Seniors Are on the Move in the Real Estate Market

Seniors Are on the Move in the Real Estate Market | MyKCM

Did you know August 21st is National Senior Citizens Day? According to the United States Census, we honor senior citizens today because,

 “Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.

To give proper recognition, we’re going to look at some senior-related data in the housing industry.

According to the Population Reference Bureau,

The number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060, and the 65-and-older age group’s share of the total population will rise from 16 percent to 23 percent.”

Seniors Believe in Homeownership

Seniors Are on the Move in the Real Estate Market | MyKCM
Seniors Are on the Move in the Real Estate Market | MyKCM

In a recent reportFreddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the Previous Generations (born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.This, however, does not mean all seniors are staying in place. Some are actively buying and selling homes. In the 2019 Home Buyers and Sellers Generational Trends Report, the National Association of Realtors® (NAR) showed the percentage of seniors buying and selling:

Here are some highlights from NAR’s report:

  • Buyers ages 54 to 63 had higher median household incomes and were more likely to be married couples.
  • 12% of buyers ages 54 to 63 are first-time homebuyers, 5% (64 to 72), and 4% (73 to 93).
  • Buyers ages 54 to 63 purchased because of an interest in being closer to friends and families, job relocation, and the desire to own a home of their own.
  • Sellers 54 years and older often downsized and purchased a smaller, less expensive home than the one they sold.
  • Sellers ages 64 to 72 lived in their homes for 21 years or more.

Bottom Line

According to NAR’s report, 58% of buyers ages 64 to 72 said they need help from an agent to find the right home. The transition from a current home to a new one is significant to undertake, especially for anyone who has lived in the same house for many years.

If you’re a senior thinking about the process, let’s get together to help you make the move as smoothly as possible. Call or text The Belt Team at 703-242-3975 or email info@thebeltteam.com.

American Confidence in Housing at an All-Time High

American Confidence in Housing at an All-Time High | MyKCM

Fannie Mae just released the July edition of their Home Purchase Sentiment Index (HPSI). The HPSI takes information regarding consumers’ confidence in the real estate market from Fannie Mae’s National Housing Survey and condenses it into a single number. Therefore, the HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions.

Great News! The index reached its highest level since Fannie Mae began their survey. Breaking it down, the report revealed:

  • The share of Americans who say it is a good time to buy a home increased from the same time last year.
  • The share of those who say it is a good time to sell a home increased from the same time last year.
  • The share of Americans who say they are not concerned about losing their job over the next 12 months increased dramatically (16 percentage points) from the same time last year.
  • The share of Americans who say mortgage rates will go down over the next 12 months increased dramatically (24 percentage points) from the same time last year.

The day after the index was released, Freddie Mac also announced the 30-year fixed-rate mortgage rate fell to its lowest level in three years.

Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae explained the uptick in the index:

“Consumer job confidence and favorable mortgage rate expectations lifted the HPSI to a new survey high in July, despite ongoing housing supply and affordability challenges. Consumers appear to have shaken off a winter slump in sentiment amid strong income gains. Therefore, sentiment is positioned to take advantage of any supply that comes to market, particularly in the affordable category.”

Bottom Line

Consumers are feeling good about the real estate market. Since Americans are not worried about their jobs, see mortgage rates near an all-time low, and believe it is a good time to buy, the housing market will remain strong for the rest of the year.

So now’s a great time to give us a call/end us an email to help you buy or sell! 703-242-3975 / info@thebeltteam.com

ANNOUNCING The Belt Team’s 1st Annual Dog Days of Summer Photo Contest!

The Belt Team loves our dogs and we know many of you do too! So we want to see your photos in honor of our furry friends & the end of summer!

Click the link below to see more contest details (rumor has it 1st prize is a YETI dog bowl!) and to enter a photo that best shows your dog’s personality.

https://thebeltteam.com/photo_contest_

And yes, the adorable pups above are members of our Belt Team family. 🥰

And as always…if you, or anyone you know, need any real estate assistance, email us at info@thebeltteam.com or call/text 703-242-3975!  We would love to help.  (And not just in the Northern Virginia area.  We know fantastic agents all over the country and would be happy to make introductions!)

*Entry deadline: 5pm, August 21, 2019. One entry per household. Winners chosen by The Belt Team and announced August 28, 2019.

Thinking of Buying or Selling: Three Things You Need to Know From the Experts

Mid-Year Housing Market Update: Three Things to Know Today | MyKCM

Shifting trends and industry-leading research are pointing toward some valuable projections about the status of the housing market for the rest of the year.

If you’re thinking of buying or selling, or if you just want to know what experts are saying is on the horizon, here are the top three things to put on your radar as we head into the coming months:

  1. Home prices are appreciating at a more normal rate: Home prices have been appreciating for about ten years now. Experts at the Home Price Expectation Survey, Mortgage Bankers Association, Freddie Mac, and Fannie Mae are forecasting continued growth throughout the next year, although it should be leveling-off to normal appreciation (3.6%), as we move into 2020.
  2. Interest rates are low: Over the past 30 years, the average mortgage rate in the United States has been 8.27%, and rates even peaked as high as 18% in the 1980s. Today, at 3.81%, the rate is considerably lower than the historical 30-year average. Although experts predict it may climb into the low 4% range in the near future, that’s still remarkably lower than our running average, suggesting a great time to get more for your money over the life of your loan.
  3. An impending recession does not mean there will be a housing crash: Although expert research studies such as those found in the Duke Survey of American CFOs and the National Association of Business Economics, are pointing toward a recession beginning within the next 18 months, a potential recession isn’t expected to be driven by the housing industry. That means we likely won’t experience a devastating housing crash like the country felt in 2008. Expert financial analyst Morgan Housel tweeted:

“An interesting thing is the widespread assumption that the next recession will be as bad as 2008. Natural to think that way, but, statistically, highly unlikely. Could be over before you realized it began.”

Mid-Year Housing Market Update: Three Things to Know Today | MyKCM

In fact, during 3 of the 5 last U.S. recessions, housing prices actually appreciated:

Bottom Line

With prices appreciating and low interest rates available, it’s a perfect time to buy or sell a home. Let’s get together to discuss how you can take the next step in the exciting journey of homeownership!

Call or Text The Belt Team at 703-242-3975! Our mission is “Changing Lives For The Better – One Family At A Time!” And we LOVE creating Real Estate Success Stories for our clients.  

10031 Garrett Street Vienna,VA 22181- Sought after Glencannon – Just Listed by The Belt Team

10031 Garrett Street Vienna,VA 22181 Just Listed by The Belt Team

4017 oxford st (5)

Welcome home to this charming split level tucked away on a spacious lot in Vienna! Located in sought after Glencannon in the Madison Pyramid, featuring 5 bedrooms /2.5 baths. The location is unbeatable and close to the Vienna Metro. Exceptional details include a nearly 1/2 acre flat lot, refinished hardwood floors, updated kitchen cabinets and appliances, granite countertops, renovated bathrooms, and enclosed porch off main level & patio. It’s move in ready!

Price, lots more photos & additional info for 10031 Garrett Street Vienna,VA 22181

Call Tom Hanton & The Belt Team at (703) 242-3975!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Vienna this year. The Belt Team is Vienna’s #1 Real Estate Team. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average! Special info for Vienna Home Sellers.)

10 Things I Wish I Knew When I Was New in Real Estate

Are you thinking of getting into real estate?

Are you a newly licensed Realtor?

Maybe you’re not new and still finding your way?

You’re invited to join our CEO Terry Belt for a round table gathering where he’ll share the ten things he wishes he had been told when he was a new real estate agent. (Bring your lunch. It’s casual!) Terry is a seasoned real estate veteran who is recognized nationally. More importantly, he’s a down-to-earth, good guy, passionate about leading others to success.

“10 Things I Wish I Knew When I Was New”

January 24th, 12-1pm

“Your life does not get better by CHANCE, it gets better by CHANGE” Jim Rohn

#thebeltteam#changinglivesforthebetter

Belt Team Annual Client Appreciation Event! Walk of Lights 2018

wol evite

We are grateful to have been invited into so many clients’ lives over the years. To end another successful year, and to toast our future together, we invite YOU (our past & current clients) to bring your family and join us for mingling, raffles, dessert, coffee & hot chocolate in The Atrium at Meadowlark Gardens.

All past & current clients will also receive free entry that night to Meadowlark Gardens’ Winter Walk of Lights courtesy of Manuel Sanchez (our favorite handyman!), Gary Clark (Gary Clark Incorporated/Former Player for the Washington Redskins!) and John Francis (NV Roofing) (Tickets are normally $8-$16 each.) Don’t miss this! Take a peek!

We’re looking forward to seeing you. Come say hello to the entire Belt Team – Terry Belt, Gail Belt, Kevin Kleifges, Beth Dadisman, Tom Hanton, Kelley Johnson, Jerry Belt, Patty Schuebel, & Pauline Medrano!

Fun Facts About The Winter Walk of Lights

  • This is the 7th year for the Walk of Lights.
  • It takes 3 MONTHS to install the lights & displays!
  • You can ask for a Scavenger Hunt form at the front desk.
  • The huge tree at the end of the walk has 50,000 LED lights.

SPONSORS:

The Belt Team chooses our partners VERY carefully. Serving our clients well is our number one priority. We are happy to share our sponsors with you and highly recommend their services. Manuel Sanchez, our “go-to” guy for handyman repairs and home improvements,  Gary Clark, NFL Legend and a 2x Super Bowl Champion of the Washington Redskins and the founder and driving force behind Gary Clark Incorporated, and John Francis & NV Roofing can help you out with all your roofing needs!

sanchez

Manuel Sanchez, Owner, Sanchez General Contractor Inc


Gary Clark

Gary Clark, Founder, Gary Clark Incorporated


NVR LOGO

John Francis, CEO, NV Roofing 

 

11303 Sundial Ct. Reston, VA 20194 – Sought after Baldwin Grove!

11303 Sundial Ct. Reston, VA 20194 was JUST listed by The Belt Team!

Copy of 4017 Oxford St (1)

Price and LOTS more photos of 11303 Sundial Ct. Reston, VA 20194

Call Gail Belt & The Belt Team at (703) 242-3975 to schedule a showing!

Welcome home to this newly renovated 2BR/2BATH condo located in a fantastic Reston location…close to Reston Town Center, Silver Line Metro & much more! 9 ft ceilings, open floor plan, terrific kitchen with updated stainless steel appliances, granite countertops & breakfast bar, separate dining area, living room with gas log fireplace & floor-to-ceiling windows, master suite with walk-in closet, crown molding, private courtyard patio & an assigned parking spot. Enjoy the community amenities & all that Reston has to offer! Note: Both FHA & VA approved.

 

 

 

 

 

 

 

 

 

4017 Oxford St. Annandale, VA 22003- Listed by The Belt Team

4017 Oxford St

4017 Oxford Street, Annandale, VA 22003 Just Listed by The Belt Team

Welcome home to this lovely cottage in the sought after Englandboro neighborhood just outside of DC on a .9 acre lot! This exquisite property is truly one of a kind featuring 4 bedrooms /3.5 baths & full guest house featuring living room, kitchen, 1 bedroom/ 1 bath! Exceptional details include shining hardwood floors, granite countertops, updated kitchen, recessed lighting, immaculate screened in porch, large deck, and so much more! The outdoor space & floor plan are an entertainers dream come true. The large deck & gorgeous landscaping are ready for you to host your house warming!

Price, lots more photos & additional info 4017 Oxford Street, Annandale, VA 22003

Call Tom Hanton & The Belt Team at (703) 242-3975!

Call The Belt Team at (703) 242-3975 for more info!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

205 Patterson St. Falls Church,VA 22046- Listed by The Belt Team

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205 Patterson Street, Falls Church, VA 22046 Just Listed by The Belt Team

Stunning new home by Sarantis Properties in the center of Falls Church. No detail was spared in this exquisite property with 3 finished levels,5 bedrooms/4 full & 2 half baths. Exceptional details  include mahogany front door, shining hardwood floors, decorative moldings, coffered & tray ceilings, custom tile work, custom granite, quartz, & marble finishes throughout, striking gourmet eat-in kitchen with large center island, Viking professional gas range, wall oven, microwave, dishwasher, & refrigerator/freezer, white porcelain farm sink, walk-in pantry with custom sliding barn door, separate dining room, gas assisted wood burning fireplace with custom quartz inlays, a main level den/ study, mud room with built-in cabinetry, and an incredible owner’s suite with 2 custom walk-in closets & spa-like bath. The versatile finished lower level has a spacious rec room, a gorgeous wet bar, a game/billiard room, a bedroom suite and exercise room. There is also a detached Coachman Collection 2-garage with Liftmaster openers.

Price, lots more photos & additional info 205 Patterson Street, Falls Church, VA 22046

Call Terry Belt & The Belt Team at (703) 242-3975!

Call The Belt Team at (703) 242-3975 for more info!