Average Time Someone Owns Their Home: 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 over two decades (1985-2008), the median time a home was owned averaged six years. What is the average time someone owns their home? Since 2008, the average is approximately nine years – a nearly 50% jump.
AVERAGE TIME SOMEONE OWNS THEIR HOME
What Changed?
The housing recession brought major shifts. Many homeowners found themselves with negative equity. They owed more on their mortgages than their homes were worth. This made selling or refinancing nearly impossible. As a result, the move-up buyer almost vanished. Homeowners who might have upgraded to larger properties chose to stay put. They felt trapped by underwater mortgages. At the same time, economic uncertainty spread. Many worried about job security and rising costs. This fear kept them from making big financial moves. Buying a bigger home no longer felt safe. The market stalled. Sellers stayed put. Buyers hesitated. The ripple effects reshaped the housing landscape.
The real estate market is cyclical, and home prices have greatly spiked in the last few years. Almost 75% of homes with mortgages have at least 20% equity. This puts many in a great position to move to a larger home. If you are contemplating a move in 2017, give Phyllis a call at (818) 790-7325
