Are You a Baby Boomer Planning To Sell? Why You May Not Get the Price You Want

A study from the Stephen S. Fuller Institute at George Mason University predicts that some baby boomer homeowners in the Washington D.C., area may have trouble getting the price they want if they are looking to sell soon.

Since 2013, it has been predicted that the aging baby boomer population would stir a nationwide housing sell off. People aged 52-70 comprise almost 42 percent of all homeowners in the D.C. area. Meaning, if 20-30 percent of the D.C. area’s baby boomer population choose to sell their home in the next few years, it would add more than 100,000 homes to the market. But this predicted sell off hasn’t happened yet. Here are a couple reasons why:

 

 

  • People are working longer and delaying retirement due to the recession. They are more likely to be paying off mortgages than they were in 2000.

 

  • 63 percent of homeowners age 55+ plan to age in place (Freddie Mac)

 

So what does this mean for you?

Recently we told you about the housing shortage in Northern Virginia – a 20 percent drop in active inventory. We have no reason to believe that one day all the baby boomers are going to wake up and decide to move. Alexandria is a great town to age in place, therefore we are not predicting a huge influx of homes to the market.

However, in the event of a slight uptick in inventory, there is one thing you can do to prepare your home to be competitive: make sure it is in good condition! A problem we encounter often is that long-term owners have not maintained their home. To compete with newer builds in the area, we encourage you to keep up with new trends, materials, and technology, because that is what buyers are looking for.

The recent upgrades at 8304 Marble Dale Court are a great example:

 

  • The latest from Britt
Born, raised, and bred in Alexandria, VA, Britt Patterson is a true product of the great state of Virginia. Britt attended Waynewood Elementary (Class of ’96), Carl Sandburg Middle School (Class of ’98) , and West Potomac High School (Class of ’02), she then went on to attend Virginia Tech (go Hokies!) where she majored in Business Marketing and Minored in Real Estate. Britt “officially” joined the family business as a licensed Realtor in 2008 after two years of working the political fundraising field and prides herself on her Alexandria real estate knowledge, alongside her integrity, loyalty, and professionalism as an agent and Vice President for the family business.

The Patterson Group is one of the most experienced and trusted real estate teams in the area, serving Alexandria, VA for over thirty years. We offer professional, hardworking, detailed and friendly service and a large network of contacts and resources accrued over our many years in Alexandria real estate. Comprised of seven Alexandria locals, six of whom are licensed realtors and three of whom are accredited staging professionals, The Patterson Group is passionate and knowledgeable about Alexandria, VA and here for all of your Northern VA real estate needs. Allow us to help you find your home here and discover all that the Alexandria lifestyle has to offer.

phyllispatterson.com

400 South Washington Street
Alexandria, VA 22314

703.310.6201

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