As the housing market stagnates, American homeowners are staying put for the longest stretches ever

marketwatch ^ | Oct 29, 2018 | marketwatch

[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.

[dennisw]

Gwinnett county ....drove through it many times in the late 1980’s. Back then it was billed as a white-topia. How things change and best of lucks etc to you and your husband as you move.

[Georgia Girl 2]

I have lived in Gwinnett since 1987. It used to be great. Things change. The mountains are still great. 😃

[The Toll]

I’m in Gwinnett as well. It was nice.

[hinckley buzzard]

Yes, and mortgage rates rising. Really no mysteries where money is concerned. Something about supply and demand that always works in the end.

[hinckley buzzard]

Some years ago there was a guy who wrote a book called "Rich Man, Poor Man" in which he advocated renting not owning, to keep your capital liquid and available for use rather than locked up in a relatively illiquid real estate investment that might or might not ever turn a reasonable ROI.

[Vigilanteman]

Warren Buffett said the same thing in his authorized biography. So who am I to argue?

The best I can do is not to pay off the mortgage early and invest it in more productive pursuits given that I have a locked in rate of 2.75% until 2027.