Millennials In The Lead for Home Purchases, More Than Half Of All Home Purchase Applications


According to the CoreLogic Loan Application Database[1], prior to 2020, while millennial home purchase applications comprised less than half of all purchase applications, their share grew from 33% in 2014 to 47% in 2019, rising about 2 to 4 percentage points per year. This annual increase is consistent with the cohort of millennials reaching 33 years of age, the peak homebuying age.

But in 2020, the share of millennials in the homebuying market soared 7 percentage points in 2020, reaching 54% of all purchase applications (Figure 1). And while half of the increase is consistent with the natural growth rate seen since 2014, the additional half of the 2020 jump was likely driven by the pandemic. In other words, the increase was accelerated by record low mortgage interest rate and flexibility to work remotely.

Figure 2 shows U.S. population distribution by age, highlighting the largest demographic cohort reaching the peak age of FTHB on the left axis. The right axis of the chart, displayed by the green line, represents first-time home-purchase loan applications per 1,000 persons in 2020.

Younger millennials below 30 have yet to enter homeownership, so demand from millennials is likely to remain strong over the coming years. At the same time, more older millennials are likely to transition to repeat homebuyers. The share of millennial repeat buyer home-purchase applications was already 35% in 2020, just 4 percentage points lower than Gen X’ share.


Real Estate Core Values Are Celebrated In April | Fair Housing

This year, we celebrate the 53rd anniversary of the Fair Housing Act. This landmark law was signed into law on April 11, 1968, by President Lyndon B. Johnson.

The Fair Housing Act prohibits housing discrimination because of race, color, religion, national origin, sex, disability, and family status. The Act furthers the beliefs advocated by Dr. Martin Luther King Jr. and the other heroes of the Civil Rights Movement. For more information about your fair housing rights.


Neighborhood Expert Or Expert in Residential Real Estate

I understand that some neighborhoods are unique, thus the value of an expert would apply. But doesn’t it make sense to want an expert in the successful execution of real estate sales not just an expert in one neighborhood.

Here are a few things to consider:

  • One of the most valued characteristics of an agent should be the ability to interpret the market and to be able to position their sellers in the most favorable position to sell each home or property for the most amount of money given market trends.

  • An agent who understands the larger market can speak to why their seller’s neighborhood might be a better fit for buyers over other areas.

  • Marketing consists of location, condition, a property’s pricing and how all three are presented to the public.

  • Buyers are not thinking “Is the listing agent a neighborhood expert?” They are scrolling through myriad listings and know when a listing is in line with area comps. When they find one, they take a look at the photographs to make a decision whether to actually look at the property.

Crazy Market Or Not, The Same Fundamentals Of Selling Real Estate Apply

The sale of S506 serves as another testament that selling with a plan in place is the best way too close for the most money within the specific markets current days on market.

It took just over a month from my first meeting with the owner, to customize a plan detailing how to make the unit market ready, complete the pre-listing items identified, list the property on the MLS, hold an Open House and ratify an offer. Success takes a team effort and effective, constant communications. My clients did an awesome job. Congratulations!

Days On Market: 5, average for the building 28



The Need For More Inventory Has Never Been More Apparent

Based on compiled data from more than six million property showings scheduled across the country, Home Buyer Demand jumps 98.4% in the West as traffic grows again nationwide.

  • March 24, 2021 – Dwindling inventory was again met with an outpouring of buyer demand throughout the country in February as an unprecedented 75 markets reported double-digit growth, according to the ShowingTime Showing Index®
  • Nationwide, buyer traffic jumped 49.5 percent, continuing a trend of national year-over-year growth in buyer demand that began in May 2020.
  • “In March and April, year-over-year comparisons will be less meaningful as the onset of COVID-19 in 2020 drove showing traffic down in those two months, but on a month-to-month basis we’re still likely to see further seasonal increases in demand, taking us further into this unprecedented direction. We expect that this will correlate with continued broad increases in prices.”


SOLD | Serving the DMV | Inside the Beltway

8101 CONNECTICUT AVE, Chevy Chase MD 20815 | #LaurelsListing

One of the better,  if not the best value, inside the Beltway. 8101 Connecticut Ave Condo real estate sales were relatively slow compared to other years. Owners no doubt, like a lot of other sellers, took a wait-and-see approach. How long could the disruption caused by Covid really be? However, for owners that decided to forge ahead and sell their properties, it proved lucrative. So far in 2021, average days on market is 2, down from 7 in 2020. Grossing 104.14% of the list price, up from 98.32% in 2020. 

Great way to start the new year. 
I am currently having conversations with owners who no longer can or want to wait it out. 
Looks and feels like there will be more inventory at 8101 this year. 
What is for sale right now? Please call, text or email me for more information.


Have You Ever Seen a Housing Market Like This?

Have You Ever Seen a Housing Market Like This? | MyKCM

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.

Housing Market Recovery

The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.

The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling – fast.

Have You Ever Seen a Housing Market Like This? | MyKCM

According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):

Record-Breaking Mortgage Rates

Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.

When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.

Continued Home Price Appreciation

One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.

This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets at Quicken Loansnotes:

“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.” 

Increasing Affordability

Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.

According to Mortgage News Daily:

“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.

Bottom Line

With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.


DC Metro Area Real Estate Trends | 2020 Summer

Have you noticed that as soon as a property goes on the market, it seems that within days they’re under contract? All indicators point to a strong summer real estate market.

  • New pending sales up 25.5% ( Zillow June Report)
  • New listings taken up 19.3% month -over -month ( Zillow June Report)
  • Demand for housing is out pacing supply = competitive market for buyers, excellent time to be a seller ( DC Metro area months supply is 1.4)
  • Our area is above average when it comes to exposure to low risk jobs by market. Meaning, there are more DC metro area residents who remain working in sectors including federal, state and local government, information technology, military and utilities.


#LMRE Most Current Under Contract or Sold Properties

Under Contract in 6 days
3601 38th Street NW #202
Washington, DC 20016
Under Contract in 2 days
Closed in 21 days

13305 Burnt Woods Place
Germantown, MD 20874
Didn’t make it one day on the market.
Shown once.
8101 Connecticut Ave C505
Chevy Chase, MD 20815

For Those Sellers and Buyers On The Fence

Inman News Latest Market & Economy Report

Homesnap found that American homeowners will spend an average of 25.1% of their monthly income on their housing while renters will spend 37.9%

Despite high home prices, putting off a purchase to wait for a better deal may not be the best idea after all. Long-term, owning is more affordable than renting almost anywhere in the country, according to a new report released by home search platform Homesnap.

Looking at factors like the average monthly wages, monthly rents, monthly rental insurance payments and median home values, Homesnap has found that owning is more affordable than renting in 94.39 percent of cities in the United States.

*Real estate industry professionals from around the world turn to Inman first for accurate, innovative and timely information about the business. Known for its award-winning journalism, cutting-edge technology coverage, in-depth educational opportunities, and forward-thinking events, Inman is the industry’s leading source of real estate information.