There are many benefits to owning a home—security, having a place to watch your family grow, building wealth and helping to foster a community. On a more basic level, it also means owners tend to move less, alleviating all the stress that comes with abode relocation. And while homeowners have historically remained in their homes an average of 6 to 7 years, that tenure increased to 10 years in 2014, signaling a lack of inventory on the market for existing-home sales. However, the National Association of Realtors® believes 2015 could be the year those homeowners move out and move up.
According to the NAR infographic below, those would-be sellers have stayed put because they are nervous about leaving their low interest mortgage rates. They also have been waiting for a spike in the value of their home. Now that home values have risen 25 percent on average over the past three years, pent-up sellers are in a better position to put their place on the market.
Check out NAR Chief Economist Lawrence Yun’s blog post regarding pent-up sellers and reasons why homeowners might be holding off on moving. Review NAR’s infographic below to get a visual picture of home tenure and what might occur in 2015. Speak to a Realtor® in your area to find out if the national trend holds true in your community and why that may or may not be the case.
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Each month, NAR produces a few story ideas for the media, presenting timely topics accompanied with background information and facts related to the real estate market. These housing and real estate story ideas are designed to help media generate content for news stories, hopefully serving as a helpful resource to those in the media looking for stories or new angles.