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 ...
Stagnates? I saw subdivisions mapped out with underground utilities and paved streets 9 years ago. They just stopped. I think it was 2008. Now there are houses being built there. Same streets same underground utilities. That is exactly the opposite of stagnation.
And fewer poeple are moving because of job instability.
I wonder how much of that is true inflation and how much is due to all the hurricane/storm damage the past 2-3 years (Caribbean, SE, FL, Texas, etc)
I’ve got socks older than that.
The Carolina housing market was red hot earlier this year. It abruptly slowed down to just about nothing a few weeks ago.
“I wonder how much of that is true inflation and how much is due to all the hurricane/storm damage the past 2-3 years (Caribbean, SE, FL, Texas, etc)”
If you buy groceries you get a flavor for real inflation. I’d say that materials and groceries are going up at the same rate. A storm related material shortage only lasts a few months.
bump
Mr. Roo Roo and I have been happily in the same home for 28 years. We will stay there until we die or get dragged into a nursing home LOL.
We’re in a nice neighborhood run by a Nazi HOA, but the neighborhood is desirable because of the Nazis enforcing the rules. Houses that go up for sale usually sell in less than a month.
We live on 5 acres in a large old house with history, 3 car garage, a large shop and a million dollar view. 16 vintage apple trees, 5 pear trees, 4 walnut trees, 2 quince trees, one plum tree, one cherry tree, many evergreen trees and I have landscaped the entire property. Last winter we replaced most for the sheetrock in this house with tongue and groove - knotty pine. Over the years, I have worked on every square foot of this house. I now own a LT35 Hydraulic Portable Sawmill and intend to fabricate many more items of wood for this old house.
This is our 4th house and there is no way I would sell it after 40 years of living here. We love to travel, but we always love returning home.
Your last sentence says it all. God’s honest truth, I never figured it that way but you are right.
I am like you. This house has been in my family for four decades or so. Got lots of ten year old fruit trees planted. I sell the fruits cheap just to move them off my property. Many are given away.
Where am I going to retreat to plus this soil produces fruits that other like-love to eat.
I fancy myself as a mini Victor Davis Hanson with his grape and raisin producing orchards. Maybe a mini Thomas Jefferson or Andrew Jackson.... Men of the soil.
On Oct 2019 you and your Husband can play a certain Al Green song over and over again.
People everywhere are locked into their current house ,, can’t afford to or are unwilling to lock themselves into the extraordinarily high pricing that exists... This is what we saw when the market topped in 2006/7 and crashed in 08-10.
“Where is this moron getting his info from?”
Probably from realtors like me that see it playing out daily. You can’t get all your info from a computer screen or CNBC.
Yep. The condo I bought was bought the same weekend it went on the market and my old house sold in less than 1 week.
My realtor says the market around here is very “hot”. Glad to know it’s that way elsewhere.
Our neighborhood is on fire. Full price offers and bidding wars going on. We are renovating right now getting ready to sell and head to the mountains. Gwinnett county is like third world dystopia.
“...but the staircase is getting to be a bit much...”
I hear you. I’m making a move in a few years to single story that is ADA compliant. I don’t need the ADA compliance (yet) but it sure makes moving things around a whole lot easier (i.e. wider doorways and hallways).
I think any guage of the period only since 2000 IS NOT a “historic” guage at all, and over a much longer period a span of Americans’ home ownership of 8 years may not be a historic anomaly at all.
It also seems to me that when I was growing up most folks I knew owned and lived in their homes much longer than 8 years.
Yes, “men of the soil.” And where I live, also men of the sea.
“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.”
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My beloved is 64 and I’ll hit 62 (yea!) next month. I’ve dropped hints all over the place that we’ll expand before we move. LOL
I look at houses and am blown away with the prices. Yuck.
“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. “
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It’s not just the stairs that’s a hazard for senior citizens. When we remodeled my bathroom (aka the main one) it was to have a simple bathtub and a walk-in shower.
Well, my beloved thought it was too ‘utilitarian’ looking and changed the design with the contractor without my knowing about it. In place of the walk-in shower he put in a very nice made-to-specs cabinet for me.
Still, ticked me off more than it’s even possible to say. And fast forward to these past few years and I’m having trouble with balance.
So he’s already been told I’m having it redone and the tub will come out and a walk-in shower will replace it. I told him at my age, I don’t plan on selling the house and it’s now got to do with safety and comfort.
Meanwhile, I made sure the bathroom he utilizes attached to the Master Bedroom was renovated to his exact specs.
This past week almost fell out of the tub. You know what really scares an overweight woman my age? Having to call the EMs and being naked. I’ve told my beloved if that happens before I get the walk-in shower he’d wish HE had fallen. LOL
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