Software development company TKI has unveiled its quarterly nSkope Predictive Analytics Report, which identifies more than 7.3 million homes in 364 studied Metropolitan Statistical Areas (MSAs) that are most likely to come on the market through June 2023.
Some of the key findings in the report indicated the following:
- Families with school-aged children will likely generate 22.6% of listings through June 2023. This was up from a 21.5% predicted for a 12-month span beginning in March 2022.
- Mature households (grown children and adults not yet at retirement age) are also expected to increase their market share, with projections up from 10.3% of listings to 10.8%.
- Retirees saw a slight increase in percentages as well, from 6.9% to 7.8%.
This data makes complete sense to me. One of the most powerful reasons to move REGARDLESS of interest rates is for schools for your kids. Especially when you compare the costs of private schools in Northern Virginia, vs simply moving to another public school zone that has schools you find acceptable.
In addition, mature households are likely enjoying their peak income years as well as lower costs now that college costs for children are behind them. They will be focused on moving for "their last job" so they can maximize their retirement accounts before entering formal retirement. As Boomers enter retirement and continue to age more and more of them will reach the point when they can no longer live in their current homes. They will either move into assisted care, retirement homes, or move in with other family members.
If you are thinking about your future housing needs, the time to plan is now. Don't let life force you into a bad decision. To schedule a personal market consultation, click the link below.