Hey Britt, How’s the Market?
The coronavirus is on the forefront of everyone’s mind, it has shifted the way we live our everyday life. There is so much unknown at this time - we wanted to share the questions we have been getting the most about how this is affecting the Alexandria real estate market. Feel free to check out our interview with Alexandria Living Magazine on Facebook where we dive into even more questions and detail.
Britt and Phyllis during the Alexandria Living Magazine interview
How has the coronavirus changed the spring market?
Depending on your zip code, number of contracts are down between 35-45% year over year. However, we have not seen a dip in price point, and we don’t foresee it going down. There was a housing shortage before this and there will be a housing shortage when this is over, demand is still strong some searches have just been put on hold.
What do you see with inventory? When do you see it increasing, this summer or fall?
We are not sure when it will increase. Unless you really have to relocate right now, you are not deciding to put your house on the market. As soon as we are allowed out of our homes, there will be an influx of buyers who are going to want to move for a variety of different reasons. We are spending more time in our house and the value of home is more important than ever! It is allowing a period of self-reflection on your family, your home, and they way in which you live and people are going to come out of it wanting different things in their homes. Do you value a suburban life? People may slowly leave Washington D.C. for Alexandria and for green space. 
We are stuck in our homes, what are some of the things on the top of people’s priority “want” list?
- • Location is the number one factor. People are realizing they can work from home more, and maybe a little farther out.
- • Space – what room are you missing? At home office space will be key.
- • Open concept kitchen family room will remain a top priority.
- • Mud room – we are coming in and wanting to take stuff off throw it in the wash, creating a more sanitary space in the home.
I was thinking about selling this summer. Should I wait?
We believe there will be a strong late summer early fall market. Now more than ever buyers are serious about moving. If you are willing to be out looking during this time, you really need to move. Listing agents are more closely vetting each showing, there is no more “lookey loos” just for fun. As a result, there is more of an emphasis on videos and floor plans to reducing number of showings. We are not suggesting putting your house on the market right now if you don’t need to. However, there are showing restrictions and precautions in place that we don’t see going anywhere for a while.
One of The Patterson Group's active listings, 5125 Remington Drive
What are virtual open houses? How does it work?
We are starting to do ‘virtual open houses’ on Sunday. The agent goes live on Facebook and walks you through the home room by room with their cell phone or camera. We have invested in technology to ensure they are professional quality – video is stable, lighting is good. These lives give potential buyers an opportunity to see the flow of the home and they can ask real time questions. All videos are saved to the Facebook page for people to view at a later time as well.
What can people do now to their homes to get it ready to go on the market?
We always say: Paint, declutter, and clean! A few actionable items:
- • Big heavy drapes – take them down, buy some new blinds, install something crisp and white. Install a classic rod with long drapes down the side.
- • Take down dated wallpaper.
- • A coat of paint goes a long way – we like Agreeable Gray, White Dove, Chantilly Lace, Revere Pewter.
- • Curb appeal – fertilize grass, plant flowers, pressure wash your exterior and deck.
- • Replace light fixtures with something cleaner lined - Bulid.com, Wayfair, and Shades of light are all reasonability priced.
- • Purge! Get rid of all those boxes of unknown “stuff” and clean out closets.
What home improvement projects pay for themselves?
Kitchen and baths are your highest return on investment. Something as simple as painting your cabinets, installing new hardware, and putting in stainless steel appliances, makes a huge difference! Think about replacing your bathroom vanity or glazing your colorful tile white. People are also going to value their yard and quality of life outside more than ever before – get some sod, some seed, plant some flowers. Great curb appeal creates a better feeling walking in the front door which translates into a better overall experience.