Is It Time to Move to Your New Home?
How long have you been in your current home? If you have been in your home for more than five years, you are like many other people across the country.
According to the management company, First American, homeowners are staying longer in their homes than usual.
As the graph shows, before 2008, homeowners sold their houses after an average of just five years. Today, that number has doubled to ten years. The housing industry refers to this as your tenure. To understand tenure, it is helpful to find out what drives a person to sell their home.
An article from real estate magazine, The Balance, further explains.
“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.”
If you’ve been in your home for longer than the norm, chances are you’re putting off addressing one, if not several, of the reasons other individuals choose to move. If this sounds like you, here are a few things to consider:
If your needs have changed, it may be time to re-evaluate your home.
As the past year has shown, our needs can change rapidly. That means the longer you’ve been in your home, the more likely it is your needs have evolved. The Balance notes several personal factors that could lead to your home no longer meeting your needs, including relationship and job changes. Are you working from home, indefinitely? Has the number of people living in your home increased or decreased? Many are spending more time at home. Depending upon your needs, your current home may not be right for you anymore.
Selling your home may also be financially beneficial due to the amount of equity you have amassed in the past 5-10 years. According to the latest Homeowner Equity Report from CoreLogic, homeowners gained an average of $33,400 in equity over the past year. In conjunction with low mortgage rates, your equity can either give you an opportunity to purchase a larger home or provide a large down payment with lower monthly mortgage payments, if you choose to downsize.
If you find yourself in the same home for the last ten year and are looking to make changes, The Aaronson Group can help you! Please contact us at (949) 388-5194 or info@previewochomes.com.
