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The ‘forever’ home: Why homeowners aren’t selling

Friday, August 25, 2017   /   by Zachary Johnson

The ‘forever’ home: Why homeowners aren’t selling

Source: Orange County Register via CAR

There’s a growing trend in which homeowners are staying put longer and longer. Southern Californians selling their homes this past spring had owned them for an average of 9.4 years, according to Attom Data Solutions, an Irvine-based housing research firm. By comparison, the average ownership tenure in the spring of 2008 was 4.6 years, or half as long.

Reasons are varied. They include changing demographics, possible tax consequences, rising mortgage rates and difficulty finding the next home, experts say. The trend is not inconsequential.

Staying put longer can stymie economic growth while stifling business for those who depend on home sales for their livelihoods. And it’s contributing to the current shortage of homes on the market.

“When I started 30 years ago, the state average was five or six years,” said Geoff McIntosh, a Long Beach broker and 2017 president of the California Association of Realtors. “The turnover rates have just stopped.”

Read the full story

(Source: http://www.ocregister.com/2017/08/06/the-forever-home-why-more-people-in-southern-california-arent-selling-their-homes/ )

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