Alexandria, VA – The April issue of the Zebra highlights all facets of the real estate industry. Mrs. Debra McElroy is a realtor at the Alexandria branch of Century 21 New Millennium. She has been active in real estate for 11 years, including nine years focused in Northern Virginia. From our meeting, I could see Mrs. McElroy’s passion for real estate and how committed she is to educating her clients to make the best decisions possible when making one of the largest purchases of their lives.
Zebra: What would you say makes real estate an exciting career field?
Mrs. McElroy: I would say the people and helping them find their dream home. I always feel a sense of accomplishment when my client walks away with a big smile because they have achieved their goal of becoming a homeowner. There’s nothing in the world more rewarding.
Zebra: What sets you apart from other real estate agents?
Mrs. McElroy: I am very personable. It is very important to establish a cohesive working relationship with my clients based on their desires while also educating them about the home buying or selling process. This allows me to deliver realistic expectations to my clients that align with today’s housing market conditions.
Zebra: What makes the Alexandria housing market different from other markets?
Mrs. McElroy: First and foremost, as we all know, it is the proximity to Washington, DC. You can’t beat the commute time between the two cities.
Another standout that Alexandria has over other areas is the different types of housing options available. Based on your station in life, you can either rent/purchase a one-bedroom condo or splurge on a multi-million-dollar house with waterfront views.
Zebra: What’s the biggest challenge you think home buyers will face in 2022?
Mrs. McElroy: Inventory, inventory, inventory! The demand is so high for home buyers that I have advised my clients to be prepared to go into a potential home bid by submitting their best offer. Gone are the days of the back-and-forth negotiation rounds. There are so many home buyers looking that it provides the seller with many options.
Zebra: Being a realtor, you’re always on the go. What do you do outside of work to relax?
Mrs. McElroy: I abide by my three Cs; Coffee, Cookies, and Candles. I like to think of myself as a coffee aficionado. In my spare time, I like to drive to places I have never been to check out their coffee shops. And when I don’t have time to explore, I have an espresso bar set up at home with all the different types of coffees and syrups that you could imagine. It’s like my own personal Starbucks.
So, a cup of coffee (maybe two), a delicious cookie, and a wonderfully scented candle allow me to destress and relax after a long day.
Zebra: What are some of your favorite Alexandria establishments?
Mrs. McElroy: I love For Five Coffee Roasters and Misha’s Coffee. It’s always a bonus for me when coffee shops roast their beans in-house. These two businesses meet my mark for excellence. It really makes a difference and shows the level of expertise poured into every cup. I highly recommend everyone to check out these coffeehouses. Zebra readers can contact Mrs. McElroy by email at debra.mcelroy@c21nm.com or debrajmcelroy@gmail.com and by phone at 703-317-7528. You can also follow her on Facebook (www.facebook.com/debra.mcelroy.351), Instagram (www.instagram.com/debrajmcelroy/), and LinkedIn (www.linkedin.com/in/debra-mcelroy-26052b18).
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
