Posted on 10/29/2018 10:57:45 AM PDT by dennisw
Housing-market headwinds are keeping American homeowners in their properties for the longest stretches on record, in a sharp distortion of the mobility Americans have for decades prized.
Across the country, homes that sold in the third quarter of this year had been owned an average of 8.23 years, according to an analysis from Attom Data Solutions. That’s almost double the length of time a home sold in 2000, when Attom’s data begin, had been owned.
It’s partly the long tail of the housing crisis that’s created stagnant conditions and a less dynamic housing market, Attom spokesman Daren Blomquist told MarketWatch.
The hypercompetitive market that’s emerged from the wreckage of the crisis is also keeping people in place. Many homeowners have ample equity in their homes, but hesitate to list those homes because they’re worried about finding a property to buy if they do sell.
A few others may be trapped by “rate lock” — enjoying the benefits of their ultralow mortgage rates, and unwilling to spend more on financing costs.
(Excerpt) Read more at marketwatch.com ...
A long-winded way of saying that most housing has become overpriced.
“but hesitate to list those homes because they’re worried about finding a property to buy if they do sell”
Because they might be able to afford the mortgage but not the property taxes.
“A few others may be trapped by “rate lock” “
Yet another reason Powell is wrong to raise rates
WELL, YEAH, ALL OF US OLDER FOLKS DON’T MOVE AROUND AS OFTEN..............
I am 63 years old. My wife and I have owned two homes in 38 years of marriage and are not likely to move any time soon.
The housing market is “hot” where I am - near Raleigh, NC.
Think it just depends on location.
“A long-winded way of saying that most housing has become overpriced.”
Yes on high priced. Bunk on stagnate. I see an astonishing number of newly built homes going up. Generally, there is not for sale sign, meaning they are being built to order.
A developer told me that he can’t quote a price on the same house using actuals from the last one. The material prices are going up that fast. As an aside, I can testify that my materials prices are going up each time I buy something.
Home values are up. Foreclosures are down. The housing market is in excellent shape.
Where is this moron getting his info from?
Wait for it...
Or maybe we can stop fretting about people not committing to the benefits of community, with them now staying put for social reasons.
That’s my take on it also. Especially in markets like California/
The city of Baltomore
Please note that the "record" stretches all the way back to the year 2000.
Demographics! Demographics! Demographics!
Mortgage paid off!
Kids gone!
The dog died!
Fun!.................
Without information on the percentage of the properties that are owner-occupied, conclusions regarding “mobility” are not very firm, since people move in and out of rental properties without a change of ownership.
I am 4 years older than you. My wife and I have lived in our current home for 38 years. So we don't move much, either.
We still love our current house, but the staircase is getting to be a bit much for my wife. So we will probably move in the next couple of years.
huh? The housing market has been huge since Trump
Americans have come to the conclusion there's nothing 'better' over the hill.
California was once the 'land of opportunity'... now it's a South American hellhole with a small groups of 'elites' and large numbers of miserably poor peasants. Who would want to go there?
Americans use to wonder how the world's wealthy could go home to their mansions while stepping over starving children now understand... - it's the elitist 'California mentality'... The 'poor' make them feel wealthier...
My wife and I retired this year, and have been in the same house for 22. We're doing a major remodel now, kitchen-flooring-bathrooms. We'll be here 3-5 years after it's completed, then perhaps downsize.
No real impetus to move: a new elementary school is under construction across the street from us, and we're less than two miles from a huge mixed development that's barely 50% complete. Traffic is really starting to suck, and will only get worse.
Our house will nearly always be in demand, due to its central location to downtown Dallas, Las Colinas, and Plano.
What will be driving our move is the desire to go from a 2 story to a 1 story house. The thought of falling down the stairs as a senior citizen is daunting. All it takes is one second of not paying attention, and BOOM, a broken hip.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.