Is It Time To Move on to a New Home?

Is It Time To Move on to a New Home?

Homeowners are staying put much longer than historical averages. According to recent data from First American, homeowners have been stuck in their homes for an average of 5 years now (as seen on the graph below).

As the graph shows, before 2008 homeowners sold their houses after an average of just five years. Today that number has more than doubled to over 10 and sale periods are becoming less common as people wait for larger gains in value from appreciation (or renting). The housing industry refers to this tenure -the time between selling your home-and one can really explore how long they've been living there by understanding what drives individuals making a move? An article at The Balance sheds some light on primary reasons why we choose sell our homes:

“People who move for home-related reasons might need a larger 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.”

The average person spends 11 years in their home before they move. But, if you’ve been at it for longer than the norm and aren't quite ready to make a change yet- here are some of our ideas on what might be holding back from moving out:
In order get motivated there needs two things; one being inspiration which can come from anywhere whether its seeing someone's new renovation project online or hearing something inspirational said on repeat while tasks around us seem mundane because we know life will never feel this way again until someday after time has passed since everything changes-- second thing needed is drive/motivation.

If your needs have changed, it may be time to re-evaluate your home.

Have you ever felt like your home no longer meets the needs of who are living in it? This could be due to a change in personal factors, such as job or relationship changes. The Balance notes several reasons that lead people away from their homes - including remote working employees being told they'll have an office at work indefinitely for example! Other homeowners choose sell when there's more than one person under one roof because space must evolve too; which means this isn't something happening solely because someone has grown out-of-touch with what makes sense anymore...

It’s often financially beneficial to sell your house and move.

Homeownership can be a major player in your financial future. If you’ve owned the same house for several years, it's easy to forget how much equity has built up over time and what that means when selling off an older home or looking at purchasing one new instead of renting out space somewhere else. Not only does this serve as great protection against risky investments like stocks; but also because there are so many benefits associated with owning property--from tax breaks on mortgage interest payments all the way down to building up some serious worth within just these few decades!

Bottom Line

If you’ve been in your home for 5-10 years or more, now might be the time to explore selling. Today's low rates and built up equity could provide an opportunity that would address evolving needs because of changing circumstances like divorce proceedings which may have left behind unwanted property from previous ownerships as well as increases in family size leading some people away from single living situations into multifamily homes with roommates due their shifting priorities on what they need versus want out of life since having kids changes everything!

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