I often get asked by my Northern Virginia homeowners how long people typically live in their homes. For the majority of the last 25 years, most families stayed in their home an average of 6 years before moving.
There are several things that can cause a homeowner to move:
- Change in family size due to children leaving home or due to having more children
- Changes in employment or income
- Changes in the local neighborhood
- Desire to be closer to other family or friends
- Changes in health needs
The reasons can go on and on. In general, as things change, people’s housing needs tend to change as well. But, according to the National Association of Realtors, over the last several years, we have seen that average jump to 10 years. That’s a pretty drastic increase of almost 50%.
Why the change?
During the fairly recent economic recession, not only did many people lose their jobs but their homes were in a negative equity position because of falling home prices. This forced many people into a position of not being able to sell their homes due to the fact that they would need to bring money to the closing table that they did not have. In an interesting twist, it was also discovered that while many people were NOT moving as often, the millennials were still moving every 6 years due to needing more space as their families grew.
The Pent Up Demand is There
People still want [and need] to move and the demand for great homes is there. But, the lack of inventory is a deterrent to those people being able to move. This all means that NOW IS THE TIME TO SELL. With the demand out there, that is only driving the prices of homes further up meaning that this is truly a seller’s market.
If you’ve been thinking of making a move, give me a call and let’s talk about it.
Robin Butler, Your friend in the real estate business