Homeowners Staying Put Longer

Homeowners Staying Put Longer

Recent statistics back up what local agents have noticed for some time—that homeowners are staying in their homes longer than they used to. In 2020, homeowners had been in their homes for an average of 13 years, much longer than in 2010, when homeowners remained in their homes an average of just 8.7 years, according to the Wall Street Journal.

The tendency for homeowners to stay put longer has meant fewer homes for sale and a difficult market for buyers, many of whom have struggled to find a home. Strong competition for a relatively small number of homes has in turn driven up prices. During 2020, some homeowners delayed selling because of the pandemic, but the reluctance to sell and shrinking inventory were evident even before the pandemic hit.

What is fueling this trend? For some homeowners, the decision to work longer and postpone retirement has meant a delay in selling their home and moving, keeping those homes off the market. Other homeowners who would like to move have put off listing their home because they’re worried about finding another home to buy. Even some who can buy another home before selling are staying put, because of the lack of suitable homes on the market.

Buyers are hoping to see a reversal of this trend in the near future. The construction of more homes would also be welcome, increasing supply and helping to rein in prices.

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If you’re planning to buy or sell a home, contact Annette Nelson at (610) 247-7892 or annette@preferredhomes.com

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