Should Baby Boomers Buy or Rent After Selling Their Houses?

Are you a baby boomer who’s lived in your current house for a long time and you’re ready for a change? If you’re thinking about selling your house, you have a lot to consider. Will you move to a different state or stay nearby? Is it time to downsize or do you want more space to accommodate your loved ones? But maybe the biggest consideration boils down to this – will you buy your next home or choose to rent instead?
That decision ultimately depends on your current situation and your future plans. Here are two important factors to help you decide what’s right for you.
Expect Rents to Keep Going Up
The graph below uses data from the Census to show how rents have been climbing steadily since 1988:Rents have been going up consistently over the long run. If you choose to rent, there’s a risk your rental payment will go up each time you renew your lease. Having a higher rental expense may not be something you want to deal with every year.
When you buy a home with a fixed-rate mortgage, it helps stabilize your monthly housing payment. This allows you to lock in your monthly payment for the duration of your home loan. That keeps your payments steady and predictable for the long haul. Freddie Mac sums it up like this:
“. . . homeowners with fixed-rate loans will see little to no change to their monthly housing cost over the life of their loan. You can be confident in knowing that your mortgage payments won’t change much in the long term, even when life’s other costs do.”
Owning Your Home Comes with Unique Benefits
According to AARP, buying your next home is a better long-term strategy than renting:
“Though each option has pros and cons, buying provides more pros, with a broader range of benefits.”
To help you choose what you’ll do after you sell, here are just a few of the benefits of homeownership that article covers:
- Owning your home can help you save money for the future. Your home, and the equity you build as a homeowner, can provide generational wealth that could be passed on to loved ones, giving them a better life.
- You might not have to pay a monthly mortgage payment at all. If you have enough equity to buy your next home outright, you wouldn’t have a monthly mortgage payment. While you might still need to cover property taxes or maintenance fees, not having to worry about a monthly mortgage payment could be a big relief.
- Aging in place can be simpler. If your needs change, owning your home gives you the freedom to make renovations and updates that can make everyday life easier.
Bottom Line
If you’re a baby boomer who’s wondering whether you should buy or rent your next home, let’s connect. With rents going up and homeownership providing so many benefits, it may make sense to consider buying your next home.
When Will More Homes Finally Hit the Market in Fredericksburg?

The Lowdown on Our Local Real Estate Market
I recently attended a great and informative presentation by Lisa Sturtevant, Chief Economist at Bright MLS, at the Fredericksburg Area Association of Realtors (FAAR) Expo 2023. As a real estate agent here in Fredericksburg, I’m constantly trying to better understand the forces shaping our local housing market to better advise you. Lisa provided invaluable insights into the current dynamics in Fredericksburg and surrounding areas. Here are some of the key things I took away:
Low Inventory Continues to Constrain
The biggest ongoing obstacle to more sales is the short supply of homes for sale. Lisa showed that active listings today remain less than half of typical pre-pandemic levels in Fredericksburg and most counties. The inadequate number of options has been wearing down buyers. Bidding wars may have eased a bit recently, but buyers still face stiff competition for the few houses available. Supply will lag far behind demand until we build significantly more new homes.
The Pandemic Impact on Interest Rates
Inventory dropped so sharply due to the plunge in mortgage rates during the pandemic. The Fed slashed rates to stimulate the economy, causing rates to hit all-time lows below 3%. She also stated that she does think we will ever see rates this low again in our lifetimes. These low rates spurred a rush of buying and selling. At the same time, government stimulus payments and reduced spending left buyers flush with cash.
Of course, the Fed has since raised rates significantly to combat inflation. However, many existing homeowners locked in historically low rates under 4%, leaving them unwilling to sell or trade up to a higher rate. Until rates moderate, the inventory gridlock likely won’t break open.
Homeowners Staying Put Longer
Lisa explained that homeowners are staying put longer these days – now over 13 years on average. Retirees in particular, are less inclined to sell and relocate than in the past. Locally, many retirees choose to age in place near family rather than moving to traditional retirement destinations like Florida and Arizona. With fewer seniors selling, that removes a key source of homes coming onto the market.
The Outlook for Sellers and When Will More Homes Finally Hit the Market in Fredericksburg?
Lifestyle changes are still the top trigger, prompting homeowners to sell. However, investors listing rental properties play a bigger role as short-term rental demand softens. Lisa believes more “pent-up” sellers exist who are awaiting lower rates. But with rates elevated for the foreseeable future, sellers will have to accept that reality to list in the next couple of years.
While demographics and aging boomers will eventually spur more listings, Lisa doesn’t see inventory returning to normal for at least 3-5 years. Buyers shouldn’t wait for a flood of new listings before acting. Low rates may be gone, but staying patient for more choices could mean missing your dream home.
I’m happy to go over Lisa’s insights in more detail. Her presentation gave me an even clearer understanding of the forces directing our market. I look forward to helping you navigate these ongoing inventory challenges and achieve your real estate dreams! Check out our current up-to-date local market stats here.
Home Price Forecasts Revised for 2023 [INFOGRAPHIC]

Home Price Forecasts Revised for 2023 [INFOGRAPHIC]
Some Highlights
- Last year, some housing experts projected a decline in home prices by the end of 2023. But that didn’t happen – inventory was just too low.
- While it’s normal for experts to re-forecast throughout the year, the good news for 2023 is that prices are no longer projected to decrease.
- Let’s connect so you know what’s happening with home values in our local area.
Sources
- https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-dec-2022.pdf
- https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-aug-2023.pdf
- https://www.fanniemae.com/media/45801/display
- https://www.fanniemae.com/media/48726/display
- https://twitter.com/NewsLambert/status/1671900591113609216 (Morgan Stanley)
- https://twitter.com/NewsLambert/status/1671556169712672768 (AEI)
- https://www.zillow.com/research/data/
- https://www.zillow.com/research/housing-market-challenges-32923/
- https://ustoday.news/a-20-drop-in-house-prices-7-forecast-models-tend-to-crash-here-the-other-13-models-show-the-housing-market-in-2023/ (Wells Fargo)
- https://twitter.com/NewsLambert/status/1686959362563092480 (Wells Fargo)
- https://twitter.com/NewsLambert/status/1691799764466008217 (Goldman Sachs)
- https://pulsenomics.com/surveys/#home-price-expectations
- https://www.corelogic.com/intelligence/us-corelogic-sp-case-shiller-index-down-by-0-5-year-over-year-in-may-but-a-turning-point-may-be-ahead/
- https://view.e.fanniemae.com/?qs=dd7a875aaf273bf9cc0d451ff7cd4bec791f29b000f7916b3935d94770ed1f009af1072ee8400b8d3d40310113be33e6106c9aea71d7b22fbb87ad26bbcfe90630f1ef8f04bd2f7b7576e1b494263bf85f1ae4e4ba224216
Are Real Estate Taxes Deductible? A Dive Into Property Tax Deductions!

If you’re like many homeowners or prospective buyers, you’ve probably found yourself asking, “Are real estate taxes deductible?” It’s a hot question, especially come tax season, and today, we’ll shed some light on it!
Disclaimer: Remember, I am not an accountant, so always consult your trusted CPA or accountant before making any decisions based on the following info!
What are Real Estate Taxes?
Real estate taxes, often referred to as property taxes, are levies you pay to your local government based on the assessed value of your property. This includes land and any structures on it. But can you get some of that cash back come tax time?
Deducting Property Taxes: The Basics
The answer, generally, is yes—real estate taxes can be deductible. According to the IRS (and you can check their official website for a deep dive), taxpayers who itemize their federal income tax returns can deduct real estate taxes paid on their primary residences and any other homes they own.
However, there are some caveats:
- State and Local Taxes Limitation: There’s a cap on the amount of state and local taxes (SALT) you can deduct, which includes real estate taxes. This cap is $10,000 ($5,000 if married filing separately).
- Personal vs. Business: If you use your property solely for personal purposes, your property tax deduction is limited to the aforementioned SALT deduction. However, if you use your property for business or as a rental, things get a tad more complex—and potentially more beneficial. In those cases, property taxes could be deducted as a business expense.
Keep Those Records! 📂
Remember to keep detailed records if you plan to claim the real estate tax deduction. This means holding onto any tax bills or official documents from your local government. Trust me, if the IRS has questions, you’ll want to have answers!
In Conclusion…
So, to sum it up, are real estate taxes deductible? Absolutely. But as with anything tax-related, there are nuances and limitations. While I’ve provided a basic overview, you should definitely hit up your accountant for the nitty-gritty tailored to your unique situation.
Here are some additional resources that you may find helpful:
- IRS Publication 530: Tax Information for Homeowners
- TurboTax: Claiming Property Taxes on Your Tax Return
- H&R Block: Is Property Tax Deductible?
And if you’re browsing properties in Fredericksburg, VA, and curious about potential tax implications, give me a shout! Until then, happy house hunting and tax planning!
Agave Bar & Grill: A Flavorful Fiesta in Downtown Fredericksburg!

Greetings, Fredericksburg food enthusiasts! Before you think it’s just another Mexican Restaurant on the list, let me assure you this one stands out. I’ve stumbled upon a hidden treasure in our picturesque town, where the quest for the ultimate Mexican dish is real. Say hello to Agave Bar & Grill.
Nestled right on William Street (you can check them out here), this gem offers a vibrant atmosphere that’s both cozy and inviting. I’m sorry, I still haven’t even told you about the food, have I? Let’s dive in!
Tasty Tacos and More 🌮🌮🌮
During my recent visit, I had a trio of tacos served on authentic corn tortillas. The steak? Juicy and seasoned to perfection. The carnitas (that’s pork for those unfamiliar)? Oh, it was a melt-in-your-mouth experience. And the chicken? Tender and flavorful, just the way I like it. Each taco was generously filled, ensuring every bite was a delightful mix of meat, fresh toppings, and that soft tortilla.
That brings me to the sides. The rice and beans were the perfect companions to my taco trio – hearty, well-spiced, and the kind of comfort food you’d expect from a top-notch Mexican eatery.
Guacamole, let’s gooo! 🥑🥑🥑
Now, let’s talk guacamole. I’ve had my fair share of guacs in various places, but Agave’s version? It’s awesome! (and I don’t use that term lightly). Creamy, zesty, and with just the right amount of chunkiness. If you love guacamole like me, you’ll appreciate the balance of flavors they’ve achieved.
Why Agave Stands Out
Beyond the food, what struck me about Agave Bar & Grill was their commitment to providing a genuine experience. The ambiance is warm, the staff friendly, and there’s a sense of community that’s hard to find these days. Plus, their location in Downtown Fredericksburg makes it a convenient spot whether you’re out shopping, hanging out with the family, or just taking a leisurely stroll.
Bonus, they also have the easiest paying experience I have ever had at a restaurant. Simply scan the QR code and pay from your phone! I hope more restaurants start using this because it is so convenient!
In conclusion, if you’re in the mood for some authentic Mexican cuisine, flavorful dishes, and good portions (because who isn’t?), Agave Bar & Grill should be on your radar. And if you’ve already been there, why not go again? (I know I will!)
Remember, life’s too short for mediocre meals. So, treat yourself to something delicious today. And if you have any other local spots you’d like me to check out, drop a comment below. Happy eating, Fredericksburg! 🌮🥑🍹
Why Harry’s Alehouse in Fredericksburg VA Should Be on Your Must-Visit List

I’ve been a fan of Harry’s Alehouse in Fredericksburg, VA, for years. You will love this place if you love good food, craft beer, and dogs! It’s a great place to go with friends and family.
Harry’s Alehouse in Fredericksburg VA Loves Dogs 🐾
Harry’s Alehouse is a warm and relaxed spot that offers American favorites with a unique twist from their made-from-scratch kitchen. They have a huge menu with something for everyone, from burgers and sandwiches to salads and bowls. They also have a great selection of beers on tap, wine, and cocktails. One thing that makes Harry’s Alehouse unique is its dog-friendly atmosphere. You can bring in your dog photos, and they will put them on the walls of the restaurant, creating a gallery of furry friends. It’s so fun to see all the different breeds and personalities of the dogs and to feel like you are part of a community of dog lovers.
The scratch kitchen menu is amazing!
My favorite meal at Harry’s Alehouse is the Sweet Potato Quinoa Bowl. It’s a hearty and healthy dish that consists of cilantro-jalapeno sweet potatoes, black bean corn salsa, white quinoa, and a tasty arugula chimichurri sauce. You can add chicken or salmon to it, but I prefer the salmon because it’s so tender and flavorful. The bowl is filling but not heavy, and it has a nice balance of sweet and savory. It’s perfect for someone with dietary restrictions as it is gluten-free, dairy-free, and vegan if you don’t add meat.
Some other items that I recommend from the menu are:
– The Guac Burger: This is a juicy burger topped with guacamole, bacon, sliced tomato, and pepper jack cheese. It comes with fries, and they are amazing with malt vinegar!. The burger is cooked to order and has a nice flavor from the bacon and guacamole. Also, look for the burger of the week, a new creative take on the burger every week of the year!
– The Chicken & Waffles: This is a classic Southern dish that consists of fried chicken tenders on top of a Belgian waffles, chicken tenders, sweet potatoes, ancho chili syrup. The chicken is crispy on the outside and tender on the inside, and the waffle is fluffy and soft. The sweet potatoes and ancho chili syrup are such a cool twist, making this a unique version of a classic. This is a great dish for brunch or when you want something indulgent.
– The Carnitas Tacos: seasoned pork shoulder, salsa verde, onion-cilantro mix, and queso fresco. The carnitas are tender and juicy, and the toppings add freshness and creaminess. Definitely check out their shrimp tacos too!
The kid’s menu will make you LOL 🤣
– The Kid’s Menu: Harry’s Alehouse has a hilarious kid’s menu that features dishes named after common phrases that kids say when they don’t want to eat. For example, there is “I Don’t Know,” which is homemade mac & cheese; “I Don’t Care,” which is kids flatbread pizza; “I Don’t Want To Be Here,” which is kids chicken quesadilla; “I’m Not Hungry,” which is kids cheeseburger; and “I Don’t Want This,” which is mini chicken tenders. These dishes are all kid-friendly and tasty, and they come with fries or fruit. I think this is a clever way to make eating fun for kids (and adults).
So if you are ever in Fredericksburg, VA, I highly recommend you check out Harry’s Alehouse. It’s a great place to enjoy good food, good drinks, and good company. Remember to bring a copy of your dog photo the next time you go to Harry’s. Who knows, you might spot it on the wall next time!
Good Eats Virginia: September Edition featuring Locust Grove

This post was first published on coldwellbankerelite.com
Where: Locust Grove, VA
Witch’s Brew Cafe: Breakfast
The Witch’s Brew Cafe has built a reputation for serving fresh and delicious coffee, tea, and food that highlights the region’s best. When you stop by for breakfast you’ll experience the friendliest baristas, unique flavors of drinks, and mouthwatering foods. Plus, who doesn’t like cute designs on their lattes?
Click the image below to see their website!
Mama’s Pizza & Subs: Lunch
Mama’s Pizza & Subs carries on the old-world traditions. They are passionate about food and the recipes their family has passed down through the generations. With 4.6 stars on Google, this place doesn’t disappoint! Stop by and order anything your Italian cravings desire.
Click the image below to see their website!
Guacamole Restaurant: Dinner
Guacamole Restaurant will satisfy your expectation for authentic Mexican food for dinner. They have large portions and fast service, so you can bring your family or friends. With only the freshest ingredients, they can make you something that isn’t on the menu if you just ask!
Click the image below to see their website!
The Icebox: Dessert
The Icebox Creamery serves the community premium soft serve and hand-dipped ice cream. With some rotating flavors to keep you coming back for me. The Icebox has a high reputation with the locals. This is a nice hidden gem to satisfy your ice cream moods.
Click the image below to see their website!
What’s Actually Happening with Home Prices Today?

One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture.
Part of the challenge is that it can be hard to understand what experts are saying when the words they use sound similar. Let’s break down the differences among those terms to help clarify what’s actually happening today.
- Appreciation is when home prices increase.
- Depreciation is when home prices decrease.
- Deceleration is when home prices continue to appreciate, but at a slower or more moderate pace.
Experts agree that, nationally, what we’re seeing today is deceleration. That means home prices are appreciating, just not at the record-breaking pace they have over the past year. In 2021, data from CoreLogic tells us home prices appreciated by an average of 15% nationwide. And earlier this year, that appreciation was upward of 20%. This year, experts forecast home prices will appreciate at a decelerated pace of around 10 to 11%, on average.
The graph below uses the latest data from CoreLogic to help tell the story of how home prices are decelerating, but not depreciating so far this year.
As the green bars show, home prices appreciated between 19-20% year-over-year from January to March. But over the last few months, the pace of that appreciation has decelerated to 18%. This means price growth is still climbing compared to last year but at a slower rate.
As the Monthly Mortgage Monitor from Black Knight explains:
“Annual home price growth dropped by nearly two percentage points . . . – the greatest single-month slowdown on record since at least the early 1970s. . . While June’s slowdown was record-breaking, home price growth would need to decelerate at this pace for six more months to drive annual appreciation back to 5%, a rate more in line with long-run averages.”
Basically, this means, while moderating, home prices are still far above the norm, and we’d have to see a lot more deceleration to even fall in line with more typical rates of home price growth. That’s still not home price depreciation.
The big takeaway is home prices haven’t fallen or depreciated nationwide, they’re just decelerating or moderating. While some unique and overheated markets may see declines, nationally, home prices are forecast to appreciate. And when we look at the country as a whole, none of the experts project home prices will net depreciate or fall. They’re all projecting ongoing appreciation.
Bottom Line
If you have questions about what’s happening with home prices in our local area, let’s connect.
11 Questions to Ask When Hiring Your Home Contractor

This post was first published on coldwellbankerelite.com
No matter which type of home renovation you’re tackling, choosing a qualified home contractor is an important piece of the puzzle. You’ll ensure a smoother, simpler home renovation process by asking the right questions before hiring a contractor. Below are 11 questions to ask prospective contractors before you hire a contractor to renovate your home.
1. What does a typical workday look like for you?
This type of question will give you a good idea of your contractor’s working hours. Work hours can vary from company to company, so it’s a great question to ask. In addition to this, also find out where you would keep your pets (if you have any), where the contractor can park, and how you can communicate with them best throughout the day.
2. How long is the job anticipated to take?
The sooner you can find out your project timeline (and share your ideal timeline), the better the contractor can plan under the circumstances. Perhaps you have family coming for the holidays or another strict deadline to meet. Giving your contractor dates far in advance will help you determine if they can realistically meet this goal.
3. What’s your plan in the event of a conflict?
This is a great question to help assess the expertise of your potential contractor. With any major renovation project, delays or misunderstandings can pop up unexpectedly. Your contractor has likely had to tackle both before; however, it doesn’t mean that they know how to effectively mitigate them in a prompt, professional way. By asking them how they would handle a conflict upfront, you’ll see if your contractor has a good plan to tackle potential conflicts and make sure they don’t stand in the way of a job well-done.
4. Do you extend a warranty on your work?
Warranties can save you money and give you peace of mind. Many quality contractors offer a warranty on their work and certain materials/installations—make sure to ask for copies of these warranties.
5. What happens if something runs over budget?
Budgets are great to give you a general idea of how much something will cost. However, sometimes unexpected events or other expenses may arise. You’ll want to know how your contractor will move forward in the event something costs more than the budget. This procedure is important to ensure you don’t have an excessively over-budget renovation bill.
6. Do you have worker’s compensation and liability insurance?
Proper insurance is important when contractors are working inside your home. Without proper insurance, you may be liable if anyone is injured. Always ask to see a copy of their insurance certificates before hiring a home contractor.
7. What if I want to change something?
So you’re halfway through your renovation but you decide that you want a different fixture for a room. This is a normal part of renovating, but it can delay your renovation if you don’t handle it swiftly since the contractor will have to order the new materials. Different contractors have different processes for submitting change orders, so it’s good to find out their process for submitting change orders at the outset.
8. What similar renovation projects have you completed?
Asking about expertise and experience is always a great idea. Ask your contractor if they’ve done similar jobs to the job you’re requesting, and ask to see photos if possible.
9. How many people are involved in your team?
Asking this question lets you know who will be coming and going from your property. You’ll know how many people to expect and know if they’ve been properly vetted by your contractor.
10. What licenses or certifications do you hold?
The state licenses many contractors, so asking to see this in advance of hiring is a good way to determine their legitimacy. You may also be able to look up this info online; however, asking your contractor directly is a great way to assess their reliability.
11. How will we communicate throughout the project?
As the homeowner, you’re likely to want to stay up-to-date and informed on the status of your home project. If you are away from home all day, texting or calling may be your preferred method of communicating with your contractor. Your contractor should accommodate your needs. No matter what, it’s important to keep the lines of communication open so that if problems or questions arise, they are addressed.
Ask these 11 questions to your prospective home contractor today to help prepare and choose a quality and reliable contractor!
Why I Love Fredericksburg, VA?

I think I found the perfect place to live! I know what you’re thinking, “You live in Fredericksburg, there’s nothing perfect about Fredericksburg.” I know, I know, I grew up in Fairfax and used to think the same thing. When I decided to go to Mary Washington College, I really thought I was heading to the “country”, and there wasn’t going to be anything to do.
That brings me to the first great thing about Fredericksburg (FXBG): the University of Mary Washington is outstanding and right in our backyard. Have you walked down the main campus walk? If not, you need to! It is beautiful with amazing architecture, and it is just refreshing to see all of the optimistic students with their bright futures ahead of them. Mary Wash provided me with an excellent education, and I met my amazing wife. I definitely won the college lottery with her!
FXBG is also truly the perfect location. We are sandwiched in between our state capital, Richmond, and our nation’s capital, Washington, DC. You are only an hour or so from both (depending on traffic!). They each provide endless amounts of entertainment. We are two and half hours from Virginia Beach and just a couple of hours from the mountains. I feel you can take a day trip (or weekend if you’re lucky) to do just about anything you want.
I’m not really a history buff, but if you are then you already know that FXBG is one of the most historic locations in our country. I am actually really excited about relearning all of Virginia’s history through the eyes of my daughters as we take them on “field trips” to all of the places they are learning about in school. Here is a quick guide to FXBG’s history.
While you are on your “field trips” with your kids or future kids, you should take advantage of some of the great local parks and farms in FXBG area. A few musts are Alum Spring Park, Loriella Park, Pratt Park, Miller Farms, and Braehead Farm. The list goes on and on and you can check out some of my other favorites here.
FXBG is also becoming a great stop for anyone looking for craft beers. Here is a list of some of the best breweries for you to check out. I would also check out the Fredericksburg Brew Exchange to fill up your growler with your favorite beer or cider. There are also a bunch of great wineries in the area. My favorite right now is Wilderness Run Vineyards, they have great free events with a variety of live music.
After all the beer and wine you are for sure going to be hungry! FXBG has a bunch of great places to eat. You will definitely be satisfied with anything you get from Foode, owned by Top Chef’s Joy Crump. If you are looking for some variety, check out our favorite Downtown restaurant, Bangkok Cafe. El Pino is your go-to stop for Mexican, great prices and great food. You also can’t leave FXBG without trying the up and coming Sprelly, providing you with gourmet peanut butter and jelly sandwiches. No matter where you choose to eat, you have to end the night at the famous Carl’s for amazing old-fashioned frozen custard.
These are just a few of the reasons why I love living in Fredericksburg and I think you will love it too! What are some of your favorite things about FXBG?
—
Jay Parrish | REALTOR®
Coldwell Banker Elite
Cell: (540) 735-5564 | www.movetofred.com | jay.parrish@movetofred.com