Renting vs. buying – Which one’s right for you?

The topic of real estate and homeowners seems to constantly be a subject of discussion, especially in the midst of the coronavirus pandemic as we find ourselves in our homes more than ever and realizing if our current accommodations are working for our new normals of serving as offices and classrooms.

The purchase of a house is the largest transaction most people will ever make. Such a big and expensive decision can feel like drinking from a fire hose in terms of the amount of information available. Where do you even start? When is transitioning from renting to buying a good decision? And how much does it really cost? Here are six things to consider when evaluating if jumping into the real estate market as a buyer makes sense for you.

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10 DIY projects you can finish in a weekend

As our time at home continues, we’re in our spaces more than ever, and some might be looking a bit dull or in need of a breath of new life. Without having to travel too much for supplies, here are 10 easy projects you can accomplish this weekend.

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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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How do I navigate the current mortgage environment?

Image credit McEnearney Associates

Question: How do I navigate the current mortgage environment?

Answer: A great deal has changed in the mortgage industry over the past several weeks as the industry responds to COVID-19 economic concerns. Real estate agents and consumers need to be aware of the changes as they navigate the current residential real estate market.

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What should I know before diving into the current Virginia real estate market?

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Question: As a buyer, what should I know before diving into the current Virginia real estate market?

Answer: Real estate sales are governed by state contract law and property law. Depending on the circumstances, buyers in Virginia can expose themselves to significant risk if they are not fully aware of their rights and responsibilities.

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The state of the mortgage industry during COVID-19

A great deal has changed in the mortgage industry over the past two weeks as the industry responds to COVID-19 economic concerns. Real estate agents and consumers need to be aware of the changes as they navigate the current residential real estate market.

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Where are we now, and where are we going?

Image credit McEnearney Associates

With restaurants and most activities closed, many businesses shuttered or the employees sent to work at home, and governors’ stay-at-home orders, you may have a lot of extra time on your hands. Many people are taking stock of their own personal situations during this crisis.

Now is a good time to consider whether you need a new home, or perhaps it’s time to downsize from the ol’ family homestead. The real estate market was very strong heading into the COVID-19 pandemic and there is good reason to believe it will regain its strength when the crisis passes. It isn’t dormant, however. Real estate transactions can, and do, still take place today.

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The state of the D.C. area real estate market

Dazzling new home in the heart of Chevy Chase designed by GTM. Incredible space exceeding 5,500 SQ FT. High-end kitchen, butler’s pantry and sun-filled family room with fireplace provide amenities and space for comfortable living. All of this plus separate dining room, living room, and gracious foyer make entry-level entertaining perfect. You will be delighted with the luxurious Master Suite as well as 4 other bedrooms and 3.5 baths. Superb finishes throughout and a garage complete this wonderful home. Offered at $2,295,000

David Howell, McEnearney Associates CIO: I want to thank Tom Williams of our Spring Valley office for letting us shoot in this beautiful home at 3304 Cummings Lane in Chevy Chase, Maryland. It’s incredible new construction, and it’s just immaculate. Over 5,300 square feet with five bedrooms and four and a half baths, there are thoughtful details throughout the house. One of my favorites is the crumb vacuum built into the kitchen island baseboard. Click here for the listing details, and I think you’ll be blown away.

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A shift in the market we haven’t seen before

At the start of the year, we predicted that this year’s Washington, DC metro area real estate market would look a lot like 2018: stable contract activity, modest price appreciation, stable mortgage interest rates, and continuing low inventory. With over half of the year in the books, we were mostly right – with one glaring exception: the inventory of available homes.

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The state of the D.C. area real estate market

In this video, we’re continuing our conversation about absorption rates.

But first, I’d like to thank Emily Gordon and Phillip Allen of our DC offices for letting us shoot this video in their incredible new listing at 3039 16th Street, NW in Columbia Heights.  Unique is a word that’s overused – but this 2 level, 2 bedroom condo really is unique.  20-foot ceilings, 18-foot windows, magnificent views, incredible smart home features and a private elevator right to the unit.  Take a look at the info below, click on the link and enjoy!

Evaluating the impact of absorption rates is really a matter of leverage.  The higher the rate, the more bargaining power the seller has. Let’s take a look at the conditions right here in Columbia Heights.  Over the last several months, the absorption rate for condos has been right around 35%. That’s a seller’s market, and the results show that.  Since the first of the year, condos here have sold for an average of 99.5% of original list price in an average of 34 days. Good stuff!

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