Homeowners Are Staying Longer in Their Homes

In recent years, the National Association of Realtors’ historical data has revealed that homeowners are staying in their homes an average of nine years, as compared to four to five years just 13 years ago. There are several reasons for this dramatic change.

When home prices took a big dive in the mid-2000s, many owners were forced to stay in place because of little to no equity in their homes. This pushed the five-year average tenancy up.

The length of homeownership among younger families, who typically relocate about every five years, has not caught up with older generations, who live considerably longer in their homes.

The size of homes has been increasing for the last 40 years, and in conjunction with that, family household sizes have been getting smaller. As a result, the need to keep moving up to larger homes has greatly diminished. Many find that after several years of owning the same home, their needs are still satisfied.

Today, some homeowners are not anxious to give up a comfortable loan balance with a good interest rate after having benefited from good appreciation and historically low interest rates. Staying where they are is more appealing. Other homeowners who may have an interest in selling may be dissuaded by the lack of supply of homes to buy and not being able to find a replacement residence.

Today’s credit standards are tighter, making qualifying for a mortgage more difficult for some of those who do wish to sell and buy another home. When homeowners are less likely to qualify for a new mortgage, they are more likely to have to stay where they are, contributing to the average length of homeownership in the market.

Many factors contribute to choosing to stay in a home or not. If you are considering buying or selling a home, call or email us today, and we can help you navigate each of them so you can make the decisions that are best for you.


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Choose what YOU want in custom, quality, new homes at Great Oaks, Methuen

When it comes to finding your very own place to call home, it’s not always an easy choice.  There are so many options! Think about it.  Where do we want to live?  What conveniences do we need nearby?  What style home do we want?  How many bedrooms?  How many bathrooms? What color paint on the outside, on the inside? How big of a kitchen do we want? What’s the best floor plan for us?  What about outside space?  A yard?

Goodness – the list goes on and on!

While having a REALTOR® that knows all your personal likes, dislikes, needs and wants is critical to the home-buying process, what’s even more important is that your agent is extremely tapped into all the available properties that will meet and exceed all your expectations.  What’s amazing right now, is that there is one new development that truly hits the nail on the head and enables buyers to choose the options that are best for THEM!

This new development is called Great Oaks and is in Methuen, MA. 
Just take Rt. 213 to Howe Street, to Hampstead Street, to North Street to Great Oaks – and this could be your new home!

This experienced builder and his team not only are using one of the highest grades of building materials in their quality construction work, but also have jam-packed these homes with several standard items that would typically be recognized as upgrades. These include a generator hook up, sod, irrigation, crown molding, chair rail and shadow boxes in dining room, a healthy selection of cabinets and counter tops, hardwood floors that are finished on site (not prefinished), no lot premiums – to name just a few!

This distinctive neighborhood is going fast.  Both young and mature families are moving in so that they can benefit from the convenient location (near major highways, schools, hospitals, recreation areas, shopping and restaurants) and quaint neighborhood setting.  Also, if you start building this Fall, there are some incredible Builder Upgrade Incentives you should know about.  Those who already have purchased feel great about getting a high-quality home for a wonderful price.

For more information, contact Linda Early (LindaEarly@cocoearly.com) / (978) 375-4344 and visit the website at https://www.greatoaksmethuen.com/

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