If you’ve been in your home for longer than five years, you’re not alone. According to recent data fromFirst American, homeowners are staying put much longer than historical averages (see graph below):As the graph shows, before 2008, homeownerssoldtheir houses after an average of just five years.Today, that number has more than doubled to over 10 years.The housing industry refers to this as your tenure.
To really explore tenure, it’s important to understand what drives people to make a move. An article fromThe Balanceexplores some of the primary reasons individuals choose toselltheir houses. It says:
“People who move for home-related reasons might need alarger home or a house that better fits their needs, . . .Financial reasons for moving include wanting a nicer home, moving to a newer home to avoid making repairs on the old one, or cashing in on existing equity.”
If you’ve been in your home for longer than the norm, chances are you’re putting off addressing one, if not several, of the reasons other individuals choose to move. If this sounds like you, here are a few things to consider:
If your needs have changed, it may be time to re-evaluate your home.
As the past year has shown, ourneeds can changerapidly. That means the longer you’ve been in your home, the more likely it is your needs have evolved.The Balancenotes several personal factors that could lead to your home no longer meeting your needs, including relationship and job changes.
For example, many workers recently found out they’ll be working remotely indefinitely. If that’s the case for you, you may need more space for a dedicated home office. Other homeowners choose to sell because the number of people living under their roof changes. Now more than ever, we’re spending more and more time at home. As you do, consider if your home really delivers on what you need moving forward.
It’s often financially beneficial to sell your house and move.
One of the biggest benefits of homeownership is the equity your home builds over time. If you’ve been in your house for several years, you may not realize how muchequityyou have. According to the latestHomeowner Equity ReportfromCoreLogic, homeowners gained an average of $33,400 in equity over the past year.
That equity, plus today’slow mortgage rates, can fuel a major upgrade when you sell your home andpurchase a new one. Or, if you’re looking to downsize, your equity can help provide a larger down payment and lower your monthly payments over the life of your next loan. No matter what, there are significant financial benefits to selling intoday’s market.
If you’ve been in your home for 5-10 years or more, now might be the time to explore your options. Today’s low rates and your built-up equity could provide you with the opportunity to address your evolving needs. If you feel it’s time to sell, let’s connect.
About Adeel Real Estate - Powered by Skyline Properties Inc
Specialties: Listing Agent, Luxury Home Specialist, Sales specialist, Relocation specialist
As a Real Estate professional and lifelong Washington resident, I understand the unique needs of first time home buyers and young families in Snohomish and king county Whether you are buying or selling a home, I will work with you to make sure your real estate goals are exceeded.
If you are buying a home, I will guide you through the steps of the home buying process. First, I will encourage you to meet with a lender who understands your unique needs and help you get pre approved for a home loan. Next, I will help you find an affordable home you love and quickly close the deal so you can move in as soon as possible.
If I am selling your home, I will offer assistance with home staging, hire a professional photographer to take brochure-worthy pictures of your home, and use innovative marketing techniques like advertising open houses using social media. I will also conduct an in-depth market analysis that compares your home to other comparable properties on the market. By doing this, I will sell your home at the best price possible.
Buying or selling a home should be an exciting, stress-free process. With me as your real estate agent, this is possible. I look forward to working with you
Today’s housing market is truly one for the record books. Over the p
"Awesome guy:-), Very patient, always punctual in every meetings we set, can work things out in an impossible situation..We look forward to our next homebuying Adeel! Thank you for all your help:-) appreciated.."