Dec 02, 2008
Virginia Housing Trends and Generation Y Factor
02 Dec 2008
Posted by VAR
VHDA just published a market trends about how a projected shift in Virginia’s population demographics may mold the housing market in the near future:
The major information I want to point out is a demographic shift that is estimated between now and 2020. According to the report, there will be a surge in the first time homebuyers (less than 35 years of age) and empty nesters (ages 55-75). The same report also shows a projected decline in middle age trade-up homebuyers (ages 35-55).
This could have an impact as empty nesters decide to sell thier current homes to downsize. A decline in thier home’s target purchaser can result in a slower sale and longer time on the market. On the other hand, an influx of younger first time buyers eager to take advantage of a market in their favor should help to stabilize home values and start a more normal real estate market cycle.
This report is definitely worth reading in full. What do you see that I haven’t mentioned?