How Buying a Home in NOVA Differs by Age

With a big senior citizen housing boom on the horizon and a current flood of millennial homebuyers entering the real estate market, it's quite obvious that trends in buying a home in Northern Virginia will differ by age. For instance, while Gen X is the largest group of recent homebuyers in the country, what they want in their homes is different from what Gen Y desires.

According to the National Association of Realtors Home Buyer and Seller Generational Trends report released today, "Gen Xers (31 percent) were followed in numbers by Gen Y buyers (28 percent), and then younger Baby Boomers (18 percent), older Baby Boomers (14 percent), and the Silent Generation (10 percent). The Greatest Generation, also known as the G.I. Generation, represented less than 1 percent of recent buyers."

The survey, which included a 8,501 recent homebuyers, showed that 80 percent of homebuyers aged 57 and younger purchased a detached, single-family home last year. Homebuyers over the age of 57 were more interested in purchasing a townhome or condo, according to the survey. In addition, like many NOVA homebuyers today, the report also found that a majority began their home search online, looking for houses for sale.

Gen X seems to be the dominant group in real estate right now, on both the buyer and seller front, and are the least likely of those surveyed to finance their home purchase. However, when they do finance their NOVA home, the amount of the home they financed is typically smaller than that of younger homebuyers.

The common denominator in the survey? Both groups were likely to use a real estate agent, with younger sellers more likely to use the same agent in future home purchases than the older sellers. Both groups reported benefits from using a real estate agent.

Ready to buy a NOVA home? I'm ready to help! Begin your search online or contact me to discuss your real estate options.

Earle Whitmore

Long & Foster Real Estate, Inc.
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Your NOVA Home May Checklist

Now that summer is on the horizon, May is the month to get your Northern Virginia home for what lies ahead. Start at the very top with your attic, work your way out with a stop in the kitchen, before heading outside to tackle the outdoor projects. According to Bob Vila, these are the 5 most important projects for your NOVA home to prepare for the dog days of summer.

1. Prepare for the Heat
While the weather has been enjoyable as of late, we tend to forget just how warm it can get during the summer months. If you prepare ahead of time, you can enjoy the summer with comfortable indoor temperatures without breaking the bank. No unnecessary cooling bills for the NOVA homeowner here!

The first step is addressing your attic insulation. Think about installing an attic fan to sweep out the heat and keep your HVAC system in tip-top shape. Next up, ceiling fans. These should be installed in rooms where you spend the most time— kitchen, family room, and bedrooms— and using these instead of the AC will save you money in the long run.

2. Update the Kitchen
For this season's update, it doesn't have to be a total renovation. Want a quick change? Think about swapping out your old tile for a new backsplash. Or if your ready for a more lengthy weekend project, try refacing your kitchen cabinets. A new wood or a bright coat of paint can instantly brighten up the kitchen in your NOVA home.

3. Yard and Garden Sprucing
May is the time to prepare to spend your days outside in the summer. Improve your landscaping with edging, or plant container gardens or flowers that will cheer up your walkways. For some added fun, try creating your own outdoor pots out of everyday items. Old shoes and even appliances make interesting yard embellishments.

4. No Summer Pests
The best way to deal with outdoor pests in the summer is the natural way. For instance, mice cannot stand the smell of peppermint and cockroaches will flee from Tabasco sauce. Find natural ways to scare off these critters and your summer in the Northern Virginia area will be one of the best yet.

5. Get Ready to Barbecue
Spruce up your deck and patio before barbecue season. Make any necessary repairs to the patio surface and check that your grill is in working order. It's best to clean off old residue and dirt before you fire up the charcoal!

Earle Whitmore

Long & Foster Real Estate, Inc.
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The Future of Home Values in NOVA

As a Northern Virginia real estate agent, a large part of what I do is monitor the latest trends and updates in the local housing market. When a seller client comes to me and asks for advice about whether or not now is the best time to sell their NOVA home, it’s up to me to be educated about the state of the market in order to give them the most sound and accurate opinion that I can. Now that March has arrived, many home sellers in the NOVAarea are thinking about listing their home in the spring or summer market. This has lead to many questions about what home values will be in the next few months.

As a Northern Virginia real estate professional, I can say that this is absolutely difficult to project. What I’ve found is that typically, the answer comes down to supply and demand. Similar to the common economic principle, in real estate supply and demand refers to the current month’s supply of homes available on the market in relation to the number of home buyers who are looking during that same month. Typically, although not always, real estate supply and demand follows a pattern: 

• 1-4 months’ supply of homes creates a seller’s market, where home values are guaranteed to go appreciate. Sellers are more confident entering the market at this time. 
• ·      5-6 months’ supply creates a balanced market, where home values appreciate at a level that coincides with inflation. Both buyers and sellers are confident at entering the market in these conditions.
• ·      7-8 months’ supply creates a buyers market. There are more homes listed than buyer demand, which means that homes often depreciate in value.

So, where is the Northern Virginia real estate market at with regard to these patterns? According to the National Association of REALTORS:

• ·      Raw unsold inventory is at the lowest level since December 2009.
• ·      Houses going into contract reached levels last seen during April 2010, which was the month the Home Buyer’s Tax Credit expired.
• ·      This has created a 4.2 month supply at the current sales’ rate.

Based upon the above information, it is safe to say that right now, the market is leaning more favorable towards sellers. That means that right now is a great time to list your home in the NOVA real estate market. Spring often brings an influx of buyers, and with a lower supply that originally suspected, demand will likely be high, meaning that your home’s value could actually appreciate.

As always, if you have any questions about buying or sellinga home in the NOVA real estate market, don’t hesitate to contact me and ask! I’d be happy to help give you advice and guide you throughout the process. I hope to hear from you soon.

Earle Whitmore
Long & Foster Real Estate, Inc.
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This Spring Break, Explore Virginia!

That coveted time of year is just around the corner. I am, of course, referring to spring break. So many people in the Northern Virginia area know and love the area in which they live, be it Annandale or Alexandria, but so few actually know what else their home state has to offer. This spring break, why not take some time to explore the rest of Virginia?

Whether you are new to the Northern Virginia area or have lived here for years, you’ve probably noticed that most of our region’s residents are proud to be from our state. It’s understandable. We’re one of the most historically rich states in the union with a high quality of life and desirable climate. We offer the perfect mixture of small-town Southern charm and urban amenities that most other areas across the US only dream of. Why not show some pride in your state this spring break? Here are a few statewide attractions you can enjoy while the kids are off school. It’d be fun to make a road trip out of some of these ideas!

Hit a theme park! Busch Gardens in Williamsburg and Kings Dominion in Richmond both have fun-filled, family friendly rollercoasters. If you’re looking for a more aquatic adventure, Great Wolf Lodge Waterpark in Williamsburg offers some indoor water fun.

Enjoy the beautiful outdoors. Virginia State Parks are some of the best in the country. They offer everything from hiking and boating to fishing and wildlife. There are even a few caverns that offer some gorgeous stalactites and stalagmites that the youngsters will love.

Discover a little bit of history. There’s no question that Virginia is one of the most historical states in the union. From Mount Vernon to Jamestown settlement to Colonial Williamsburg, the abundance of historical attractions in our state can give anyone a strong idea of what life was like in our part of the country when the colonists first settled upon it.

Visit our nation’s capitol. One of the biggest benefits of living in NOVA is that we are a hop, skip and a jump away from the thrills of Washington DC. The amount of attractions here could keep you entertained all week long! From the Lincoln and Jefferson Memorials to the Capitol Building to Arlington Cemetery to the White House, there are plenty of places to go and things to do if you’re willing to make the drive into the city.

These are a just a few of the many statewide attractions you can enjoy this spring break! Feel free to explore the many amazing communities in the Northern Virginia area, too! Each has something special and unique to offer. As always, contact me if you have questions about buying or selling a home in Northern Virginia. I hope to hear from you soon!


Earle Whitmore
Long & Foster Real Estate, Inc.
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A New Diet for 2013

A new year is around the corner, and what better way to start it right than by dieting?  I don’t mean go get a gym membership and start Atkins.  I mean dieting for your home.  Get rid of the extra stuff and use your local resources to help freshen up your living space.  Is your dinning room still stuck in the 80’s or your bedroom looks like it’s been sleeping for the last 10 years? A wonderful part of living in Northern Virginia is the abundance of designers right at your fingertips.  Whether it’s painting, landscaping, furniture or unique knick knacks, I’m sure I can steer you in the right direction to give your home a good diet plan for 2013.

Local Interior Designers, Landscapers, Remodeling Companies and Store Fronts:

A.Houck Designs , Arlington; 703-237-2111; www.ahouckdesigns.com

Ellen Brotman Interior Designs, Fairfax; 703-573-6100; www.brotmaninteriors.com

Faulkner House Interior Redesign, primarily in Fairfax and Loudoun Counties; 703-689-9886; www.faulknerhouse.com

Maureen McGough, 10332 Main St., # 235, Fairfax; 703-716-0076;www.mcgoughinteriors.com

Jodie Okun for The Nest Egg, 11940 Grand Commons Avenue, Fairfax; 703-988-0944;www.shopTheNestEgg.com

Commonwealth Home Remodelers, 208-A Dominion Road N.E., Vienna; 703-255-9861; www.commonwealthhome.com

Cook Brothers Design, Building and Remodeling, 5521 Lee Highway, Arlington; 703-536-0900; www.cookbros.org

Michael Nash Custom Kitchens and Homes, 8630-C Lee Highway, Fairfax; 703-641-9800; www.michaelnashkitchens.com

Oak Hill Building and Remodeling, 10615 Judicial Drive, Suite 501, Fairfax; 703-591-1200; www.oakhillbuilding.com

Professional Remodeling Group, 8632 Centreville Road, Manassas, and 11350 Random Hills Road, Suite 800, Fairfax; 703-281-0909; www.professionalremodelinggroup.com

TerraScape Design Build Company, 3160 Spring St., Unit E, Fairfax; 703-359-9264;www.terrascape.net

Red Barn Mercantile, 113 S. Columbus St., Alexandria; 703-838-0355;www.redbarnmercantile.com

Embellishments of Alexandria, 1303 King St., Alexandria; 703-299-6262;www.embellishmentsofalexandria.com

Le Beau Chateau Home Décor, 8621 Lee Highway, Fairfax; 703-207-0022

Patrick’s Fine Linen and Home Décor, 106 N. St. Asaph St., Alexandria; 571-970-6931;www.patricksdesigns.com

Some trends to consider for home décor in 2013 are as follows.  Animal prints are still a good print to use in a home.  However,  use them in more of a hidden way.  For example, the pattern of a Zebra but find the pattern using one color on an item like a pillow. It will give a room good texture.  When using floral patterns, don’t think of your garden but more painterly floral.  Stripes are still in and aren’t backing out for some time.  Use stripes on walls, pillows or rugs; they bring movement to a room.  Yellow, blue and red colors are trending for 2013.  Instead of black being a natural color in the room use navy or grey.  Need a pop of color?  Consider yellow to brighten an area that's lacking.  Need spunk or edge?  Try red but always in moderation.  Think 1940’s Hollywood with soft curvy lines when it comes to furniture.  Take a look at some new hotel lobbies for the new metropolitan look featured in 2013 home.  Another great resource for ideas is Pinterest.com.  Just type a word in the search box and get great ideas for spaces.  Revamping a lot or a little can keep you slimmer and always ready for a party, get together or that unexpected move.  It also will make you feel a little bit more lively, stress free and happier.  So, break out the pin and paper.  Get moving around your space and write down what you would like or what you would want to change.  Give yourself a budget and run with it.

Earle Whitmore
Long & Foster Real Estate, Inc.
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