Study shows buyers staying in homes longer
Homebuyers are planning to remain in their homes an average of 13 years before moving out, according to new research by the National Association of Home Builders.
As expected, first-time homebuyers are expected to stay in a home a shorter amount of time-11 and a half years-compared to about 15 years for homebuyers who have owned a home previously.
Low interest rates and slow-climbing appreciation the past few years are influential factors.
The length of stay for trade-up buyers has consistently been longer than first-time homebuyers,” the study noted. “Since 2001, the spread between first-timers and trade-ups has been at least four years, and as high as seven years at the extreme point of 2009.”
Since 2007, homeowner mobility has declined, according to the study.