Category Archives: Uncategorized

Will a Silver Tsunami Change the 2024 Housing Market?

access_time

Have you ever heard the term “Silver Tsunami” and wondered what it’s all about? If so, that might be because there’s been lot of talk about it online recently. Let’s dive into what it is and why it won’t drastically impact the housing market.

What Does Silver Tsunami Mean?

A recent article from HousingWire calls it:

“. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .”

The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more.

The concept makes sense in theory, but will it happen? And if so, when?

Why It Won’t Have a Huge Impact on the Housing Market in 2024

Experts say, so far, a silver tsunami hasn’t happened – and it probably won’t anytime soon. According to that same article from HousingWire:

“. . . the silver tsunami’s transformative potential for the U.S. housing market has not yet materialized in any meaningful way, and few expect it to anytime soon.”

Here’s just one reason why. Many baby boomers don’t want to move. Data from the AARP shows over half of the surveyed adults ages 65 and up plan to stay put and age in place in their current home rather than move (see chart below):

Clearly, not every baby boomer is planning to sell or move – and even those who do won’t do it all at once. Instead, it will be more gradual, happening slowly over time. As Mark Fleming, Chief Economist at First American, says:

“Demographics are never a tsunami. The baby boomer generation is almost two decades of births. That means they’re going to take about two decades to work their way through.”

Bottom Line

If you’re worried about a Silver Tsunami shaking up the housing market, don’t be. Any impact from baby boomers moving will be gradual over many years. Fleming sums it up best:

“Demographic trends, they don’t tsunami. They trickle.”

6201 Tilden Park Drive, Raleigh NC 27612

access_time

Striking 4BR, 2.5BA Home in Raleigh Midtown – Elegance, Comfort & Outdoor Bliss!

6201 Tilden Park Drive
Striking 4 BR 2.5 Bath Residence

This property is a perfect blend of comfort, style, and convenience, making it an ideal choice for discerning homeowners.

Spacious and Modern Living! Step into luxury with this stunning 4-bedroom, 2.5-bath home, nestled in the heart of Midtown. This property is a perfect blend of comfort, style, and convenience, making it an ideal choice for discerning homeowners.

Desirable Midtown Location: Situated in an exclusive one-street subdivision with no HOA, offering the perfect balance of privacy and accessibility.

Sophisticated Design: Boasting brick front exterior, a large deck for outdoor enjoyment, and a beautifully landscaped, treed lot within a fenced yard.

Luxurious Interiors: Features dazzling hardwoods on the main level, detailed crown molding, and chair railing, enhancing the home’s elegance.

6201 Tilden Park

Picture-Perfect Kitchen: Equipped with granite countertops, stainless appliances, white cabinetry, a movable island, a gas range, and roomy breakfast room. Almost new Bosch refrigerator and dishwasher.

Comfortable Living Spaces: A spacious family room with a gas log fireplace, formal dining room, and a roomy breakfast room offer ample space for relaxation and entertaining.

Spacious Bedrooms: All bedrooms come with large closets, outfitted with wood shelving and cubbies for optimal organization.

Recent Upgrades: Main level HVAC (Lennox, installed on April 28, 2021) with a warranty valid through April 28, 2031, and a hot water heater (February 11, 2023).

Additional Amenities:  Refrigerator, washer, and dryer are included in the sale.

Exclusive Community: One-street subdivision with no HOA, offering privacy and a sense of community.

This home is a haven of sophistication and comfort, offering a unique opportunity to live in one of Midtown’s most coveted locations. Experience the perfect blend of luxury and practicality in this magnificent home!

Open House on Saturday January 20th from 10am to 4pm. Come by and View this Beautiful Property.

News About Joann Samelko

access_time

Expanded NC Territory

Happy to Announce that I have recently joined the Cape Fear Realtors Association and the North Carolina Regional Multiple Listing Service (NCRMLS). The NCRMLS covers 41 counties.

_________________

I have been working with buyers and sellers in the Triangle area of NC since 2002 and plan to continue in The Triangle as a member of the Raleigh Regional Association of Realtors and the Triangle MLS. The Triangle MLS covers 16 counties.

_________________

What this announcement means is that I and have decided to extend my territory and business to the South and East of the Triangle.

_________________

When we first moved to North Carolina we lived in Southern Pines in Moore County and I continue to have a love for that area of North Carolina. I still enjoy spending time there and would love to represent sellers and buyers in the Sandhills. My friends and neighbors from Moore County can count on me to help them with their real estate needs.

_________________

For other friends and clients that have talked about having a second home, investment property or retiring at the beach I can now help you find that special place at the beach.

_________________

Want to learn more _ give me a call 919-616-2555

Pre-Approval Makes All the Difference When Buying a Home

access_time

You may have been told that it’s important to get pre-approved at the beginning of the homebuying process, but what does that really mean, and why is it so important? Especially in today’s market, with rising home prices and high buyer competition, it’s crucial to have a clear understanding of your budget so you stand out to sellers as a serious homebuyer.

Being intentional and competitive are musts when buying a home right now. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market.

With limited housing inventory, there are many more buyers active in the market than there are sellers, and that’s creating some serious competition. According to the National Association of Realtors (NAR), homes are receiving an average of 5.1 offers for sellers to consider. As a result, bidding wars are more and more common. Pre-approval gives you an advantage if you get into a multiple-offer scenario, and these days, it’s likely you will. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war.

Freddie Mac explains:

By having a pre-approval letter from your lender, you’re telling the seller that you’re a serious buyer, and you’ve been pre-approved for a mortgage by your lender for a specific dollar amount. In a true bidding war, your offer will likely get dropped if you don’t already have one.

Every step you can take to gain an advantage as a buyer is crucial when today’s market is constantly changing. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals such as a loan officer and a trusted real estate agent making sure you take the right steps and can show your qualifications as a buyer when you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing a home.