Boomers Moving Will Be More Like a Gentle Tide Than a Tsunami
Have you heard the term “Silver Tsunami” getting tossed around recently? If so, here’s what you really need to know. That phrase refers to the idea that a lot of baby boomers are going to move or downsize all at once. And the fear is that a sudden influx of homes for sale would have a big impact on housing. That’s because it would create a whole lot more competition for smaller homes and would throw off the balance of supply and demand, which ultimately would impact home prices. But here’s the thing. There are a couple of faults in that logic. Let’s break them down and put your mind at ease. Not All Baby Boomers Plan To Move For starters, plenty of baby boomers don’t plan on moving at all. A study from the AARP says more than half of adults aged 65 and older want to stay in their homes and not move as they age (see graph below): While it’s true circumstances may change and some people who don’t plan to move (the red in the chart above) may realize they need to down the road, the vast majority are counting on aging in place. As for those who stay put, they’ll likely modify their homes as their needs change over time. And when updating their existing home won’t work, some will buy a second home and keep their original one as an investment to fuel generational wealth for their loved ones. As an article from Inman explains: “Many boomers have no desire to retire fully and take up less space . . . Many will modify their current home, and the wealthiest will opt to have multiple homes.” Even Those Who Do Move Won’t Do It All at Once While not all baby boomers are looking to sell their homes and move – the ones who do won’t all do it at the same time. Instead, it’ll happen slowly over many years. As Freddie Mac says: “We forecast the ‘tsunami’ will be more like a tide, bringing a gradual exit of 9.2 million Boomers by 2035 . . .” As Mark Fleming, Chief Economist at First American, says: “Demographics are never a tsunami. The baby boomer generation is almost two decades of births. That means they’re going to take about two decades to work their way through.” Bottom Line If you're stressed about a Silver Tsunami shaking the housing market overnight, don't be. Baby boomers will move slowly over a much longer period of time. Call Rajeev Vashist at (703)927-0606 Buying a Home Selling a Home
Luxurious Living in Loudoun Valley Estates: 43576 Warden Dr
Nestled in the sought-after Loudoun Valley Estates neighborhood, the stunning Hopewell-Federal model by Toll Bros awaits its new owners. With a listing price of $1,325,000, this exquisite home offers a multitude of desirable features that make it a dream come true for any discerning buyer. From its spacious layout to its elegant finishes, every detail of this property exudes luxury and comfort. One of the standout features of this home is its prime location. Situated on an almost half-acre lot, it provides a park-like setting that offers both privacy and tranquility. The expansive 5,500 sq/ft floor plan is spread across three finished levels, providing ample space for comfortable living and entertaining. As you step into the grand two-story foyer, you'll immediately be captivated by the elegant staircase that serves as a centerpiece of the main level. The formal living and dining rooms, adorned with bay windows, crown molding, and chair rail, create a sophisticated ambiance. For those working from home or in need of a quiet space, a main-level library with a built-in bookcase provides the perfect retreat. The heart of the home lies in the spacious kitchen, complete with stainless steel appliances and an abundance of counter space for culinary enthusiasts. Adjacent to the kitchen is a charming solarium, filled with natural light and offering a peaceful spot to enjoy meals. The two-story family room, featuring a brick fireplace, provides a cozy gathering place for family and friends. Upstairs, you'll find four generously sized bedrooms and three full bathrooms. The primary suite is a true sanctuary with new carpeting, two large walk-in closets, and a luxurious en-suite bathroom featuring a dual vanity, soaking tub, and separate shower. Two bedrooms share a Jack & Jill bathroom, and a princess suite boasts its own full bathroom. The lower level of the home is designed for entertainment and relaxation. A walk-up basement leads to a spacious recreation room, complete with a wet bar, ideal for hosting gatherings. Movie enthusiasts will appreciate the theater room, while fitness enthusiasts will find the exercise room perfect for their needs. For those looking for a bit of friendly competition, there is even space for a pool table. Outdoor enthusiasts will delight in the beautiful patio overlooking the spacious private backyard, perfect for outdoor entertaining and barbecuing. The convenience of this location is unparalleled, with easy access to the toll road, Route 50, Dulles Airport, and Loudoun County's tech center or Reston. Additional features of this home include a 3-car side-load garage, brand new carpeting on the upper level, hardwood floors on the main level, fresh paint in 2024, two staircases, and recently replaced HVAC units and roof. In conclusion, 43576 Warden Dr in Loudoun Valley Estates presents a remarkable opportunity to experience luxurious living at its finest. With its high-end finishes, ample space, and convenient amenities, this home offers the perfect combination of comfort and style. Don't miss out on the chance to make this exquisite property your forever home. If you are selling your home, call Rajeev Vashist at (703)927-0606 about the market conditions in your neighborhood. Selling Your Home Buying a Home
Why Today’s Seller’s Market Is Good for Your Bottom Line
Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy. So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works: *A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady. *A buyer’s market is when there are more homes for sale than there are buyers. When that happens, buyers have more negotiation power because sellers are willing to make compromises to close the deal. In a buyer’s market, sellers may have to do price cuts to re-ignite interest in their home, and prices may go down. But we haven’t seen this for years since there are so few homes available to buy. In a seller’s market, it’s just the opposite. When the supply of homes for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more bidding wars. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final sale price of your house up. The graph below uses data from the National Association of Realtors to show just how deep into seller’s market territory we still are today: What Does This Mean for You? The market is still working in your favor. If you lean on an agent for advice on how to get your house list ready and how to price it competitively, it should get a lot of attention from eager buyers. That means you’ll likely get multiple offers and see your house sell quickly and for top dollar. As a recent article from Ramsey Solutions explains: “A seller’s market is when demand for homes is higher than the supply of homes. And that’s still the case right now. If you’re planning to sell your house, you can expect to sell it fairly quickly for close to your asking price—as long as your asking price is realistic for the current market.” Bottom Line Today’s housing market still favors sellers. If you’re ready to sell your house, let’s connect so you can start making your moves. Call Rajeev Vashist at (703)927-0606 Selling Your Home Buying a Home
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