can be a continuous struggle—there’s no need to feel ashamed of that. But taking the time to implement systems that work for you can make life more pleasant and less stressful in the long run.

Remember, we’re not just here to help you buy or sell a home. We want you to love living in it, too. Reach out today if you need referrals for house cleaners, window washers, or other service providers that can help you make the most of your space.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

1.     Healthline -
https://www.healthline.com/health-news/5-health-benefits-of-spring-cleaning

2.     Forbes -
https://www.forbes.com/health/mind/mental-health-clean-home/ 

3.     My Domaine -
https://www.mydomaine.com/house-cleaning-schedule

4.     Housewife How-Tos -

https://housewifehowtos.com/clean/10-tips-to-keeping-a-clean-house/

5.     Better Homes and Gardens -

https://www.bhg.com/decorating/storage/projects/simple-solutions/

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Buying a Home in Alexandria VA |
How Homeownership Is Life Changing for Many Women

Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.

Why Is Homeownership So Important to Women?

The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.

On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First American, says:

“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”

The financial security and independence homeownership provides can be life changing, too. And when you factor in the personal motivations behind buying a home, that impact becomes even clearer.

A recent report from the National Association of Realtors (NAR) shares the top reasons single women are buying a home right now (see chart below):

Bottom Line

Homeownership can be life changing no matter who you are. Let’s connect today to talk about your goals in the housing market.

9960 Longford Court in Vienna Townhome |
Just Listed

Homes for Sale in Vienna - Just starting your real estate journey?  This end unit townhome at 9960 Longford Court in the Vienna community of Waterford could be just right for you!

Not only is it rare to find an end unit townhome for sale in Vienna, but this one has not three, but four bedrooms!  There's so much room to grow.

The main level welcomes you with an open and bright side-entry foyer.  The powder room is just before the kitchen, where your guests can freshen up before enjoying a meal.  So much light and natural sunshine bursting through the eat-in kitchen.  There's a second water line and space for you to add a second refrigerator with ice maker, which is ideal for extra drinks.  The owners are conveying three stand alone countertops, which add space for your meal prepping and extra storage needs!

Also on the main level, is the rear facing dining room, and living room with wood burning fireplace.  There's a sliding glass door that opens to the fully fenced yard with patio.

Upstairs are four spacious bedrooms!  The primary bedroom opens up to the 4th bedroom, making it ideal for use as a nursery, home office, or exercise area.

The lower level is finished, the recreation room has beautiful built-in shelving, in addition to the separate den which is a perfect space for your overnight guests.  There's also a full bath, and a storage area with a full sized washer and dryer.

This home has many upgrades and special features, lots of storage, and great square footage.  Located close to Oakton High School, Vienna metro, and close to I-66, and routes 29/50/123.

Check out the 3D Virtual Tour Below

Are you interested in scheduling a tour of this beautiful townhome in Vienna.  Don't wait.  Call Tamara Inzunza, listing agent, today at 703-623-8759 or fill out our Contact Me form for an immediate response.

Related Links

• MLS Listing for 9960 Longford Court
• Homes for Sale in Vienna $500,000 - $600,000
• Homes for Sale in Vienna $600,000 - $700,000
• Spring 2023 Buyer's Guide

Buying in Alexandria VA |
Reasons To Consider Condos in Your Home Search

Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:

“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”

That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below for the nation-wide comparison):

Now, take a look at the interactive chart below that shows the median prices of condos vs single-family homes in Alexandria Va:

In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure.

Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change.

Ultimately, owning and living in a condo can be a lifestyle choice. And if that appeals to you, they could provide the added options you need in today’s market.

Bottom Line

It could make a lot of sense to add condos to your home search. Let’s connect today if you’re ready to check out the options in Alexandria or other parts of Northern Virginia.

Alexandria VA 2023 Spring Home Buyer Guide Just Released - Download Now

No doubt that the biggest thing to watch in the Alexandria VA real estate market in 2022 was interest rates.  We literally saw interest rates double, which impacted affordability.  We saw a slight slow down in November and December, and it looked like the market was finally turning in favor for buyers, but lo and behold, once January came around, the frenzy started back up again.  Trying to follow and predict this market can give you whiplash.  So, if you're thinking about buying a home in Alexandria VA this spring, you must download the latest edition of the Spring 2023 Home Buyers Guide.

Here, we lay it all out in simple terms:

• How the supply of homes for sale is changing
• What past recessions tell us about the housing market
• How homeownership wins over time
• And more!

You're already here, so there's no registration required just click here and download your free copy now!

Bottom line, the Alexandria VA real estate market is a beast.  It will chew you up and spit you out...quickly.  How do you win?  You brace yourself, arm yourself with knowledge, and assemble a winning team that includes an experienced buyer agent and top notch local lenders.  When you're ready, let's connect and put a strategy together that fits your needs and your timeline.

7 Tips to Maximize Your Home’s Sale Price When Selling In Alexandria VA

Over the past few years, Alexandria VA real estate has witnessed first-hand the buying frenzy bid up home prices to eye-popping amounts. However, as mortgage rates have risen, buyer demand has cooled.1  Consequently, home sellers who enter the market today may need to reset their expectations and do things a little bit differently.

The reality is, it’s no longer enough to stick a “for sale” sign in the yard and wait for buyers to bang down the door. If you want to net the most money possible for your property in today’s market, you’ll need an effective game plan and a skilled team of professionals to implement it.

Fortunately, we’ve developed a listing strategy that combines our proven approach to preparation, pricing, and promotion—all designed to help you get top dollar for your home. But you will play an important role in the selling process, as well.

Here are some crucial steps you can take to set yourself up for success as a home seller in this market:

1. Make Strategic Repairs and Improvements

When you sell something, it’s important to consider what your customer wants to buy.  And according to the National Association of Realtors, only 6% of today’s buyers report that they are looking for a DIY fixer-upper.2  The vast majority want a move-in-ready home, which means that any outstanding repairs or dated features can be a major turn-off.

Before your home goes on the market, we’ll conduct a thorough walk-through to identify any problems that could prevent it from selling. In some cases, we may recommend a professional pre-listing inspection. Finding and addressing issues like leaks, rot, and foundation problems up front can pay off in the final sale price. Plus, it prevents sales from falling through because of a red flag on the home inspection, a scenario no seller wants to face.

Beyond repairs, we’ll also help you identify the simple upgrades that offer the highest return on your investment. For example, new paint can give your home a fresh look at a reasonable cost. However, it’s important to choose the right colors. One study found that painting your bathroom light blue could lead to a 1.6% increase in the offer price!3 Similarly, minor landscaping improvements can pay off in a major way. A healthy lawn offers an estimated 256% return on investment.4

2. Declutter and Depersonalize

When buyers look at a home for sale, they’re trying to envision themselves living there. That’s hard to do if it’s chock-full of the current owner’s family photos, children’s artwork, and souvenir collections. Plus, cluttered homes look smaller, many times darker, and older items can make them feel dated.

Decluttering before you put your home up for sale will help you in the long run—after all, you’ll need to move all your things to your new home eventually. Now is the time to shred, digitize, or organize old documents, donate old clothes, or move bulky furniture into storage. At a minimum, you’ll want to pack away excess items neatly before potential buyers view the home. Remove personal photos, religious items, political items, and other trinkets to create a blank slate that viewers can imagine decorating with their own prized possessions.

If you feel overwhelmed by this process, we’d be happy to make recommendations or refer you to a local service provider who can help.

3. Stage Your Home for Success

Just as you take care to dress professionally for a job interview, you should always ensure your home looks its best for potential buyers. Home shoppers today are used to scrolling through Instagram and Pinterest, and they want to see the same wow factor when touring a home.

The process of making your home look its best and appeal to potential buyers is called staging, and it can be a game changer. According to the International Association of Home Staging Professionals, an average priced staged home sells 5 to 11 times faster than its non-staged counterpart. Even better, the majority of staged homes sell for 4% to 20% over list price!5

Some sellers hire a professional stager, who may bring in furniture and décor to increase the home’s appeal. Others choose to stage their homes themselves. We can help advise you on which route to choose and how much to invest in the process.

It’s also important to consider what buyers in your neighborhood are likely to be looking for in a home. We can help guide your staging choices with our local market insights. For example, in neighborhoods where a large share of residents work from home, it may be effective to stage one room as an office space so potential buyers can envision their day-to-day routine.

4. Prep for Each Showing

Most of us don’t live picture-perfect lives, and our homes reflect that (sometimes messy) reality. But when your home is on the market, it’s important to ensure that it is always ready for viewers, even on short notice.  A missed showing is a missed opportunity to sell your home!

Before your home hits the market, it may be worth hiring professional cleaners to get in all the nooks and crannies.  After, try your best to keep things spic and span. Just a few minutes a day wiping down counters, sweeping the floors, and vacuuming can make a big difference.

It’s also worth noting that most buyers will open cabinets, drawers, and closets—so try to make sure everything is as neat and organized as possible. Keep toiletries and small appliances off countertops, and secure valuables and sensitive documents in a safe or off-site.

Want help finding a cleaning service to make your home shine for buyers? Reach out for a referral!

5. Price Your Home Correctly From the Start

In the past few years, you may have seen homes in your neighborhood sell for shocking amounts and wondered if you could get a similar price for your property. The temptation to list your home on the high side can be strong, but it’s best to be realistic from the start. Even in a hot market, some homes will sit for months. And the longer a property is listed, the more buyers worry that something is wrong with it.6

Of course, you also don’t want to set your price too low and lose out on potential profit. That’s why it’s essential to work with real estate agents (like us!) who know the ins and outs of our local market and what buyers are willing to pay today. In a quickly-evolving market, comparable sales from a few months ago can lag the current market reality.

Fortunately, if you’ve owned your home for several years, chances are good that it’s worth much more today than you paid for it. That means you stand to walk away with a handsome profit. In fact, recent reports show that homeowner equity is at an all-time high.7

6. Avoid Acting on Emotion

The past few years of over-asking-price offers with few contingencies have set certain expectations for many sellers. It’s only natural to feel hurt or even offended if an offer comes in lower than what you think your home is worth.

However, it’s important to keep in mind that those market conditions were unprecedented, and we are now returning to a more typical market. Home sellers who act rationally, rather than emotionally, are going to get the best results.

Remember: You can always counter a low offer. The same goes for repair requests and contingencies—everything is negotiable. However, it’s important to accept that the market is adjusting and flexibility is key. Keep your expectations reasonable, and remain open-minded. And you can rest assured knowing that we’ll be by your side every step of the way to help you navigate the process and negotiate a great deal.

7. Work With a Local Market Expert

The economics impacting mortgage rates may be national, but real estate markets are hyperlocal. That’s why working with a professional agent who understands your neighborhood’s dynamics is essential. Through our experience, we’ve gathered insights that can help us position your home for success in this market. Plus, we have the resources to connect with qualified buyers searching for a home like yours.

Working with a knowledgeable agent is also the secret to getting as much money as possible for your home. We have access to extensive data on recent sales in your neighborhood, which we will use to price and promote your property. That’s one reason why homes sold by agents draw much higher prices than those sold by their owners alone. While for-sale-by-owner homes went for a median price of $260,000 in 2020, the median for homes sold by agents was $318,000.8 That’s a difference of $58,000—and money you don’t want to leave on the table.

YOUR AGENT AND ADVOCATE

Selling a home in a fast-changing market can be stressful. You’re likely to hear conflicting advice and opinions from people in your life, and decisions like what color to paint your front door or how much to list your home for can be overwhelming.

That’s where we come in. The market may be adjusting, but it’s still highly advantageous for sellers—and we’re here to help you make the most of it. We’re listing experts in our area, and we know what steps you need to take for a smooth, profitable transaction.

If you’re considering buying or selling a home, we invite you to reach out to schedule a free consultation. We’re happy to talk through your specific situation and goals and help you identify your next steps.

The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Alexandria VA Homebuying | The Emotional and Non-financial Benefits of Homeownership