For Now, Owners Staying Put Longer
Terry Riffe | July 15, 2015
There are many benefits to being a home owner – 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 adobe 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 an infographic, from National Association of Realtors, those current owners -would-be sellers- who have stayed put in the past because they are nervous about leaving their low interest mortgage rates. They also have been waiting for a spike in the value of their homes. Now that home values have risen 25 percent over the past three years on average, pent up sellers are in a better position to put their place on the market.
If you would like more information on current market conditions in the Central Florida/Orlando area, or if you are in the market to sell or purchase a home, email me An@orlandovacationrealty.com or give me a call 1 (407) 800-0888.
