Homeowners Staying Put: Real Estate Homebodies
When you buy a home, how long do you picture yourself living there?
According to a new study from Redfin, the typical American homeowner is staying in their home five years longer than they did in 2010.
In 2010, the average homeowner bunkered down for up to eight years – currently, it’s up to 13 years.
In places like Salt Lake City, Houston, San Antonia, Dallas, and Fort Worth, Texas, homeowners are staying in their homes for an average of at least 20 years.
While moving can be a pain, this trend is causing a heavy burden on the housing inventory. This makes it more competitive for buyers, which in turn causes prices to increase.
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