2015: Baby Boomers, Gen-Xers and Millennials Vie for a Spot in This Year’s Real Estate Market

2015: Baby Boomers, Gen-Xers and Millennials Vie for a Spot in This Year's Real Estate Market by Realestateology.org Looking into my crystal ball this year (okay – local economic data), I see that buyers and sellers are going to be coming from all areas of the buying spectrum. For years, Baby Boomers were the age group to watch – now, as Millennials and Gen-Xers get into the game (these are the children and grandkids of the Boomers), it's going to be interesting to see how 2015 heats up. George Mason University's Center for Regional Analysis (CRA) put together some information on how they will affect the market this year. Millennials Economists from CRA point out the first time buyers are now coming from kids of the Millennial generation (born between the early 1980s and 2000). In 2015, adults born in 1980 are turning 25 – a good ripe age to purchase a first home.  Time is the key point for Millennial purchasers as they approach their first home purchase. During the next few years, time will provide them income growth and marriage, which usually pushes them into the first-home market (sometimes with a baby carriage). Watch them to take advantage of first-time buyer programs (3% down payment) now being offered from Fannie Mae and Freddie Mac. Generation X These buyers and sellers born between 1969 and 1980 (depending on who you talk to), will be moving based on contingencies – contingent on interest rates (which today stand below 4%) and equity growth in their home they bought in the last decade. They are also more likely to purchase new construction, according to the CRA report. Baby Boomers We'll be seeing a larger wave of retirees coming out of the Baby Boomer group and while many of them are in the suburbs, believe it or not, they're intending on staying in the D.C. area and some will continue to stay in their current homes. Meanwhile others will look to scaling down to condos and over-55 housing. Key Market Takeaways Look for a continued tight market. Even though inventory will increase seasonally, there's still a shortage of homes on the market. First-time buyers will be a key driver. Growing demand for single-family homes, but we'll see smaller homes, lower price points The suburbs are not dead and, in fact, are poised for a rebirth. While demand will be there in 2015, supply won't catch up until 2016. Looking to buy, sell or invest? Give me a call today to get started. Until next time… http://www.AnthonyCarr.net Trouble clicking? Copy and paste this URL into your browser:  https://realestateology.wordpress.com/2015/02/04/2015-baby-boomers-gen-xers-and-millennials-vie-for-a-spot-in-this-years-real-estate-market/ Thanks for flying with WordPress.com

Anthony Carr (703) 819-9800 ACarr@weichertrealtors.net http://www.anthonycarr.net Weichert Realtors 6257 Old Dominion Drive McLean, VA 22101 Be Careful with Candles Few things can make you feel quite as cozy as the warm glow and pleasant aroma of scented candles. While soft candlelight and a welcoming fragrance can enhance your home, you should be aware that burning candles could also be damaging it. Insurance claims for soot damage have increased in the past several years, in direct relation to an increase in candle sales. In fact, the cleaning and replacement of household furnishings damaged by soot has been reported to cost some homeowners tens of thousands of dollars. It's not just furnishings that can be damaged by candle use though. Soot from burning candles can collect in heating and air-conditioning systems as well. Damage can develop over a couple of days or several years, depending on the home's airflow, the number of candles burned, and how long the candles are left burning. In the past, some homeowners' insurers paid for the damage because they weren't aware of its cause. Many companies are now, however, denying such claims because the damage isn't accidental or sudden. If you burn candles regularly, never leave one unattended or placed in an unsteady location where it could possibly fall. In addition to fire safety, keep candle wicks trimmed to ¼-inch and avoid drafty locations to reduce soot emissions. Print This Article Also in this issue... Reduce Noise in Your Home Touches of Luxury Question and Answer Work Out in Your Home Gym Reduce Noise in Your Home Noise can raise your stress level, whether it's barking dogs or loud music. You can make your home into an oasis of peace and quiet by following these sound-reducing tips: Noise enters your home in the same locations where air seeps in, so use weather stripping or caulk to seal around your doors and windows. You may also want to consider installing energy efficient windows and solid wood doors. Have your heating and air conditioning ducts wrapped with high-quality, fiberglass insulation. Install acoustical tile to ceilings in noisy areas of your home, like the kitchen or children's rooms. Hard surfaces can amplify sound, so soften your home by adding pillows, carpets or area rugs. Hang curtains rather than window blinds. Place pads underneath your washing machine, stereo and television to help absorb sound. Line the bottom of cabinet drawers with rubber mats. Add shelves filled with books along a wall. Print This Article Touches of Luxury Indulge yourself and enhance the look and feel of your home by employing some of the same techniques used by luxury hotels. Focus on your entryway. It can be both the first and last impression people will have of your home. Add a fresh coat of paint to the front door, accessorize by updating the knocker and welcome mat, and decorate with planters filled with colorful flowers. Add distinguished touches by using crisp linen sheets for the beds and soft, thick towels in the bathrooms. Create a comfortable space to read and write in every bedroom. Also keep guestrooms stocked with such tools as a reading lamp, pens, pencils and stationery. Increase the natural light in your home by keeping windows sparkling clean and hanging sheer curtains rather than heavy drapes. For a fragrant treat, add sachets of cedar or lavender to dresser drawers and closets. Print This Article Question and Answer I have an opportunity to work from home but I'm not sure if I should take this step. How can I determine if I will enjoy it? Many people yearn to work from home. This desire can become especially strong after a particularly hard day at the office or a miserable commute. But as dreamy as it may sound, not everyone is cut out to be their own boss. Consider whether or not you have the type of personality to stay motivated without someone checking on your progress throughout the day. Will you be tempted to sneak off to the golf course or watch a couple hours of television? People who tend to excel at working from home are highly independent and self-motivated individuals. If you enjoy being part of a team and getting constant feedback, you may miss the office environment. If you decide to try working from home, draw both a mental and physical line between your work life and your home life. Have a spare room or at least a separate area that is devoted to work. Then, make sure you set and stick to office hours. If you don't define clear working hours, you may find yourself taking small breaks during the day and having to make up your work later in the evening. This can make you feel as though you are always working and never have enough time to relax. Print This Article Work Out in Your Home Gym With busy schedules and expensive health club memberships, working out at home may save time and money. Here are some tips to make your home gym attractive, so you may be motivated to use it: Make your home gym inviting by painting the walls an appealing color and hanging photos or other artwork. Buy the best fitness equipment you can afford. Not only will this look nice, it will likely last longer and function better than less expensive equipment. Arrange equipment with larger machines along the walls and smaller pieces more toward the center of the room. Maintain a clear path so you can move safely from one exercise to the next. If you enjoy a little entertainment while you exercise, consider adding a television or stereo to your home gym. Print This Article Powered by Real Estate Digital, LLC. All rights reserved.

Mortgage Rates Hit Below 4% - time to buy, sell or refinance!

I just had to let you know that know that mortgage interest rates dropped to 3.75% today! These are rates we thought we would not see for years, but because of several economic factors, they've dropped again. Call me if you're looking to refinance, buy, sell or invest. I can help you with the real estate and I have mortgage contacts for a good loan officer if you're looking to refinance at these low rates.

Also - click the link below to calculate quickly what these low rates would do for your monthly payment. It's one of the mortgage calculators on my website: http://www.anthonycarr.net/tools/financetools.aspx.

How’s the Market? Depends – are you Buying, Selling or Investing?

How’s the Market? Depends – are you Buying, Selling or Investing? by Realestateology.org I regularly get asked, "How's the market?" From a Realtor's point of view, it's ALWAYS a good market! It just depends on what YOU want to do – buy, sell or invest? In today's market, it's actually good for all three classes of clients. Sellers are benefiting from increased home prices; buyers are enjoying some of the lowest interest rates on record and a strong housing inventory; and for investors, if you're getting a mortgage, interest rates are low enough that the payments can be covered by your rental income in most cases. Let me break it down: FOR BUYERS Currently, the Northern Virginia market is at about a 3 months' supply. Traditionally, three months constitutes a "normal" market. Normal is good for buyers because it allows them an ample amount of inventory to look over and then the ability to negotiate on price and terms. For the past several years, buyers in the D.C. metro market have been battling each other with escalation clauses and giving up home inspections to win contracts. Now, there is calm in the market which allows buyers to get a more level playing field. Meanwhile, interest rates are under 4% again! FOR SELLERS Prices have continued their appreciation this year in most zip codes. In October, median home prices increased beyond last year's prices in Fairfax County by 2.3% (+$10,000). The median price for October stood at $450,000 (for all property types). In Arlington, the median price increased 1.6% to $536,000. In Washington D.C., median sales prices moved up 9.9% to $500,000. FOR INVESTORS It's all about cash flow for investors. And in today's market with the low interest rates, investors are able to purchase a condo, and including condo fee and taxes, still walk away with a cash flow (disclaimer: it has to be the right price and the right condo fee – call to start your search). If you're able to strike out the high condo fees, the return on investment is even more attractive. An interesting factor that plays in the D.C. area market is politics and mid-term elections, which have historically placed a temporary damper on the market. This year was no exception. In the two weeks running up to the election pending sales dropped 22% compared to the same two week period last year (a non-election year). In the third week, once all the votes were counted, contract writing increased 6.3% over the same period of time last year. (Source: data from MRIS.com). The market is in good shape for nearly every type of buyer and seller. Until next time… I'm never too busy for YOUR referrals! Until next time… Anthony http://www.AnthonyCarr.net Thanks for flying with WordPress.com

Future D.C. Job Growth Boom to Real Estate Market

Realestateology.org posted: "When it comes to the question - "How's the real estate Market?" I always point to the job market first. After all, "Homes are where the jobs go at night." And in the Washington, D.C. area, local economist say we're headed toward a boon of a jobs market in" Respond to this post by replying above this line New post on The Realestateology Blog Future D.C. Job Growth Boom to Real Estate Market by Realestateology.org When it comes to the question - "How's the real estate Market?" I always point to the job market first. After all, "Homes are where the jobs go at night." And in the Washington, D.C. area, local economist say we're headed toward a boon of a jobs market in the coming years.  The George Mason University Center for Regional Analysis runs the numbers on job growth and D.C. is growing at a rate ahead of the need for housing. In the next 5 years, there will be more than 295,000 net new jobs in Northern Virginia, D.C. and suburban Maryland. Northern Virginia will garner the most of those with about 100,000 net new jobs in just the coming three years. Another interesting part about this job growth is that the federal government is slipping from being the front runner employer. Private industry is slowly but surely taking the front spot. So what will that do to the housing market? Well, we aren't growing the housing pool that fast, meaning the pressure on the inventory will most likely push price appreciation even more than what we've seen this last year. Want the deeper data? Visit this link for a presentation by CRA Chief Economist Stephen Fuller on what to expect.