Tuesday, July 15, 2014

Baby Boomers Staying Put in Northern Virginia Real Estate

Despite recent reports of the Baby Boomer generation looking to downsize, it seems just the opposite is true in local Northern Virginia real estate  Baby boomers have long dominated the single-family home market and aren't showing any signs of moving to smaller spaces just yet. 

Previous real estate predictions of the past months (and even years) forecasted boomers downsizing once they hit the age of 65 and become empty nesters, believing they would move into a condo, townhouse or apartment. Now, even housing giants such as Fannie Mae are coming forth with a new outlook that has boomers staying put in their single-family homes.

"There's a perception, particularly in many media reports, that this massive generation born between 1946 and 1964 is altering its housing consumption," said one Fannie Mae researcher told the Chicago Tribune. "It's true that they're becoming empty nesters in droves. But by one measure, the proportion of boomers who live in single-family homes actually increased between 2006 and 2012."

In fact, a recent AARP survey found that 9 out of 10 boomers want to stay in their current single-family home as long as possible. For some, it could be due to their home value dropping or like some Northern Virginia homeowners, they could still be underwater in their mortgage and waiting for the right time to sell. Some baby boomers in Alexandria, Arlington, Annandale, Herndon, Mount Vernon or McLean  may even wish to hold on to their low mortgage rate instead of selling their home.

And while some boomers in Northern Virginia may be looking to downsize, they will likely purchase a smaller single-family home instead of purchasing a condo or townhome. 

If you're looking to purchase a new home in Arlington, Alexandria, McLean, or Fairfax  I would be happy to show you properties from single-family homes to townhomes and condos. I have nearly 3 decades of local real estate experience and together, we can find you a home that works for you and your family, no matter what stage of life you're in. I look forward to hearing from you!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore

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