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, that average is approximately nine years – a nearly 50% jump.
AVERAGE TIME SOMEONE OWNS THEIR HOME
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 their jobs) weren’t ready to make a significant 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 to a larger home.
If you are contemplating a move in 2017, give Phyllis a call at (818) 790-7325
