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.

Meet Kristina Stepanova!

The Belt Team Washington DC Agent

Kristina is licensed in both VA and Washington DC (where she lives). And she speaks Russian & English fluently. Better yet, she’s one of the sweetest, smartest, hardest working people we know. Her passion for life is contagious. And you should see what her clients say about her! She’s a marvelous advocate.

Kristina has six years of real estate experience in addition to seven years of specialty experience with a marketing communications firm specializing in high-end real estate sales and continuing care retirement communities. She has managed as many as 85 transactions in a single year with only happy clients. All the stats aside, Kristina is passionate about real estate and finding the best possible opportunity for the people she works with. Every transaction has its nuances, and there is no one-size-fits-all approach to what is likely your largest investment and more importantly, your home.

” While I enjoy serving all my clients, I have a special heart for helping our precious seniors that was developed during many years of serving with Meals on Wheels and a professional expertise honed through helping so many downsize and/or transition with elder care services and retirement communities.”

Kristina believes in quality over quantity. And integrity over everything. And she looks forward to helping make YOUR real estate dreams come true!

(When not working with clients, Kristina enjoys spending time with her fiance Nathan and her adorable cocker spaniel “Chunks”, as well as volunteering at “Oldies But Goodies” cocker spaniel rescue.)

Northern Virginia – Retirement Paradise?!

Is Northern Virginia “Retirement Paradise”?

Just a few years ago, the original “baby boomers” hit what we used to call “retirement age” – the age of 65. People don’t necessarily retire at age 65 any more. But as Boomers age, they often start thinking about lifestyle changes. And one of those decisions involves finding the best place to retire.

Based on our experience of working with seniors and soon-to-be-seniors (you are eligible to join AARP at age 50!), we’d like to offer up that Northern Virginia is the PERFECT retirement paradise.

Best Places To retire
Photo Credit: Keeping Current Matters

 

Here are a few reasons why we think so:

Cultural Life

Retirees often consider university towns because of the wonderful opportunities to experience cultural life at a lower cost than in big cities. Here in Northern Virginia, we have multiple universities that offer all kinds of events – theater, classes, sporting events, talks. With George Mason University, Marymount University & Northern VA Community College right here in Northern VA; and with American University, Georgetown University & Catholic University just minutes over the bridge into DC – there is a plethora of cultural opportunities. Add to that awesome places like the McLean Community Center’s Alden Theater, Vienna Community Center’s Vienna Theatre Company, Wolf Trap National Park for the Performing Arts, tons of FREE museums in DC. And the list goes on and on!

Outdoor Recreation

Northern Virginia is a mecca for those who want to stay young in their retirement. You will find many golf courses, fantastic hiking, great parks in Fairfax County, nature walks, places to fish & boat, jog trails like the W&OD and more.

Health Care

Living in Northern VA means you have access to world-class health facilities like National Institutes of Health, Georgetown Hospital, Inova and more. The top specialists are plentiful and easily accessible. Even more interesting is Inova’s recent 99 year lease of the facility being vacated by Exxon Mobil. They will be creating a new facility that specializes in research & treatment of complex diseases through personalized medicine. This means doctors will be able to personalize treatment to individual patients’ genetic makeup. We believe this will make Northern VA an even more attractive place for seniors to live as the new facility will likely draw in some of the premieer doctors in the world.

Transportation

If you are a young retiree, locked & loaded & ready to travel – you can’t beat Northern Virginia. We have 3 airports within 30-60 minutes of one another (Dulles, Reagan & BWI) – two of which are international airports. You can fly in & out to your heart’s content. The world is your oyster.

If you’re an aging retiree, the convenient transportation is a plus for your family. It used to be that our families stayed close by. But in today’s global society, it’s not unusual for families to be spread around the globe. If this sounds like your family, living in Northern VA might mean you see them more often, because it’s so easy to get in and out. In addition to the 3 airports, we’ve got great train service and a fabulous public transportation system. Once you hit the age where you prefer not to drive, this is an added bonus!

Keeping Your Youth

I remember when my in-laws retired to Florida. One of the biggest concerns my mother-in-law had was “I don’t want to live around a bunch of old people. That will just make me feel old.” If that’s how you feel, then Northern VA is an ideal place. With a heavy millennial population in the area (per Forbes Magazine, Arlington is in the Top 3 Cities Attracting Millenials) – you will definitely keep your youth!

Cost

This may be the one area where Northern VA is not ideal. Home prices here are high compared to some retirement areas. But here’s the thing. If you already live in Northern VA and are trying to figure out where to retire – you just might want to add Northern VA to the list. Why would we say that if the prices are so high in comparison? Well, The Belt Team has been selling real estate for almost 50 years. In those years we have helped many, many retirees sell their homes so they can move out of the area.

And we have helped many of those same folks a few years later when they moved back.

The grass is not always greener. And although it may cost a bit less elsewhere, it’s hard to replace things like the network of friends you may have built up over the years, the familiarity with stores & back roads, the relationships with doctors, and the communities you may have developed within your church. The money saved by living elsewhere often pales in comparison to losing these other treasures.

So what do you do?

Our past clients have found that downsizing is a great retirement compromise. And that actually it turns out it’s not a compromise in the end, but truly an ideal solution. In addition, there are a number of 55+ Communities in the Northern VA area. Many of our clients have embraced the amenities & activities this easy lifestyle offers – especially in their younger years. One of them told me “I had no idea it would be so fun!”.

If you are thinking about retiring in Northern VA – whether moving here or downsizing here, give The Belt Team a call at (703) 242-3975. We are VERY experienced with the special needs & concerns seniors and soon-to-be-seniors have. And we even have 2 members of our team who are seniors who have downsized!  It would be our pleasure to help you make the RIGHT move.

Downsizing Your Home Northern VA Real Estate

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