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Buying, selling, and renting a home in Alexandria, Virginia, is similar to an extreme sport. You’ll spend plenty of time preparing and strategizing with your real estate agent/coach for game day, otherwise known as closing day, or when you secure the perfect home.
The Alexandria, VA, real estate market embodies many current nationwide real estate trends, including low inventory, aggressive buying tactics, and a severely squeezed rental market. However, as part of the greater Washington, DC, area real estate market, it also produces unique and nuanced real estate trends that you must consider before making a substantial financial decision.
Without the help of a seasoned real agent and a team of local real estate professionals with years of experience working in the area, you’ll struggle to keep up with the speed and intensity of the market.
We’ve tapped into their expertise and shared their best advice for buying, selling, and renting in Alexandria below.
Did you know MilitarybyOwner has a business directory that connects you to some of the most trusted agents that serve military families in the Alexandria area?
Moving to Alexandria
It can be tricky to move to Alexandria without the help of a proactive agent. Newcomers often feel overwhelmed because there’s so much to learn, from Alexandria’s two separate school systems and government to extensive mileage within the cities’ boundaries.
The importance of vetting real estate agents with proven results cannot be over-emphasized. More often than not, referrals from friends and family are the surest way to meet a match you can trust and who will work doggedly on your behalf. You’ll need someone who has built relationships in the area and is respected by their peers. These connections are the make and break points of the real estate industry.
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Here are a few more suggestions to help you prepare.
1) Advocate for yourself.
There’s no substitute for personal research into the general areas you’re considering moving to. Talk with people already living in Alexandria neighborhoods and ask about the quality of life issues that are significant and unique to that neighborhood. With a better understanding of the features you prefer, such as proximity to a Metro or bus stop, your agent can dial into what is available and show you the properties that suit your needs.
2) Obtain a pre-approval letter.
Buyers often need clarification about the difference between a pre-approval and a pre-qualification letter. A pre-approval letter shows the lender you’re serious about buying a house, and they can begin vetting your purchase power. This information leads to creating an appropriate offer according to your finances. A pre-qualification letter doesn’t hold this weight. It really just means that from a quick look, it seems as though you could afford a mortgage.
When you interview a potential agent, get their take on the differences and how your finances relate. If you don’t already have a preapproval letter, they should have the name of a trusted lender or two to share with you.
3) Choose a local lender.
Local lenders are small businesses that work hard to get to the settlement table with the lowest rate and best experience possible for their clients. They’re driven by a tight real estate community that values a trustworthy reputation.
Real estate agents endorse local lenders for multiple reasons. They are readily accessible and often easier to communicate with compared to nation-brand lenders, making for a happy seller ready to close the deal and hand over the keys. Local lenders are also in tune with the enduring fast-paced market in Alexandria and can make quick adjustments as needed.
Selling a Home in Alexandria, VA
Alexandria’s sellers market remains vibrant, even with elevated interest rates. Right now, if your home is priced well, you’ll have plenty of interest because supply remains low. However, this doesn’t mean you should sell “as is.” Pro real estate agents know affordable improvements can really boost your sale price.
Experts predict that interest rates will hold (with possible slight upticks) over the upcoming months. Some buyers’ desires may cool due to unaffordability. But, of course, Alexandria’s market often bucks national trends when demand is of concern.
Although home sellers are in control now, veteran agents know you can’t “set and forget” your property if you want premium results.
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1) You need a complete marketing plan.
Any agent can generate one offer, but a prepared agent will create a complete marketing plan that brings in multiple offers with the best terms.
Excellent photos are essential. Buyers constantly search online and often return to the images to inspect every inch and examine more details. This is especially true for military buyers who regularly search for and buy a home without ever stepping into the house. Photos are a solid start to the marketing plan, but more prep work is needed to entice the best buyers.
In an occupied home, decluttering and light staging help capture your home at its best. Traditional and sometimes virtual staging are helpful tools for preparing a vacant house. Your agent should price the details and ROI to help you determine which option will be best for your property.
2) Make repairs and updates.
Alexandria real estate agents agree it’s almost always better to prep your home to sell. Money effectively spent ahead of the sale will save time and money by shortening the number of days listed and generating the best price. Never give a buyer a reason to question the value or integrity of your home.
These are top-producing agents’ go-to quick fixes:
- Fresh paint goes a long way in updating a home. Work with neutral paint colors to allow buyers to envision their furniture and belongings in each room.
- Boost your curb appeal. One of the most affordable and impactful improvements is landscaping, such as fresh mulch and window boxes, which are proven marketing strategies. There’s also no denying that a clean yard clear of weeds, overgrown bushes, and trees draws buyers to the front door. In fact, consider a new coat of paint for the front door, too.
Tips for Renters in Alexandria
Renters are struggling to find vacancies for a couple of reasons. Many buyers are frustrated with the selling process, which includes bidding wars and budget-busting asking prices. They’re seeking refuge in the rental market and competing with traditional renters who prefer the lifestyle or need a short-term living situation. Sellers have been holding onto homes because they don’t want to buy a new house with a higher interest rate. Of course, that is if they can find a new home to buy.
Would-be renters in Alexandria should contact a real estate agent. This might be unheard of for people new to the area; they’re used to speaking directly with the homeowner or property manager. However, in Alexandria, many real estate agents base a part of their business on working with rental homes.
The agents’ services are typically free for the renter (the owner pays the fees), but talk with your agent about how their business operates. Plus, they have insider knowledge of properties that will be available soon.
Renters should also expand their search. Whether it’s a different part of Alexandria or a different housing style, flexibility allows for attractive options you might not have considered. For example, although you might have preferred a single family home, townhomes are prevalent in the area and could fill your need for less money. The same is true for condos.
Expect to apply for multiple properties. The best rentals move lightning fast. It is common for rental homes to change hands through word of mouth without becoming a public listing. This is another reason to have an agent working on your behalf. They’re privy to rentals that the public hasn’t had the chance to see.
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More Alexandria Real Estate Tips
To make a comfortable real estate decision, you’ll need all the pertinent information. Consider these pro tips as you make plans.
Uneducated real estate professionals often misunderstand the VA loan. Working with an agent and a local lender with experience processing the VA loan is essential. It’s an outstanding loan with so much to offer from both a selling and a buying perspective. A knowledgeable buyer's agent will educate the listing agent about the misconceptions.
Your agent should clearly advise you on what a property is worth based on the comps in the area while taking into account the home’s desirable features and location. Alexandria’s hot market often pressures buyers to buy an overpriced house. Work with your agent to guide your decision on how high to escalate the offer while respecting your spending threshold.
Remember that Alexandria and basically the entire Northern Virginia region have their own real estate personality compared to national trends. Experts forecast market corrections as interest rates increase, but home values in Alexandria tend to hold even during stressful economic times.
Overall, agents who have worked in Alexandria and know the real estate cycles agree that the entire Northern Virginia market is an excellent investment and has historically proven to yield a good rate of return for its investors. But, as of now, and in the short term future, buyers and renters will need patience and preparedness to make quick decisions with the help of an experienced Alexandria-based agent.
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