According to the National Association of Realtors the average number of years spent in a home is about 6. However, numerous variables have impacted this stat in the last several years.
1. Negative Equity: Due to the crash in 2008 many homeowners were under water and stayed in their homes closer to 10 or more years.
2. Economic Uncertainty: As the economy, jobs, and interest rates have had some volatility home owners have been more hesitant to sell.
3. Housing Prices: Owners are investing money into their current homes versus selling and re-purchasing in the same market. Especially those wanting to upsize.
4. Age of Home Owner: Younger owners (mid 30’s and below) are more likely to live in a home for fewer years. As financial stability sets in and family circumstances change the likelihood of staying in one home longer increases.
There are likely many folks currently in a home that is not suited for their needs. Perhaps a family is on the way or the kids have recently fled the nest. Will this balance the market or tip the scales in favor of buyers with more inventory on the way?