Home owners are living in their homes longer. Typically, home owners stay in their homes six or seven years before making a move. But in 2014, that number grew to a 10-year average, according to research by the National Association of REALTORS®.
NAR researchers are predicting that “pent-up sellers” will likely be unleashed in 2015, after regaining equity and feeling more confident from the economic recovery.
Many home owners have been staying put longer due to the after-effects of the housing crisis, which placed a large number of home owners in underwater status, owing more on their mortgage than their home is currently worth, researchers note. Many home owners may have been waiting to move until home values edged higher.
But for many home owners: Home values are up 25 percent over the past three years, on average, according to NAR. (Read: The ‘Equity Rich’ Home Owner Is Back)
Source: “Pent-Up Sellers?” National Association of REALTORS® Economists’ Outlook Blog (Jan. 28, 2015)