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Boomers
You have your baby boomers who want to downsize. As a result, age-restricted neighborhoods, as well as homes in the Fan, are selling briskly to empty nesters. Realtor John Martin of Shaheen, Martin & Fonville sees many people who lived in the suburbs interested in moving to the Fan or Libbie and Grove once the kids are grown, and they’re driving up prices.
Millennials
Millennials are becoming a larger part of the market: 34 percent of all sales last year were to millennials, says Jim Napier, owner of Napier ERA. While some millennials face large student loan debt, Federal Housing Administration financing is appealing to them because debt-to-income ratios are higher. And in late April, mortgage investor Fannie Mae, which works with more than 2,000 lenders, made some significant rule changes that could put more first-time millennial homebuyers into the market.
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Weather
Napier notes that the mild winter may have prompted some people to start their housing search earlier than the typically popular month of March. So, the summer may be a bit slower as a result.
Work-Play
“Mixed-use projects where you can work and play are very strong,” says Ed Knight, president of the appraisal firm Knight, Dorin & Rountrey, pointing out GreenGate in Short Pump. He predicts that West Creek could see more residential development, too.
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Relocation
Relocation for work has picked up, particularly with commercial real estate analytics firm CoStar’s move downtown and others such as International City Management Association Retirement Corp.
