COVID-19’s impact on the regions market – Three myths & three truths

Image credit McEnearney Associates

We’re now more than two months into the region’s – and the nation’s – efforts to cope with the COVID-19 pandemic and everyone, in every walk of life, has been impacted in some way. The real estate market is no exception. We believe that an important part of what we do at McEnearney Associates is to provide accurate, timely information to our clients so they can make informed decisions, and we want to offer a candid view of some of the myths and the truths about the state of the market.

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Easy ways to keep water out of your basement

Before you spend thousands or tens of thousands of dollars on “fixing” a wet basement, be sure you are not inviting water in!  Follow these surprisingly easy steps to keep water from your roof and grounds from entering your house.

Most of our Home Inspectors say 95% of wet basement issues are fixable outdoors for just a few hundred dollars.  They say there are 3 easy steps:

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How do I know if it’s time to downsize?

Many empty-nesters and beyond debate that question almost daily. Residents often remain in their big homes almost by default – it can be hard to imagine a move. But ask yourself: “Will I be better off if I move? Will I get more out of life if I don’t have to maintain a large house? Could I use the extra time to travel, go to the theater or become engaged in that “cause” I have always wanted to? In short, is staying put actually holding me back from enjoying the things I have always envisioned for the next stage of my life?

For many, the answer is yes. Making a change in housing can be a step toward living life to the fullest.

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Millennials feel the pinch: The impact of rising mortgage rates

As millennials are entering their prime as homebuyers, they are feeling the pinch between very low inventory for entry-level priced homes and rising interest rates in the metro DC market.

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5 Most Expensive Homes Sold in Reston in 2016

Here are the five residential transactions that closed for the highest dollar amount in 2016:

  1. 11990 Market St. #2101 sold for its full asking price of $1.6M. The 1BR/3BA, 2,075 sqft penthouse-level unit carries a condo fee of $1,165.42/month.
  2. 1830 Fountain Drive #1505 sold for $1.525M (listed at $1,549,900) received a contract after 234 days on the market. The 3BR/3.5BA penthouse in The Paramount boasts 3,000 sqft and a $1,178/month condo fee.
  3. 1484 Waterfront Road, $1,347,500 (5BR/3.5BA)
  4. 2637 Fox Mill Road, $1.335M (5BR/5FBA/2HBA)
  5. 11570 Lake Newport Road, $1.3M (5BR/3.5BA)

Comparatively, in 2015, here are the five residential transactions that closed for the highest dollar amount:

  1. 11308 Stoneledge Court, $2.3M (8BR/11FBA/2HBA)
  2. 11990 Market St. #2104 closed at full asking price of $1.7M. The 2BR/2.5BA penthouse unit of 1,986 sqft has a $1,041.78/month condo fee.
  3. 11310 Stoneledge Ct., $1.6M (5BR/7BA)
  4. 1203 Bishopsgate Way, $1.5M (7BR/6.5BA)
  5. 11569 Lake Newport Road, $1.5M (4BR/3.5BA)

As of Jan. 1, 2017, there are 157 properties on the market in Reston for sale, ranging from $129,990 for a 1BR/1BA in Thoreau Place (a 55+ community) to $1,299,900 for a 5BR/4.5BA single family home in the Estates at Wyndham Hills.

2017 Real Estate Predictions for Northern Virginia and Washington, D.C.

offer_for_houseA new administration, rising interest rates and a housing market that continues to be competitive will make 2017 an interesting year for real estate. Here’s what I’ve seen on the ground this year in Northern Virginia and Washington, D.C. and predict for the year ahead.

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Fall Foliage in the DMV

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Image credit McEnearney Associates

No matter how long you live in the Washington D.C., Maryland or Virginia area, you can never get tired of gorgeous fall foliage. The reds and yellows and oranges are so intense, and driving through the countryside and mountains gives you the pleasure of watching the most stunning season change ever.

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November Events

fall-trees
Image credit McEnearney Associates

The next two months will be jam-packed with festivals, holidays, and parades. Here are some fun things to do in DC, Maryland and Northern Virginia leading up to the holiday season.

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Veterans Day: Honoring all who serve

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Veterans Day is celebrated on Nov. 11, the same day that World War I ended in 1918. It was originally established as a way to honor the Americans who had served in that war. Today, the holiday serves to honor veterans of all wars who have displayed patriotism and willingness to serve and sacrifice for this country. To recognize and celebrate these brave men and women, there will be plenty of events around the country, especially right here in the nation’s capital. We’re proud to say that our nation’s first responders are among the honorees.

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Michelin Releases DC’s Red Guide and Bib Gourmand List

DC Foodies rejoice: The district has now joined the list of places on the Michelin map and celebrates Bib Gourmand, which is fine dining at a moderate price. Keywords: “At a moderate price.” We’d cheer but we’re already focused on all the amazingness we plan on devouring ASAP.

In our opinion, DC has long been feeding the masses international, world-class deliciousness, but it’s possible that fabulous innovations such as the oh-so-popular Restaurant Weeks that take place seasonally gave a few eateries a leg up on the affordability ladder. And that affordability has been acknowledged with the release of the city’s first ever Michelin Guide (The Red Guide) and with that, the Bib Gourmand list, a rating of the best cheap-eats in the city.

Basically, Bib Gourmand restaurants have been deemed a good value by Michelin inspectors, who frequent them “when dining off the clock,” said a press release. These are restaurants where you can get two courses and a glass of wine or a dessert for $40 or less, not including tax and tip. The inspectors are anonymous, and they handpicked 19 restaurants featuring flavors from Ethiopian to Filipino.

Jose Andres has plenty to be proud of, as four of his restaurants — China Chilcano, Jaleo, Oyamel and Zaytinya — made the cut, as well as district faves Red Hen, Maketto, and Doi Moi. Red Hen seemed thrilled, tweeting @RedHenDC: “Never in our wildest dreams! So thrilled for the many deserving #dcrestaurants recognized by @MichelinGuideDC.”

The popular eatery Bad Saint was also honored, topping off a fantastic year that also included being named the second-best restaurant in the country by Bon Appetit just two months ago in August. “Oh my God! How exciting!” said co-owner Genevieve Villamora of the news. “It’s just really thrilling to be among the recognized restaurants.” Don’t expect much celebrating, though: “I think we’ll just prepare for service as we usually do, maybe have an extra hurrah before we open the door.”

See the full list here, including the restaurants that earned the double honor of also receiving stars!

— McEnearney Associates