For two decades the median ownership of a home averaged six years. Since 2008, that average has significantly increased. According to the National Association of Realtors, for two+ decades, (1985-2008), the median time a home was owned averaged six years. Since 2008, that average is approximately nine years – a nearly 50% jump.
What changed? The housing recession left many homeowners with negative equity. They simply owed more than their home was worth. The move up buyer nearly disappeared. Other homeowners concerned about the economy (and/or their job), weren’t ready to make a major financial commitment.
The real estate market is cyclical and home prices have greatly spiked in the last couple of years. Almost 75% of homes with mortgages have at least 20% equity. This puts many in a great position to move up to a larger home.
If you are contemplating a move in 2017, give Phyllis a call at (818) 790-7325