Americans love their pets, and now it’s showing in their home-buying decisions too. This is especially true for American millennials, 42% of whom consider their pet’s needs first (even before their spouse’s or children’s) when buying/renting a home. This trend is not limited to millennials; even baby boomers who are looking to downsize after their children move out, are looking for pet-friendly homes/neighborhoods where their animal companions can live comfortably.
The D.C. Metro area is home to many young professionals who flock here for its thriving job market, stable property values, cultural offerings and diverse community. In fact, D.C. is ranked second among cities best suited for millennials in the U.S, according to a recent survey by American University.
It’s natural for first-time homebuyers to feel overwhelmed by all the unfamiliar realty jargon and complicated procedures they encounter when home shopping. Most of these challenges can be easily overcome, but there are some mistakes, that if made, can result in deep disappointment and financial problems.
The good news about the Washington, DC area has always been that it is relatively recession-proof. So, luxury homes -- of which there are many -- have historically held their value in the resale market. Until now, when forces greater than the economy are at work.
If you’re an empty nester contemplating a change in lifestyle, downsizing can be a beneficial financial move -- if not in dollars, in value. But the savings or cost should not come as a surprise after you’ve made the decision to sell or have actually moved to a smaller home. The following are important factors to consider and ones in which a realtor experienced in anticipating the questions and needs of downsizers should be able to assist you in evaluating.