Selling Your House Guide - Fall 2020

As shown in the graph below, historical data indicates that staying in a home for 5-7 years used to be the norm, until the housing bubble burst. Since 2010, that length of time has trended upward, toward 9-10 years, largely due to homeowners aiming to recoup their equity:

Average Length of Time Homeowners Are Staying in Their Homes In Years

10

10 10

10

9 9 9

9

9

8

7

7

6 6 6 6 6

6 6 6 6 6 6 6

5

1985 1987 1989 1991 1993 1995 1997 2000 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Thankfully, with the strength the market has gained over the last 10 years, today’s homeowners are in a much better equity position. Now is a fantastic time for homeowners who are ready to make a move to break the 10-year trend and sell their houses, especially while buyer demand is so high, and inventory is so low. It’s a prime time to sell. In addition, with today’s historically low interest rates, there’s an opportunity for sellers to maintain a low monthly payment while getting more house for their money. Think: move-up home, more square footage, or finding the features you’re really looking for rather than doing costly renovations. Not sure if you’ll find something to buy? According to Chuck Fowke, Chairman of the National Home Builders Association (NAHB), “Builders are moving to ramp up production to meet growing demand.” With more new homes poised to enter the market this year, homeowners ready to make a move may have a golden opportunity to do so right now. Bottom Line There are simply not enough houses for sale today. If you’re ready to leverage your equity and sell your house, let’s connect. It’s a great time to move while demand for homes to buy is extremely high.

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