FALLS CHURCH NEWS-PRESS | FCNP.COM
R EA L E STATE
R��� E����� W����� 2021
Housing Market Ripe for 1st-Time Buyers, But Could Worsen Inequality
BY MATT DELANEY
WINTER 2021 | PAGE 11
FALLS CHURCH NEWS-PRESS
Analysts have claimed that the housing market will be a major player in the post-Covid economic recovery — and by and large, they’re right. But while some firsttime buyers are well-positioned to break into notoriously competitive markets such as the Washington, D.C. region’s, those who’ve struggled financially thanks to the virus may find themselves priced out once they regain their footing. Home sales are a positive gauge for an economy because, as John Walsh from the Urban Institute’s Housing Finance Policy Center
said, people will commit to their life’s most expensive purchase when they have the money to do so. That demand creates a multiplier effect — more people wanting homes means there’s more interest in building them, helping those in the construction industry as well as those with jobs at utility companies. And it keeps real estate agents busy with selling homes and mortgage loan companies active by helping people finance them. “Especially when you’re building homes, you’re hiring labor and buying everything that you’ll need for that home,” Walsh said. “You’re inspiring different pieces of the economy and funding them when
you build a home.” This is a change from how the Great Recession unfolded. Back then, the generosity of mortgage companies to default-prone clients facilitated the decline and damaged a traditional pillar of an economic recovery. Just like how Walsh explained housing sales have a multiplier effect in a positive way, it can also be negative — for example, the housing collapse made employment growth in the construction industry stagnate for nearly four years, as Bloomberg News noted. Less construction workers meant less housing being built, which created inventory challenges and made for a tighter mar-
LOWER PRICED homes in the City of Falls Church often get bid above their list price, removing starter homes for prospective buyers. But historically low mortgage interest rates introduced to fight the economic consequences of the pandemic have added more options for first-time buyers. (P����: N���-P����.) ket overall. Harvard University’s Joint Center for Housing Studies said that lower interest rates inspired by recessions (in this case, historically low rates below three percent) reduces borrowing costs for both homebuyers and builders, which makes homebuying more attractive
and spurs homebuilding. Again, it’s that multiplier effect in action. Northern Virginia’s market has been no stranger to this trend. After the spring lull, sales began heating up in June and haven’t slowed since, according to Northern
Continued on Page 12
INSIDE: Mudrooms Disappearing? Not So, Say Builders, Architects & Agents ���� 15 | F.C. Real Estate Market #s (insert) ����� 16
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R EA L E STATE
PAGE 12 | WINTER 2021
FALLS CHURCH NEWS-PRESS | FCNP.COM
Those Struggling Due to Virus May be Priced Out of Homebuying Window Continued from Page 11
Virginia Association of Realtors president, Derek Swaak. The region saw year-over-year increases in dollar sales volume (13 percent), average price sold (nine percent) and total number of homes sold (four percent), all while seeing a steep drop in average days-onmarket (21 percent). However, Swaak did say that the City of Falls Church was the only jurisdiction that cut against the regional trends. The average volume of sales were down nine percent in the City, with a four percent decline in average price per sale. Swaak said it was purely a function of inventory — the City’s consistent bugaboo given its limited space — and how a few less sales can have a noticeable effect on percentages compared to larger localities. The winner from all this? Firsttime millennial home buyers. “Millennials are now in the homebuying stage of their lives,” Swaak said. “They may be renting and now maybe they’re buying a single family home in the city. And in some cases, they’re moving out even further beyond the beltway
BUILDING NEW HOMES creates jobs in real estate, mortgage lending, construction, utilities and other areas, making them a positive indicator of an economy’s health. (P����: N���-P����) into places like Loudon County or even further out. Technology allows them to do that.” It’s not a luxury everyone has been afforded — or even can afford. After years of dwindling wages, low income earners started to see their pay increase starting in 2014 and accelerate from there. CBS News reported that by the end of 2019, they were outpacing higher earners in terms of percent-
age of wage. The pandemic has upended many in low income jobs, whether they work in the restaurant industry or help at entertainment venues. Walsh from the Urban Institute pointed out that, since those jobs aren’t large drivers in the D.C. region’s economy, they won’t sway much of the region’s very positive home sales data. He even mentioned that the combination of
stimulus checks and having less expenditures given the lockdowns has likely improved many people’s financial situations in the area. But it doesn’t mean everyone’s been so fortunate. Sherly Pardo, who is part of the Urban Institute’s communications team, said that some homeowners could have lost their job, yet also could have seen their home value increase during that time. However, since crediting
standards have been stringent since the onset of the virus, they may not be able to tap the improved equity in their home if their personal finances aren’t up to snuff. Only the most well-off have that opportunity. Pardo also believes this will exacerbate the racial gap in homeownership. “People who are Black and Hispanic disproportionately have lower credit scores, work in the service industry and are renters, so all of those things are going to hurt you right now,” Pardo said. On top of that, those groups are getting a larger share of infections from Covid-19, Pardo continued, adding a steeper hill to overcome. Walsh said that one thing that could help is local governments making it easier for builders to construct single-family and multifamily housing. He estimated that regulations alone can sometimes contribute a third of the cost of a single home build. Finding ways to lower that bar and make the building process more profitable will only help inventory problems, particularly among affordable homes that are bid up into higher price ranges.
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R EA L E STATE
WINTER 2021 | PAGE 13
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R EA L E STATE
PAGE 14 | WINTER 2021
A Falls Church News-Press Advertorial
FALLS CHURCH NEWS-PRESS | FCNP.COM
M e e t Fa l l s C h u rc h’ s Re a l E s t a t e E x p e r t s Jennifer Burns - Long & Foster - McLean
Jenn Burns personifies hard work, energy, and integrity, whether helping you find a new home or assisting your family in navigating the market. A Colorado native who transferred to D.C. in 2002 to handle opening operations for a well-known boutique hotel chain, Jenn became well versed in the unique and beautiful qualities of living outside and inside the beltway. After starting a family, Jenn began helping families who needed housing market research to guide their home purchase. Jenn’s data-driven approach to harnessing the unique qualities of local neighborhoods, home value, and the rapidly changing D.C. area housing market allowed her to assist homebuyers with countless successful outcomes and planted the seed for her future as a Long and Foster Agent. Jenn truly cares about her clients and enjoys the hunt for the perfect home. If she is not with her family or representing homeowners, Jenn is often finding new ways to give back. Whether working on behalf of multiple sclerosis cares and research or volunteering for family newborns with urgent needs, Jenn knows how important it is to give every second that you can. As a Northern Virginia resident for over two decades, Jenn is proud to call the Mid-Atlantic region her home and assist your search in making it your home. Jennifer Burns, Long & Foster McLean, VA - Realty 1355 Beverly Rd #109, McLean, VA 22101 Direct Office: 703-790-1990 • Mobile: 703-835-3305
Chris Earman - Weichert Realtors - Falls Church As a Lifelong resident of Falls Church City, I’ve experienced first hand the growth and changes to the local and regional real estate market. My past experiences in mortgage & finance, running local small businesses, volunteering, being involved in the local school systems, and building relationships over the past decades, gives me a unique perspective and advantage in representing my clients in the local Northern Virginia Real Estate Market. I am fully committed to providing you with a higher level of service that will make your real estate experience as easy and stress-free as possible. Please call for a “No Obligation” consultation, for all of your Real Estate needs. Chris Earman, Weichert 703-628-4541 Chris@EarmanRealEstate.com
Bethany Ellis - Long & Foster - McLean Bethany Ellis owns and operates a highly successful real estate business in Northern Virginia and Washington, DC. She is an experienced Realtor® whose goal is to exceed your expectations. Her knowledge of the local market, attention to every detail, excellent negotiating ability, and effective communication ensures that your real estate transaction will go smoothly from start to finish. Bethany has direct access to lenders, home inspectors, new home developers, settlement groups, and local service providers (painters, plumbers, carpet suppliers, handymen, electricians, plumbers, and more). If you’re looking to find a new home, build your dream home, get market statistics for your home or neighborhood, sell your existing home, make improvements to your current home, buy or sell an investment property or need answers to any real estate questions, make Bethany Ellis your real estate resource. Bethany Ellis, Long & Foster 1355 Beverly Road, Suite 109 McLean, VA 22101 703-307-7003 • BuyandSellWithBethany.com
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Tori McKinney - Keller Williams - Metro Center Being a Realtor® perfectly blends Tori’s passion for Falls Church and finding her clients their dream home. After moving to Falls Church in 1998, she immediately immersed herself in community advocacy as a Housing Commissioner and ongoing public school volunteer and sponsor. Since 2010, Tori has directed her philanthropic efforts to the Tinner Hill Heritage Foundation, whose mission is preserving, presenting, and celebrating the African American Legacy. Prior to Tori’s real estate career, she owned and operated a Concert Production company. Her ongoing dedication to LIVE music and musicians along with her work in the music industry was a natural progression for her becoming the Executive Producer of the Tinner Hill Music Festival, the Foundation’s premier charity event that will take place this year on August 21, 2021. While purposefully participating in the community, Tori, the Falls Church real estate expert, and her ROCK STAR Realty Group are here every step of the way eager to provide ROCK STAR service to all homebuyers and sellers while treating them like VIP’s. She is ever so grateful for each client and the neighborhoods she serves. Call Tori to help you find the home you LOVE! Tori McKinney | CEO & Realtor® | ROCK STAR Realty Group 703-867-8674 Tori@ROCKSTARRealtyGroup.com • www.ROCKSTARRealtyGroup.com
Ken Trotter - TTR Sotheby’s International Realty Ken Trotter is the founder and principal agent of the Silver Line Group and regularly recognized as one of Washington, DC’s top producing Realtors®. While the heart of the Silver Line Group’s practice is in Falls Church, the team also regularly represents buyers and sellers along the Silver Line corridor from DC to the Dulles. Ken was a successful litigation attorney prior to becoming a Realtor, and he drew upon that experience when establishing the guiding principals behind the Silver Line Group’s professional service: “We focus on making our clients’ interests our sole priority and zealously strive to achieve the best results for our clients in every transaction.” The Silver Line Group’s talented team of professionals strongly believes in delivering the highest level of integrity, professionalism, and expertise at all price points. From urban condos with high walkability scores to estate homes with acreage, the team is passionate about helping you find the perfect home, or the right buyer for your home. For more detailed information about the Silver Line Group’s real estate practice, please visit SilverLineHouses.com and reach out directly to Ken. Ken Trotter, J.D., Realtor, Silver Line Group at TTR Sotheby’s International Realty 703-863-0650 (c) 745-1212 (o) KenTrotterHomes.com
R EA L E STATE
FALLS CHURCH NEWS-PRESS | FCNP.COM
WINTER 2021 | PAGE 15
Necessity of Mudrooms Remains Even as Shape, Size & Features Con�nue to Evolve
BY MARK DREISONSTOK
FALLS CHURCH NEWS-PRESS
Mudrooms — those small rooms with either tiled or linoleum floors where people can de-shoe and de-coat themselves before entering the heart of the home — are said to be disappearing. But builders, architects and real estate agents throughout the Washington, D.C. region don’t see it that way. Leading the call that mudrooms are vanishing is Wayfair, the online furniture retail company. Though that hunch could stem from the company’s desire to push products that can accommodate the lack of a dedicated room for your mud. Jeff DuBro, president of DuBro Architects + Builders on South Maple Avenue in Falls Church, doesn’t see mud rooms fading as much as the terminology does. For example, his company does not routinely use the term “mudroom,” even though the firm continues to include these spaces or
modified versions of these spaces in its construction plans. “People will always need a transition from outside to inside for storage. We design and build if a need is there. It adheres to the old dictum, ‘form follows function,’” DuBro said. Reba Winstead, a realtor with Keller-Williams on West Broad Street in Falls Church, told the News-Press that mudrooms remain very popular. Not only are they serving their traditional use as a transitional space between the outside world and the family home, in the Covid-19 era they also provide a space for an essential worker to change and dispose of masks and clothing. It’s an added precaution before entering the home and engaging with loved ones. “If space is an issue and we cannot have a mud room, we can incorporate some cubbies and hooks where people can store their shoes and so forth,” Andrew Moore, president of Arlington Designer Homes, said.
Further out in the exurbs, mudrooms are even more important. Jessica Dreisonstok (coincidently, a distant relative of the author) is a real estate agent in Frederick and Washington counties out in rural Maryland. She said that the majority of new homes built in that area actually include mudrooms. Her colleague, Sophia Richards, a real estate agent and interior designer in Northern Virginia, Maryland, and Washington, D.C., suggested that while some “empty nesters” may consider a mud room a waste of space, families are very fond of them. “Mud rooms are also called ‘family entrances,’ as they are typically attached to the garage leading into the home with space for anything from storage to an additional washer and dryer,” Richards said. For families with children, Richards noted “it is a great spot to hang coats and leave items like
Continued on Page 16
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APARTMENTS don’t have the spaces built in the way single family or townhomes do, so some residents decide that behind the loveseat by their front door is a good alternative. (P����: N���P����)
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PAGE 16 | WINTER 2021
FALLS CHURCH NEWS-PRESS | FCNP.COM
Pandemic Makes Room Helpful for Shedding Used Protective Gear
Continued from Page 15
backpacks that don’t need to be carried into the home. Similarly, kids can remove their clothes right in that room and put them straight in the washer, eliminating the need to track dirt through the home.” These areas are sometimes turned into home offices as well, she continued, once the children are a little older. So, in summary, the term “mudroom” may not be quite as fashionable as it once was, but the utility of these areas remain both common and desirable, especially in free-standing homes. Even Lindsay Reed, a blogger who wrote about “Why Are Mud Rooms Disappearing from Homes?” acknowledged that mudrooms are not so much disappearing as “being redesigned and can come in all shapes and sizes,” and that the modern mud room “no longer has to be a box-like room positioned between your garage and kitchen.” A simple linguistic shift and the exact form may be changing in mudrooms, but how the functionality of the space can’t be denied.
MUDROOMS come in many forms, such as this one, which is separate from its laundry area, but instead features cubbies for three kids to stow clothes and shoes and a direct connection to the garage. (Photo: News-Press)
Falls Church Area Housing Market — 4th Quarter 2020 Report Zip Code Area Median Price Number of Homes Sold
Average Days on Market
22046
City of Falls Church $749,950
10
16
22041
Bailey’s Crossroads
$368,000
29
8
22042
Sleepy Hollow
$578,750
36
11
22043
Pimmit Hills
$700,450
36
11
22044
Lake Barcroft
$679,000
16
9