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:
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 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.
400 South Washington Street
Alexandria, VA 22314