Falls Church News-Press Spring Real Estate Guide 2018

R EA L E STATE

FALLS CHURCH NEWS-PRESS | FCNP.COM

SPRING 2018 | PAGE 13

R��� E����� S����� 2018

Affordable Housing Provides City An Opportunity to Live Its Values

BY MATT DELANEY

FALLS CHURCH NEWS-PRESS

This month marks the 50th anniversary of the Fair Housing Act that rooted out discriminatory practices by landlords on the basis of race, sex, religion, disability, family status or national origin.

Blatant prejudice along those lines are now taboo, but the City of Falls Church has co-opted a de facto discrimination by way of its high housing costs that are generally more within reach of affluent and whiter populations.

It’s causing an progressive citizenry, including some in the City government, to investigate viable solutions to affordability as well

as their commitment to their own beliefs.

To be clear, the act of discrimination implies a level of insidious intent. That’s not the case for current City residents, but it’s undeniable they’re living in a municipality that was designed to carry out a discriminatory purpose. According to “Falls Church – A Virginia Village Revisited”

by Bradley E. Gernand and Nan Netherton, the City’s push for independence in 1949 centered around 1). a better education as well as 2). limiting the amount of black students. When the restrictive covenants that prevented minorities from purchasing certain properties were declared unconsti-

tutional the year before, the City residents went out of their way ensure black neighbors couldn’t attend City schools by paying their tuitions for Fairfax County schools outside of Falls Church.

City schools integrated in 1961, but by then they’d already gained a reputation for strong education and attracted wealthier parents within its borders, creating the current financial barrier of entry.

“Being such a progressive community, we say, ‘We don’t want Trump’s wall, that just seems crazy,’” City Councilwoman Letty Hardi told the News-Press. “But I want people to look ourselves in the mirror and think about the community we’re building and if

CITY HOUSING AND HUMAN SERVICES employees Dana Lewis (right) and Nancy Vincent present their intended goals for the Affordable Housing Policy Workgroup to F.C.’s City Council on Tuesday night. (P����: N���-P����) we are essentially building a wall around Falls Church that once you’ve made it in, you’re not letting in anyone else.”

Falls Church’s Housing and Human Services (HHS) division lists the City’s median sales value for homes at just over $700,000.

As the sale values increased, so did a demand to rent, which is why HHS director Nancy Vincent

noted that rents have increased by 96 percent since 2000. Rents have risen faster than incomes, so the City has experienced an uppercrusting of sorts that has catered to high earners throughout the 21st century.

There haven’t been a plethora

Continued on Page 14

INSIDE: Make Way for Rain Barrels in F.C. ���� 15 | New Reforms Could Raise Mortgages ���� 17 | F.C. Home Sales #s ����� 20–21

Whether you are buying or selling a home, contact your Industry Leader at Advon today to discuss your real estate needs.

7 0 3 - 6 6 3 - 7 1 7 1 | I N F O @ A DVO N R E . CO M COMING SOON

COMING SOON

1283 SERENITY WOODS LANE • VIENNA

2600 SESKEY GLEN COURT • HERNDON

Licensed in Virginia 929 West Broad St., No. 202, Falls Church, VA 22046 Office: (703) 663-7171 | AdvonRE.com

JUST LISTED

4674 25TH STREET NORTH • ARLINGTON

JUST LISTED

1211 S EADS ST • UNIT 903 • ARLINGTON

R EA L E STATE

PAGE 14 | SPRING 2018

FALLS CHURCH NEWS-PRESS | FCNP.COM

F.C. Wants Diversity, But Lacks Tangible Proof of Belief Continued from Page 13

of housing options for people who hover around the City’s average median income (AMI) of roughly $107,000. The Fields, an apartment complex behind the Taco Bell that receives a tax subsidy from the City to remain affordable for its 96 units, is the only top-tobottom affordable housing structure in the City and its tax credits will expire in the 2026. Aside from The Fields, other apartment complexes such as Northgate, Pearson Square, West Broad Residences and The Lincoln at Tinner Hill currently offer Affordable Dwelling Units (ADUs) — with the first two complexes filling ADUs using a lottery system while the other two keep their own list and prioritize residences to families, seniors or persons with disabilities. In total, there are 54 rental ADUs and 21 homeownership ADUs in Falls Church with $292,000 allocated for affordable housing in the City’s nearly $94 million FY 2019 budget.

That’s why affordable housing has become a chief focus of the HHS staff. On Tuesday night, an Affordable Housing Policy Workgroup – consisting of two developers, nonprofit representatives as well as a senior renting in the City among many others – had their first of four meetings aimed at drafting a final document by June that’s ready for adoption, according to Housing Program Analyst Dana Lewis.

As of now, the workgroup has six items in its purview: Preservation of The Fields as affordable housing, add to the City’s commitment to ADUs, Virginia Village redevelopment and preservation of units, create tax incentives to promote affordable housing along with a housing grants program and first time homebuyers program. These items were presented to a work session of the F.C. City Council this Monday night.

Economically (and legally) speaking, there’s nothing malevolent about the construction of the City. Supply and demand determine pricing, and nationally renowned schools with a friendly community to boot will draw widespread attention and create a high price of admission. It’s not unlike any other luxury item — there’s a reason streets have more Fords than Ferraris on them. But as Falls Church’s wealth became more garish and its demographics remained relatively uniform, City residents have noticed their own cognitive dissonance, especially in regards to the progressive ideal

of diversity, which is a major component of the City’s “vision statement.”

“You can’t have diversity unless you have diverse housing options,” said Joshua Shokoor, a data and communications analyst for the nonprofit Falls Church Housing Corporation. “I don’t see how the City is able to accomplish any of their 2040 goals without including more diverse housing options.”

Shokoor’s concerns were echoed in a letter to the NewsPress a few weeks ago by Tony Scardino that observed the City’s dwindling middle class and lack of diversity in the citizenry. More housing options could satisfy this desire, yet the City also seems at odds with this motivation.

A long-term solution to affordable housing has always been including another complex such as The Fields, but that goal runs up against the main opponent to such structures: the “Not in my Backyard” (NIMBY) mentality.

NIMBYism stonewalled the last affordable housing structure that was proposed, the Weldon, that included a lot of help from federal funding, in a 4-3 vote on City Council in 2010 out of the fear that its presence would sink property values of nearby homes.

That fear isn’t the incontrovertible truth it’s made out to seem.

City resident Dr. Derek Hyra, an associate professor at American University’s School of Public Affairs, believes NIMBY concerns are overblown. According to Hyra, an affordable housing structure could have citizens ranging from 30 percent to 120 percent AMI interspersed to avoid a high concentration of low-income residents, countering any expected drag on property values.

The secondary fear that City residents would have to shoulder any affordable structure through a tax raise is not clear-cut either.

Per Hyra, most affordable housing initiatives are a public-private effort. If the City could attract investment through tax credits for developers or another kind of deal for nonprofits, a structure could be completed without a burdensome obligation for taxpayers and minimal fretting over tanking property values.

Hyra also suggested two approaches that Hardi and Shokoor mentioned independently – making more space for the affordable housing in the City’s operating budget or the long-term capital budget and raising the threshold of ADUs from six percent to 10 percent in new developments. Although to accomplish

CURRENTLY the only top-to-bottom affordable housing structure in the City is The Fields, located off Ellison St. A second structure aimed at accommodating the workforce who’re employed at the schools, restaurants and City buildings is seen as the ideal next step to Falls Church’s affordable housing conundrum while committing to more Affordable Dwelling Units is pegged as the shortterm solution. Both measures are expected to foster a more diverse community. (Photo: News-Press) the former, the City may need to cut costs in other areas to accommodate the request.

Furthermore, Hardi believes that the City needs to be more focused on singular goals when accepting developer contributions for the public pot. Instead of having new developers pay toward multiple public services at once, the City could identify particular services of need – such as affordable housing – for a period of time to direct resources to them.

According to Shokoor, the City hasn’t produced new ownership opportunities since 2009 and is leaving an influx of renters cost burdened with no equity to show for it. Shokoor thinks a partnership with neighboring municipalities near a shared Metro station to do just that could be a win-win for the City and its cohort. Lastly, Hyra floated the idea of a bond referendum, similar to the $258 million measure that Portland, Oregon residents just passed last fall, though he also understands that residents may want to deal with the most recent school bond referendum before considering another one.

At the end of the day, it comes down to whether or not there is

any interest in kickstarting an affordable housing initiative and whether it will actually benefit the community as a whole.

Hardi, Hyra and Shokoor all believe there is definite interest among City residents, as well as the all-important political will do something about it, but getting residents to sign-on remains a work in progress. Though Hardi did note that Falls Church’s trend toward serving predominantly well-heeled school-age parents is not sustainable for the City’s future health and should be addressed sooner rather than later.

As for the benefit to community, that remains to be seen. Urban scholars currently don’t have evidence to support the notion that low and high income populations living in close proximity generate a social gain for either.

Despite that, Hyra’s confident that the “workforce housing” – the preferred term to describe the teachers, City employees and food service workers that any potential affordable structures could target – wouldn’t require the cultural “leap of faith” that it would take to connect high earners with those that live near the poverty line.

Part of it, as well, is under-

standing that with diversity comes difference, which in turn can breed discord. Even though its touted as a moral good, it doesn’t often manifest in an idealized way. Adjusting those expectations – and having the wherewithal to ride out the initial acclimation period – could provide a beneficial end result.

“If you want to have diversity, and bring together people of different ethnicities, races or sexual orientation, you’re likely going to get some conflict,” Hyra said. “On the flip side, you’re also going to get innovation. You’re going to get ideas that bubble up in diverse environments that probably wouldn’t in segregated, homogeneous communities. When you bring together different peoples, you get energy, vibrancy, art and culture, but there’s also going to be conflict.”

If the City and its residents want to remain true to their word about wholesale progressive values, it may want to atone for history of discrimination and push their chips into the middle of the table like few other liberal strongholds have on the topic of diversity.

Affordable housing reforms provide an opportunity to do so.

R EA L E STATE

FALLS CHURCH NEWS-PRESS | FCNP.COM

SPRING 2018 | PAGE 15

Rain Barrels Help Residents Save Money & the Chesapeake Bay

BY PATRICIA LESLIE

FALLS CHURCH NEWS-PRESS

Just in time for Earth Day on April 22 comes a new city program designed for residents to cut utility bills and save water.

Falls Church residents can act now to improve water quality and stormwater management, all with a tool that is the focus of a new program, “RainSmart,” developed by the partnership of the Village Preservation and Improvement Society (VPIS) and the City of Falls Church.

The program offers residents grants of $100 for two rain barrels (or $50 for one) and up to $1,500, or half the costs, for the design and installation of rain gardens and other conservation projects which have stormwater benefits.

May 4 is the deadline to apply for rain gardens’ grants, according to Jeff Peterson, a longtime VPIS board member who spearheaded the project for the organization.

“Stormwater management increasingly is an issue for the city and for residents,” Peterson said.

“We continue hearing from people in town who have an issue with stormwater.”

The U.S. Environmental Protection Agency (EPA) says stormwater is harmful because it carries materi-

als and chemicals washed into storm drains from streets, gutters, neighborhoods, parking lots and construction sites.

According to the EPA, this type of pollution is significant because stormwater is untreated and flows directly to a lake, river, or the ocean carrying pollutants like pesticides, bacteria and chemicals through city streets and straight to waters like the Chesapeake Bay. Food wrappers, cigarette butts, sewage overflow, bacteria from pet waste, used motor oil, paint and construction debris can all be found in stormwater, the agency says.

Fairfax County says that because rain water is untreated, it is naturally softer than municipal water and is even better for washing cars, besides nurturing indoor and outdoor plants.

Residents can use the grants to buy rain barrels at local retailers or online, or build their own barrels and learn how to install and maintain them at workshops hosted by the Northern Virginia Soil and Water Conservation District.

Water stored in rain barrels won’t flow into streams and dump in the Chesapeake, but will flow into the ground and replenish groundwater supplies, according to VPIS. Also, by decreasing the volume of storm runoff, rain barrels help moderate

stream erosion and pollution.

The Petersons have two rain barrels which stop water from flowing downhill into their neighbor’s basement, and they use the collected water to nourish their vegetable and flower garden.

They said they are very happy with the rain barrels they’ve had for several years, finding them especially useful in the summer when it gets really dry. “They are a good way to keep gardens healthy and they help save money,” Peterson said.

Jason Widstrom, a stormwater management engineer for Falls Church, said a mandate from the Commonwealth of Virginia requires Falls Church to help decrease pollution in the Chesapeake Bay. Rain barrels are one means to do it.

“We are obligated to the state because stormwater treatment to the Chesapeake Bay is impaired,” Widstrom said. Nutrients in the water lead to algae growth which can carry toxins that kill fish, causing illnesses among humans including skin rashes and stomach disorders.

Widstrom sees the grants as a way to incentivize homeowners to help work with the city and reduce pollution, and he hopes one neighborhood’s rain barrel will lead to more.

Rain barrel funding will be

JEFF PETERSON is �lanked by his two rain barrels outside of his Falls Church home. (P����: P������� L�����) considered on a continuing basis. $10,000 is the amount Falls Church budgeted for the program this year with hopes that more will be budgeted for next year, Widstrom added.

Peterson said the society’s very successful relationship with the city on the neighborhood tree program led to the latest collaboration.

“We [VPIS] felt like we could help the city by working with people around town to take steps” to improve stormwater management.

Falls Church let Arlington do the groundwork and research for the project, Peterson said. Arlington has distributed 4,000 barrels to collect water.

Information, grant applications

and approved garden contractors may be found at the VPIS website under “environment.” Only city residents are eligible.

Around town residents can find several city rain gardens including one down the street from the Petersons at Buxton Road and Tyson Drive.

For the Earth, it’s better to go natural. “Every little bit we can do helps,” Widstrom said.

more at FCNP.com

Read more about rain barrel pricing and advance reservations and for upcoming workshops at www.fcnp.com.

R C ST R Realty

™

Group

REALTOR® LONG & FOSTER REAL ESTATE

Licensed in VA & DC

ROCK STAR Realty ... ROCK STAR Service

Serving all of Falls Church, Arlington, McLean, Vienna, Great Falls & Northern VA markets.

TM

When buying or selling

Bethany Ellis

your home

Realtor, SRES, e-PRO Corporate® Relocation Specialist NVAR Lifetime Top Producer & Multi-Million Dollar Sales Club Cell: 703-307-7003 Office: 703-790-1990 McLean Sales Office 1355 Beverly Rd., #109 McLean, VA 22101 bethany.ellis@longandfoster.com

in Falls Church City or beyond, Call Tori McKinney and

R C ST R Realty™ Group

703-867-8674 © 2018 Tori McKinney, LLC

703-867-8674

Proud Supporter of ®

REALTOR

www.buyandsellwithBethany.com

EQUAL HOUSING OPPORTUNITY

2101 Wilson Blvd, Arlington, VA 22201

Lifetime Top Producer

Housing Commission, Vice Chair

Tori@ToriRocksRealEstate.com ToriRocksRealEstate.com 2012–2017

© 2018 Tori McKinney, LLC

PAGE 16 | SPRING 2018

R EA L E STATE 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 Genevieve Concannon, Advon Real Estate, LLC.

Genevieve Concannon founded Advon Real Estate, a boutique brokerage in Falls Church City, with an emphasis on residential re-sale in Northern Virginia because she saw a need for focus. Real Estate agents can not be everything to everyone across all markets, and she also understands what it means to live in an area where the residential housing stock is older. With a hand selected, elite team of agents who understand new construction, sales and marketing and especially urban in-fill and new urbanism, Genevieve found the key to what Northern Virginia real estate needs.

Genevieve brings over a decade of real estate experience in residential construction and multi-million dollar sales to her clients. As a highly sought after manager and top-producing agent in boutique firms throughout Northern Virginia, Genevieve has managed and cultivated complex real estate relationships within the DC Metro area. She held a portfolio of upwards of $79m in volume while recruiting, training and mentoring top real estate professionals. She and her husband live in Falls Church and love every minute!

The Advon Real Estate group wants to be your strategic partner to help you see the whole picture and to advantageously position you for success in your real estate transaction. To learn more about how the Advon Industry Leaders will do more to help you buy and sell your home in Northern Virginia, reach out today to discuss your unique situation.

Genevieve Concannon, Advon Real Estate, LLC 929 W. Broad St. #202 Falls Church City, VA 22046 • 703-663-7171 • AdvonRE.com

Bethany Ellis, Long and Foster Bethany Ellis is a full time and professional Residential Real Estate Agent serving the Northern Virginia area and more specifically Falls Church, Falls Church City, McLean, Arlington, Herndon, Reston and Great Falls. Bethany loves her job because she works with people and so many personalities. Did you know there are typically 10 people in a transaction that Bethany has to work with and manage on her client’s behalf? She is excited to be able to help her clients smoothly transition through the buying or selling of a very precious commodity, their home! Bethany is tech savvy with a personal touch. Using modern tech tools and the many advantages that the Internet has to offer, Bethany is a local marketing expert. She will also be present with you every step of the way. Bethany’s goal is to help guide you through the buying and selling process with expertise and experience while ensuring you are at ease. Bethany has sold over $115 Million Dollars of Northern Virginia Real Estate and she can help you too! If you have Real Estate questions, Bethany has the answers. Call, email or text Bethany today for a free, confidential meeting. Bethany is always happy to help you buy, sell or invest in real estate.

Bethany Ellis, Long and Foster 1355 Beverly Rd., #109 McLean, VA 22101 • 703-307-7003 • www.buyandsellwithBethany.com

M������ K���, M�E������� A��������� Falls Church City is my family’s home, and I have had the privilege of being a REALTOR here since 1970. My husband Art and I raised our children here and I’m delighted that my daughter Karin Kaye Morrison joined us in the business. I remain as passionate about serving the needs of my clients today as I was the day I started. And that’s because it’s not just about selling homes — it’s about selling the unmatched quality of life we have in Falls Church and being a committed member of the community.

I served on the Falls Church City Historic Commission and the BIE, I was a founding member of the Friends of Cherry Hill, and am president of Historic Falls Church. For years I served on the Mt. Daniel Library Committee putting on Book Fairs featuring famous children’s book authors.

I love Falls Church, and the fact that I have had the opportunity to serve many of my clients, and their children, multiple times is the strongest testimony that I have the knowledge and the marketing and negotiating skills to assure your smooth home buying or selling experience. It has been my privilege to have sold more real estate in The City than anyone. There is no substitute for experience and passion.

Merelyn Kaye, McEnearney Associates 1320 Old Chain Bridge Rd., Suite 350, McLean, VA 22101 • 703-362-1112 • merelynkaye.com

T��� M�K�����, K����� W������� Tori and her family moved to Falls Church City 20 years ago. In 1998 as a new member of Falls Church City, Tori believed a sense of community would require active participation, and she has lead by example for the past two decades. She actively supports: Falls Church City Schools, Falls Church Education Foundation, Falls Church Chamber of Commerce, FIRSTFriday/Art-a-Lot, Tinner Hill Blues Festival, Falls Church Arts, and Taste of Falls Church. Tori serves as Vice-Chair on the Housing Commission, is a member of FCCPS Business in Education, and serves on the Board of Tinner Hill Heritage Foundation. Tori has often been recognized for her community involvement. She

was named Pillar of the Community by the Falls Church Chamber, named one of the Top Producing Real Estate Agents by Washingtonian Magazine, for five consecutive years, has been voted Best Real Estate Agent, and for 2017 has been voted Best Real Estate Group in the Falls Church News Press ‘Best of Falls Church’. As a tireless Falls Church advocate, Tori has helped countless families buy and sell homes over the past 14 years. Tori puts her heart and soul into the Falls Church community, and she gets so much more in return. When you’re ready to buy or sell your home, call Tori, your Falls Church expert for ROCK STAR Service.

Tori McKinney, ROCK STAR Realty, Keller Williams Realty 2101 Wilson Boulevard, Arlington, VA 22201 • 703-867-8674 • torirocksrealestate.com

Louise Molton, RE/MAX West End For the past twenty years my family and I have been fortunate to live and work in Falls Church City and I believe my extensive local knowledge and passion for the community is what sets me apart in this industry. Two years ago marked a milestone in my real estate career as I opened RE/MAX West End in downtown Falls Church City, with the mission to provide the highest level of client service and expertise to our community. My team and I support our clients at every turn, from first time home buyers to experienced investors, from downsizing to relocating. I know that every situation is unique but the one constant is my commitment to excellence and exceeding your expectations! If you are thinking of buying or selling, or just want some real estate advice, please call me today at 703-244-1992 for a no obligation, confidential meeting.

Louise Molton, Broker/Owner of RE/MAX West End 710 W. Broad St., Falls Church, VA 22046 • 703-244-1992 • www.louisemolton.com

Colin Storm, Keller Williams A Falls Church REALTOR® and resident, Colin has specialized in residential real estate throughout Northern Virginia and Washington, D.C. since 2007. With many years of experience as a Graphic Designer and in a leadership role in 4 and 5 Star hotel environments, Colin brought a firm grasp on high level proactive client care, and an understanding of design and aesthetics. Skills that have proved indispensable in preparing homes for sale, preparing marketing plans to generate the best results possible for home sellers, helping buyers see the full potential of opportunities, and in working hand in hand with his clients along the way. EcoBroker® certified, Colin is also passionate about the “Green Home” & energy efficiency movement.

In a time when many homes continue to sell in the first or second weekend it can be tempting to sit back and allow the market to do most of the work. It is Colin’s belief that, even in this environment, a carefully prepared home, a carefully crafted marketing plan, and a hands on marketing launch can still make a notable difference to a home seller’s bottom line. It is also Colin’s belief that there should be an action plan in place up front for when a home sale takes a little longer than expected.

Of course marketing is only one piece of the real estate puzzle. Every set of needs and circumstances when buying or selling a home are different. Colin adapts plans and approaches accordingly, and works with his clients to find solutions that work within their time frames, budgets, and other needs.

He and his family call the City of Falls Church home, and can often be found as a swarm of bikes or scooters along the W&OD trail.

Colin Storm, Keller Williams Realty Falls Church 105 W. Broad Street, Suite 200, Falls Church, VA 22046 •703-638-9144 (c) 703-533-5300 (o) fallschurchliving.com

K�� T������, TTR S������’� I������������ R����� A Falls Church real estate specialist and Host of the Video Series, Home Trends With Ken, Ken was named by the Washingtonian (2017) as a Top Producing Agent. By preparing a custom marketing plan for each listing, Ken’s listings have been featured in the FCNP, as well as The Washington Post, Washington Business Journal, Curbed DC, and DC Magazine. Ken’s custom marketing strategies have resulted in his listings selling for Top Dollar and setting sales records in the Falls Church area. Prior to becoming a top producing Realtor®, Ken was a successful litigation attorney in Washington, DC, and draws frequently from that experience in his real estate career, saying: “The skills to be a successful Realtor® are the same skills it takes to be a successful lawyer. I focus on making my clients’ interests my sole priority and zealously strive to achieve the best results for each client.”

For more information about the Ken Trotter Advantage, reach out to him directly and check out his website (listed below). To watch his Video Series, Home Trends with Ken, please like his facebook business page (@KenTrotterRealtor) or subscribe to his YouTube channel (Ken Trotter).

Ken Trotter, J.D., Realtor, TTR Sotheby’s International Realty 703-863-0650 (c) 745-1212 (o); KenTrotterHomes.com

FALLS CHURCH NEWS-PRESS | FCNP.COM

R EA L E STATE

SPRING 2018 | PAGE 17

Congressional Reforms to Federal Mortgage Providers Would Affect Interest Rates, Loans

BY MATT DELANEY

FALLS CHURCH NEWS-PRESS

Homeowners and prospective homebuyers may come up against a new obstacle when paying or taking on a mortgage for their desired property if Congressional reforms to government-sponsored enterprises are made official in the near future.

According to new research by Zillow, Congress is considering changes to the lending procedures used by government-sponsored enterprises, or GSEs, Fannie Mae and Freddie Mac in order to reduce the risk to taxpayers if there was another housing market crisis. Continuing with Zillow’s analysis, the purpose of the two GSEs are to keep interest rates on long-term fixedrate mortgages low, and as a result, making housing more affordable for the masses. If Congress were to pass some comprehensive changes, Americans could be facing shorter loan durations or higher interest rates, or both, depending on what kind of housing market they’re currently residing in.

“Fannie Mae and Freddie Mac continue to play a key role in the

secondary mortgage market by guaranteeing loans for investors to purchase, which is crucial in providing capital for mortgage lending,” Adam DeSanctis, an economic issues media manager for the National Association of Realtors (NAR), told the News-Press. “As for proposed changes in Congress to Fannie Mae and Freddie Mac, NAR believes that any change must involve some government presence to ensure a continual flow of capital at all times and in all markets. However, any proposal that raises the costs of getting a mortgage ultimately places financial strain on many would-be homebuyers and would have a negative impact on the housing market.”

Fannie Mae and Freddie Mac are seen as a necessary arbiter when it comes to providing lower and middle income populations with an opportunity to purchase a home. However, the two GSE’s responsibility in the last housing crisis, which was a major factor in the Great Recession, and the now decade-long conservatorship by the federal government have turned Congressional opinion around.

Per Investopedia.com, before the

housing crisis Fannie Mae and Freddie Mac enjoyed a monopoly on the secondary mortgage market — a very large and liquid market where home loans and servicing rights are bought and sold between lenders and investors.

When home prices fell and mortgages began to default en masse, the Federal Housing Finance Agency (FHFA) declared that the two GSEs would eventually be insolvent, causing the firms to take on another $200 billion in debt in an effort to stabilize the economy. From then on, Fannie Mae and Freddie Mac have been under their current state of conservatorship.

James C. Miller III, a former Office and Management Budget director under President Ronald Reagan, wrote in the Washington Times last fall that the GSEs support $5 trillion in home loans that are funded primarily through credit and lack sufficient cash or capital to reinforce the firms if another wave of defaults were to occur.

Miller makes an appealing case that both of the firms should undergo some serious reforms, the least being an investigation into how

OPEN SUNDAY 1-4

Just Listed!

CITY HOMES on the market, such as this one pictured here, may have trouble �inding buyers if federal loan providers Fannie Mae and Freddie Mac are reformed in Congress. (P����: N���-P����) Fannie Mae and Freddie Mac could provide safer, yet stricter lending practices that wouldn’t over extend the U.S.’s credit institutions.

But as it stands now, it appears homeowners and future homebuy-

ers will either have to bear the brunt of higher interest rates and shorter loan durations if the reforms were to pass, or run the risk of feeding into — worst case scenario — a second housing crisis if they don’t.

Open Sat & Sun 2-4pm

2634 WEST STREET

FALLS CHURCH, VA 22046 $549,500 | ACTIVE | MLS# FX 10154883 Subdivision: FOREST HEIGHTS 3BR 1.5B ON LARGE LOT. 1.1 mi. WALK TO WFLCH METRO McLEAN HS., NEEDS UPDATING...SOLD AS-IS CONDITION. Call: MARY MEREDITH, REALTOR ASSOC. SAMSON PROPERTYS 703-333-5322

IT’S SPRING!!

604 Highland Ave, Falls Church City

Absolutely stunning 4 BD/4.5 BA approx 4,239 square feet colonial featuring light-filled spacious rooms, private yard and within walking distance to Metro and downtown FCC. Award Winning Schools! Offered at $1,265,000

Louise Molton

Falls Church City Resident Phone: 703 244-1992 louise@moltonrealestate.com

710 W Broad St Falls Church, VA 22046 703-596-5303 Each Office Independently Owned and Operated

EQUAL HOUSING OPPORTUNITY

Buying or Selling, these is no substitue for experience

Get your Lawn Service ad in our Business & Service Directory Today!

The grass is growing, the flowers are blooming.

Who’s going to cut the lawn & prune the hedges?

Call 703-532-3267 or email ads@fcnp.com

For All your Real Estate Needs!

Merelyn & Karin Kaye, Realtors -

Selling Falls Church since 1970

®

REALTOR

PAGE 18 | APRIL 5 - 11, 2018

FALLS CHURCH NEWS-PRESS | FCNP.COM

VA , y t n u o C un #1 Loudo VA , h c r u h C #2 Falls , VA y t n u o C x #3 Fairfa D M , y t n u o dC #4 Howar CO , y t n u o C as #5 Dougl NM , y t n u o C mos a l A s o L #6 ty, TN n u o C n o s #7 William VA , y t n u o C ton #8 Arling NJ , y t n u o C don r e t n u H #9 , CA y t n u o C a Clar a t n a S 0 #1

$125,900 $122,092 $112,844 $110,224

s”

’s Richest Countie

Source: “ America

$109,926 $107,126 $104,367 $104,354

$102,797 $102,191

me.

al household inco

d on median annu

13, 2017. Base Forbes.com July

FALLS CHURCH NEWS-PRESS | FCNP.COM

R EA L E STATE

YOUR HOME HERE Reach out today to find out more about Colin’s full marketing plan for your Falls Church, Arlington, or McLean home.

Ads here in the News Press are just the tip of the iceberg.

SPRING 2018 | PAGE 19

Falls Church trusts McEnearney Associates McEnearney.com

there when it counts

Have a home to sell, but waiting for one to buy? You’re not alone! Let me know, there may be a home and a buyer for you!

Falls Church | $1,429,000

Annandale| $1,099,000

Like-new, sun-filled Colonial in McLean school pyramid. 5 bedrooms, 4.5 baths, 3-car garage. Beautifully landscaped level lot near WFC Metro.

Barbara Simon & Robin Cale 703.598.4662 SimonCale.com

Amazing NEW low price. 6,600-SF home on quiet cul-de-sac. 6 bedrooms, 4 baths with huge gourmet kitchen. 10-ft ceilings, hardwood floors, floor-to-ceiling windows.

Bay Buchanan 703.994.2323 BayBuchanan.net

Falls Church City | $920,000

Falls Church City | $395,000

Award-winning, beautifully updated 3-bedroom, 2-bath Cape Cod. Large chef’s kitchen, custom built-ins, luxury master bath. Smart Home Technology.

Maureen Dawson 703.901.0749 MaureenDawson.com

Spacious upper-floor, 3-bedroom, 1-bath condo with balcony that overlooks mature trees. Freshly painted, remodeled kitchen and bath. Lots of custom built-ins.

Sarah King 703.548.4451 SarahEKing.com

McEnearney Associates is proud to be the exclusive real estate sponsor of the 6th Annual Arlington Arts Festival

6509Waterway.com

Live Adventure At Lake Barcroft JUST 3 M IL ES F RO M T H E H E ART O F T H E L I T TL E C I TY Outdoor adventure options are nearly endless - swimming, boating, fishing, or simply hanging out at water’s edge.

Why wait? Start living adventure today at Lake Barcroft.

Ken Trotter J.D., Realtor® Falls Church Resident & Real Estate Expert +1 703 863 0650 (cell) Ken.Trotter@sir.com | KenTrotterHomes.com

Serving the Washington, DC Metro Area since 1980.

703.525.1900 | 4720 Lee Highway | Arlington, VA 22207

R EA L E STATE

PAGE 20 | SPRING 2018

FALLS CHURCH NEWS-PRESS | FCNP.COM

Falls Church Area Housing Market — 4th Quarter 2017 Report Zip Code

Area

Average Price

Number of Homes Sold

Average Days on Market

22046

Falls Church City

$756,102

55

50

22041

Bailey’s Crossroads

$420,506

91

49

22042

Sleepy Hollow

$519,132

92

45

22043

Pimmit Hills

$633,839

59

42

22044

Lake Barcroft

$532,650

39

42

Home Sales Vs. 1 Year Ago

Home Prices Vs. 1 Year Ago

Change in # of Homes Sold: 4Q ‘17 vs 4Q ‘16

Change in Average Home Price: 4Q ‘17 vs 4Q ‘16

-6.78%

Change in Falls Church City (22046)

+13.96%

Change in Falls Church City (22046)

+24.66%

Change in Bailey’s X-roads (22041)

+10.56%

Change in Bailey’s X-roads (22041)

-3.16%

Change in Sleepy Hollow (22042)

+10.40%

Change in Sleepy Hollow (22042)

-29.76%

Change in Pimmit Hills (22043)

-6.11%

Change in Pimmit Hills (22043)

+14.71%

Change in Lake Barcroft (22044)

+14.08%

Change in Lake Barcroft (22044)

Source: Metropolitan Regional Information Systems, Inc. Copyright © 2018 Metropolitan Regional Information Systems, Inc.

R EA L E STATE

FALLS CHURCH NEWS-PRESS | FCNP.COM

SPRING 2018 | PAGE 21

Real Estate

Top Falls Church Home Sales

January-March

#2 $1,574,900

#1 $1,600,500

#4 $1,415,500 #3 $1,465,000 Top 5 F.C. Home Sales January 1 – March 31, 2018 Address

#1 6605 Quinten St. #2 6517 Elmhirst Dr. #3 6522 32nd St. #4 1304 Tracy Pl. #5 401 Meadow Ln.

BR

6 6 6 5 5

FB

5 5 5 4 4

HB 1 1 1 1 1

List Price

$1,650,000 $1,574,900 $1,498,999 $1,399,950 $1,425,000

Sale Price

$1,600,500 $1,574,900 $1,465,000 $1,415,500 $1,415,000

Zip

22043 22043 22046 22046 22042

Date Sold 1/31/18 2/23/18 1/4/18 1/9/18 3/29/18

Source: MRIS, Inc.; Photos: MRIS, Falls Church News-Press

#5 $1,415,000