The Millenial Generation, as they are called in the industry, is showing different preferences as far as local real estate and housing go. According to Realtor Magazine, "some analysts say that Baby Boomers may be growing concerned that they will have a tough time selling their suburban, larger homes due to the Millennials’ differing tastes."

They have been a key to success in the recovery of the housing industry— with buyer demand growing, buyer and seller confidence at all-time highs, and mortgage demand on the uptick, all despite national housing price and mortgage rate increases. While it may not be true of their older counterparts in real estate, a new survey by the Urban Land Institute’s Terwilliger Center for Housing has found that the Millenial Generation tends to look for the following features on their search to purchase Eastern Panhandle real estate:

"About 60 percent of the millennial genreation say they prefer a mix of housing choices and prefer to be near shops, restaurants, offices, and transit. Seventy-five percent of Millennials say they value walkability. Of the 63 percent of Millennials who say they plan to move within the next five years, about 40 percent say they expect to move to multifamily housing."

This generation has very different tastes from previous generations, as well as different financial concerns. Student loan debt has been noted as one of the biggest obstacles of the Millenials with more than half of them believing their debt to be "overwhelming" and the one item holding them back from pushing forward on their greatest investment yet— purchasing a West Virginia home and becoming homeowners.

What are you seeing in your area? Do you find that your financial obstacles, housing preferences, and home wish lists are quite different than that of your parents? The Kable Team would love to discuss how we can help you achieve your real estate goals and put you on the path to homeownership.

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According to KCM, "the largest demographic tsunami in the history of our nation is scheduled to arrive in the next 2+ decades." So who are these future homeowners? The group of individuals who turn 65 every day— the senior citizen category. The industry term is actually titled the "Silver Tsunami" as more of the 65+ crowd move into local real estate markets looking to purchase a new home that fits their changing needs.

The statistic shows that 10,000 people turn 65 in the United States daily. "Today there are 34+ million Seniors aged 65 and over and by the year 2030, over 70 million will live in the U.S.," KCM reported. "The leading edge of the Baby Boomer generation, or those born between 1946 and 1964, will gently wake us all up and make us aware of their life needs. At peak numbers, this demographic will reshape the economy of the United States."

The coming real estate wave can be compared to the rise of short sales in markets across the country. Those prepared to focus on them prospered— such is the case for those preparing to deal with the heightened buyer demand of senior citizens. 

Now with the industry improving and the homes for sale in Jefferson County and Berkeley County pointed in a positive direction, real estate agents are becoming increasingly comfortable in their abilities to help this demographic with all of their real estate and life needs. Looking for an agent to fulfill your goal in becoming an Eastern Panhandle homeowner or selling your current property? Let the Kable Team take care of you! 

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You most likely have created a space that caters to your personal tastes and decorated your Jefferson County or Berkeley County home accordingly. However, to please the general category of homebuyers that may walk through your property, you might want to consider making the following adjustments to better stage for the sell.

A Splash of Color
Thinking of painting? Apply a neutral color as these tones are most pleasing to a wide variety of homebuyers. You can still have fun with color in your home but consider splashing your bold colors on an accent wall, not over the entire space. Color has proven the most important factor buyers notice when entering a home and neutral tones make it easiest for them to visualize their own belongings inside.

Set the Stage
Impressing buyers can also come from staging your Eastern Panhandle home. Did you know, according to a survey conducted by The International Association of Home Staging Professionals, homes that are professionally staged spend 83 percent less time on the market? The first step begins with de-cluttering and finding a home for every paper, knick-knack, and appliance that may be sitting around. 

Next, remove all of your personal and information from sight, including any oversized decor or furniture that might give the homebuyers a reason to move on to another property. While you're on this step, think of improving your space's function and flow by rearranging the furniture.

Light the Way
Lighting is an important factor when showing your home. Simple light fixtures to warm up a dull, open space can spark buyer interest as well as arranging furniture to play to any natural light in the space, especially during the summer months.

Ready to sell? With these tips you'll be ready to set the stage for a successful summer season on the real estate market and let the Kable Team take care of the sale.

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Now that bidding wars are more common, you may find yourself sifting through the offers for those that seem to have the most sparkle or rather, those with the highest number. But what home sellers really need to consider are the actual homebuyer's abilities, including loan vs. cash. 

The Cash Only Offer
What the Eastern Panhandle seller needs to pay attention to is how strong the buyer's finances are and their ability to close on the deal. If the homebuyer offers cash, be aware that may mean a failure to obtain financing. In some cases, it does mean the buyer may not have qualified for a mortgage or an appraisal fell short of the purchase price. The lender is eliminated in the cash deal, but it does not mean it's a guarantee the home will close with no problems and may in fact, be a buyer looking for a discount on the property.

The FHA Loan
Many West Virginia home sellers have a stigma associated with FHA or VA loans. These come from the Federal Housing Administration and the Department of Veterans Affairs and both require the seller to pay for certain repairs. But the loans do not deserve the stigma, according to experts. The fact being that most states require sellers to disclose and, in some cases, repair defects of their home regardless of the buyer's financing choice. Many sellers fail to look at FHA or VA offers simply because they do not know the facts.

The Pre-Qualification Letter
These letters are written by lenders to state that the homebuyer is able to obtain financing, yet not all pre-qualification letters are the same. Sellers should do their background research to ensure both the lender's and the letter's credentials are valid. To do so, a seller can always call the lender to chat about the buyer's strengths and their true level of qualification— on a scale of poorly qualified to well qualified.

When selling your Jefferson County or Berkeley County home, be wary of all offers and be certain that you know the facts when it comes to each offer and how it will affect your home sale. For instance, cash offers aren't always best and FHA loans do not deserve the stigma they've acquired. Either way, the Eastern Panhandle home seller has the upper hand in the sale and should weigh each offer accordingly to ensure they are taking the best deal.

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This infographic by the crew at KCM shows just how much money an increase in home prices can ultimately cost you in just one year. For instance, with a listing price on your future Eastern Panhandle home of $100,000, the price will increase by $5,000 in twelve months at the rate experts are expecting. An increase in home prices is a great sign of the real estate recovery, but at the same time illustrates why you will not want to delay your home purchase this season. 

Our next factor involves refinancing. If you were thinking of refinancing your West Virginia home this season, now is the time to act. According to Yahoo, the government may soon stop backing and influencing mortgage and homebuyer programs which will in turn cause rates to rise.

"At some point the government is going to be peeling back its money-pumping programs, and that's just going to cause rates to climb," said Paul Needels, senior vice president of lending products division at Informa Research Services, a leading financial industry information provider.

Also on the books are new escrow account rules that could affect potential homebuyers and current homeowners with low credit scores. Having a low score may classify you as a high-risk borrower and only allow you to qualify for a type of loan with higher-than-average interest rates. New escrow rules affecting this type of loan, called sub-prime loans, will force borrowers to put five years of property tax and homeowner's insurance costs into an escrow account with their lender.

Increases in both home prices and interest rates are just two factors that should motivate you to act on your real estate decisions before summer rolls around. As these two are projected to continue rising as we move forward into 2013, there are no better indicators that timing is everything. So don't delay— now is the time to act on your Eastern Panhandle properties.

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