There has been a great amount written on millennials and their impact on the housing market. However, the headlines often contradict each other. Some claim this generation is becoming the largest share of first-time home buyers, while others claim millennials don’t want to own a home, blaming them for the dip in homeownership rate.
While it is true that millennials have achieved milestones like getting married, having kids, and buying homes later in life than their parents and grandparents did, they are not solely to blame for today’s housing market trends.
Freddie Mac’s Insight Report explored the impact of the Silent and Baby Boomer Generations on the housing market.
If millennials are unable to find a home to buy at a young age like their predecessors, then who is living in those homes?
The answer: Seniors born after 1931 are staying in their homes longer than previous generations, instead choosing to “age in place.”
Freddie Mac found that,
“this trend accounts for about 1.6 million houses held back from the market through 2018, representing about one year’s typical supply of new construction, or more than half of the current shortfall of 2.5 million housing units estimated in December’s Insight.
Older Americans prefer to age in place because they are satisfied with their communities, their homes, and their quality of life.”
According to the National Association of Realtors, inventory of homes for sale is currently at a 3.5-month supply, which means that nationally we are in a seller’s market. A ‘normal’ housing market requires 6-7 months inventory, a level we have not achieved since August 2012.
“The most important fundamental in today’s housing market is the lack of houses for sale. This shortage has been identified as an important barrier to young adults buying their first homes.”
If you are one of the many seniors who desires to retire in the same area you’ve always lived, you’re not alone. Will your current house fit your needs throughout retirement? If you have any questions about demand for your house, let’s get together to discuss the opportunities available today!
Need help navigating the market? Call/text us at 703-242-3975!
With today’s market conditions & extremely low inventory, it’s more important than ever for Buyers to work with well-connected agents who typically sell a lot of homes in the area you’re looking in. Why? A lot of homes are selling without ever coming on the market! We call this “ghost inventory”.
Just this past weekend, The Belt Team sold ANOTHER Vienna home before it ever hit the MLS. (Note: The Belt Team has sold almost twice as many homes in Vienna as any other Realtor or team in the past 5 years!) The Sellers have lived in their home for 23 years & are happy to get a great price on their home without the hassle of staging, prepping & showing the house over & over. And the Buyers are over the moon to find their dream home without the stress of falling in love & losing out to a higher bidder.
This is not an isolated case. In fact, we just were notified Friday about a review posted on independent review site Zillow.com and our clients Ben & Sai Apfelbaum who bought in the Pimmit Hills area of Falls Church also happened to mention how valuable it was that they were able to get into properties before they came on the market.
Here’s what they said:
“My husband and I worked with Kevin Kleifges of Keller Williams Realty’s BELT Team for almost four months as our buyer agent from the start of our search through move in to our new home. Kevin possesses great real estate agent qualities. Kevin knows the area (for us – Vienna / Tysons / Falls Church), is very professional, and has a lot of experience in the industry. In a market with limited inventory, he has a lot of connections with other agents in the area and was able to get us in early to look at new listings or even houses that had not yet been posted. Kevin always accommodated our schedule, including showing us listings in the worst inclement weather. He helped us successfully get a contract signed in a competitive market by crafting an offer that optimized the needs of all parties. He did a great job helping us to resolve the few problems we encountered with the house and the seller’s agent. (The seller’s agent did not demonstrate the same class or integrity). Everything ran smoothly from start to finish. We appreciated the ease of working with Keller Williams. They use electronic signature so we could just sign the contracts and addendums which is so convenient. We also received a friendly reminder emails from his office suggesting the actionable items we need to do at closing and before we moved in. I am really glad that we worked with him and all of the people in his office. In addition to the work of Keller Williams Realty, Kevin presented strong connections, including quality loan officer, home inspector and repair contractors (although I ended up using my own loan officer for the purchase). His inspector came with many years of experience and identified several issues that others would have missed, which saved us time, money and headache down the road. In summary, I would highly recommend working with Kevin and his team if you are looking for expertise, loyalty, and trust in your realtor.”
Bottom Line? You don’t need GHOSTBUSTERS, you need THE BELT TEAM!
Currently, The Belt Team has “ghost inventory” in Great Falls, Oakton, Vienna, Reston & Arlington. Call (703) 242-3975 to schedule an appointment & learn about our Preferred Client Inventory List (or email The Belt Team).
Sellers – If you’d like to maximize profits AND make your life easier – call (703) 242-3975 and ask for Terry Belt or Kevin Kleifges. We’ll help you construct a strategy to do so.
If you’re trying to buy a home in Northern Virginia, you’re well aware that inventory in many areas is just about as low as we’ve ever seen. And it’s been that way all year.
Some buyers & agents are walking around wringing their hands about how their buyers just can’t compete. Or how they lost out on that perfect home because it sold before they even knew it was on the market.
Instead, we like to think outside the box (just look at our car!) And so this year, we searched high & low for what we call our secret weapon – and we implemented the Showing Partner Model.
The concept is based on a study that was discussed at length in the book “Outliers” by Malcolm Gladwell. Basically, the idea is that mastery of a skill to the point of greatness (whether that’s art, athletics, public speaking, music or negotiation) comes with 10,000 hours spent practicing & developing the skill. We decided to apply that study to our business (because our buyers & sellers deserve GREAT, not just good.)
Here’s how the Showing Partner Model works.
Our Lead Buyer Specialist (Tom Reilly) and our Showing Partner (Beth Dadisman) work in tandem. Instead of the traditional model where one agent does everything (or two agents work together to “cover” for one another), our buyers have two agents each working at their specialty – and both working directly with the buyer. That way – each one is twice as good at their particular area of expertise because they hone that skill twice as often. (We do the same thing for our Sellers – with a Listing Specialist and Client Care Manager.)
STEP 1: CONSULTATION
Buyers meet with both Tom & Beth for an initial consultation (no cost, no obligation). You discuss:
What you are looking for IN DETAIL
Why you are moving
General market overview
Market analysis of your target area
STEP 2: LOOK AT HOMES
Beth specializes in knowing the market, showing houses and identifying exactly the right home for our buyers. Because that’s all she does (she does not write contracts, negotiate, etc) – she is SO much more knowledgeable than the average agent. She’s like a hawk stalking the market, swooping in for the kill. (That sounds a bit harsh and she’s really a sweet person, but she looks out for her buyers big time!) And she saves them tons of time because she doesn’t show properties that are not a good fit for the criteria they have identified. (We also have a state-of-the-art home search website that our buyers use. It’s faster and more up-to-date than others, so they see new listings first & don’t miss out!)
STEP 3: NEGOTIATION OF CONTRACT
Tom, who not only is a top-notch, experienced Realtor, also has a legal and technology background. His role is Master Negotiator. When you find that “perfect” home, he moves fast & furious to get the wheels turning. Tom also provides a second set of eyes and an objective perspective on the property you have identified – making sure you are aware of such things as potential resale challenges – so that you are well informed when making an offer.
With inventory so low, the Showing Partner Model is a HUGE advantage. Some buyers have to wait around until their agent has time to show them homes (we had one client whose previous Realtor would only show homes after 6PM!). But between Tom & Beth (and the rest of our team) – our buyers get almost 24/7 coverage. The same thing happens when it’s time to write a contract. Some buyers finish looking at the house and then have to wait for their agent to drive back to their office, draw up the contract and send them the paperwork. In our case, Beth is so skilled at knowing the market and knowing her buyers, that she often has already told Tom which home she thinks the buyers will love. And Tom has already talked to the listing agent and gotten the paperwork rolling.
Here’s how recent buyer Mike Taphorn described it: “Beth from the Belt Team helped us find the home that we were looking for. We were indecisive about whether to stay in Fairfax County or move to Prince William County, and Beth patiently showed us homes in both Gainesville and Clifton/Centreville areas until we found the home we were looking for. And Beth was the one who found, and helped us jump on this listing before it drew too much competition. Beth’s partner Tom also played a key role in negotiating the sales contract and contingencies until we reached settlement.”
One of our favorite buyer success stories from the Showing Partner Model came earlier this year when we identified what we thought would be a dream home for our buyers the Pogors. We showed the property & the buyers fell in love. But it was Friday and an open house was scheduled for Sunday. Tom not only got the contract executed & presented so well & so fast, but also convinced the Seller to respond and ratify the contract and cancel the open house (which was a HUGE relief to our buyers since it likely would have resulted in competing contracts and a higher sales price IF they even got the home.)