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.

4 Tips to Simplify Holiday Decorating … A Gift to Yourself

Decorating your house for the holidays is supposed to be fun, but sometimes the admin around it can become a chore. Here are four ideas to streamline and simplify your decorating this year.

Use decorations you can keep out beyond New Year’s. It can feel very laborious spending a day festooning your house knowing you’ll be taking them the decorations down again in a couple of weeks. How about replacing your felt Santas or Christmas baubles with less holiday-specific decorations, such as garlands of pine cones, acorns and evergreens that can stay for the whole winter season.

Bring in the flowers! Substituting flowers for the tinsel will not only give your house a beautiful facelift, it’ll also help you cut down on the clutter once the holidays are over. No more boxes filling the attic, just some stems to add to your compost.

Don’t put things out for the sake of it. Let’s be honest: some decorations are beautiful, while others can seem tacky, generic or a little boring. Don’t feel you have to put out as much as possible just because it’s what everyone else does. Only choose the things you truly love having around the place or things that you genuinely find beautiful.

Resist the urge to buy new decorations if you don’t truly need them. Chances are you already have plenty left over from previous years that will have been kept for a reason! Bring the festive spirit to the house by making use of what you already have.