How Long Should You Own A House Before Selling

How Long Should You Own A House Before Selling

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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.

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Phone: 703-625-1347
Dated: March 11th 2017
Views: 341
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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DJ & Associates - RE/MAX Allegiance
3319 Lee Hwy
Arlington, VA

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