How Long Should You Own a House before Selling?The length of time that people stay in their homes goes through cycles. If you bought a home before the 1960's, there was a good chance you stayed there your whole life. If you bought a home in the 1990's and early 2000's, there was a good chance you kept it only five years before moving on. Since 2007, however, homeowners have been staying in place longer, with the average now being about nine years.The reasons have less to do with cultural affinity for staying put, and more to do with economics.
Today’s sharply rising home prices seem to offset any increases in equity gained by home owners, leaving them frozen in place. But many home owners still want to upsize. So what can they do?They need to be creative, such as looking for homes with attached apartments, looking in new locations, or running the numbers to see if a fixer as trade up property makes sense.
In the DC Metro Area there is a vast shift to a seller's market this Spring season. This reason is due to the reluctance of current home owners to upsize since doing so means trading in lowest mortgage interest rates to the market rates of today. Many home owners in the region refinance their mortgage to take advantage of all time low rates. New construction can not keep up with the demands of today's buyers, which is a good thing, however many buyer's are eager to live in already developed neighborhoods. There are many homes that are on the market because the sellers want to downsize but, these homes are at a price point that alienates the core demographic that are buying homes (Millennials). It makes perfect sense to sell now if you are one of those sellers who wants to upgrade and/or upsize because interest rates are not going to go down anytime soon, and since you represent the hard to find buyer for sellers who want to downsize and you also represent the seller that the largest group of buyers are eager to purchase from in today's market.
If you or someone you know needs perspective on moving up in today’s market, give me a call to talk about the situation. - DJ Jenkins (800)707-1509.
Author:DJ Jenkins Phone: 703-625-1347 Dated: March 11th 2017 Views: 239 About DJ: If You're in the Market for buying or selling your home, You Need a Great Real Estate Agent. With th...
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Our Real Estate Services has a distinct sense of cosmopolitan awareness that is perfectly suited to the needs of her broad range of clientèle. With over 18 offices in the Northern Virginia, Maryland, and DC markets combined, DJ has consistently been one step ahead of the vast changes that have taken place in Metropolitan real estate market. A commitment to exceptional service is pivotal in DJ Jenkins, RE/MAX Allegiance, and her team's approach towards clients. Buyers and Sellers demand a higher level of service and expertise which has earned us a reputation of being the best when representing our clients. As an expert sales or relocation specialist DJ Jenkins provides excellent customer service to each client along with strong interpersonal communication and negotiation skills demonstrated by her proven track record. RE/MAX Allegiance is the number one selling RE/MAX Company in the world and one of the top 30 residential real estate brokerages in the United States. With nearly 500 Sales Associates and employees, DJ Jenkins has partnered with a network of outstanding agents with a pulse of an every changing Northern Virginia, DC and Maryland Real Estate Markets. Home ownership is on the rise, we would gladly assist in unlocking your buying and selling potential
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