Why are families remaining in their current home?
Two Possible Reasons:
- The boom and bust years left homeowners in a negative equity situation where they would still owe money if they decided to sell today.
- The economy bruised homeowners emotionally and fiscally causing them to be more cautious about re-entering the market.
The Good News:
- Home prices have steadily received from the bust years (2011-2012) and homeowners are now in a better financial state to sell and move.
- 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.