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How Long Do Families Stay in a Home?

How Long Do Families Stay in a Home?

Aug 21, 2017
Comments Off on How Long Do Families Stay in a Home?

How Long Do Families Stay in a Home?

The National Association of Realtors data reveals families are staying in their homes longer than previous years.

Why are families remaining in their current home?

Two Possible Reasons:

  1.  The boom and bust years left homeowners in a negative equity situation where they would still owe money if they decided to sell today.  
  2. The economy bruised homeowners emotionally and fiscally causing them to be more cautious about re-entering the market. 

The Good News:

  1. Home prices have steadily received from the bust years (2011-2012) and homeowners are now in a better financial state to sell and move.
  2. Homeowners are ready to move.  After living a decade in the same home, family dynamics and situations may have changed and the current space is no longer fitting their needs.

With a very low supply of housing on the market, this could be great news as people decide to put their home on the market and find a new home that fits their current lifestyle.

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