Buyers today want a house for the long haul

WASHINGTON – Nov. 27, 2013 – More homebuyers today plan to plant deep roots in their communities rather than move to a bigger or better home in a few years, according to research from the National Association of Realtors®.

Last year, 27 percent of homebuyers between the ages of 25 and 44 and 18 percent between the ages of 18 and 24 said they planned to stay in their homes for 16 years or more. By contrast, in 2006, just 18 percent of buyers aged 25 to 44 and 8 percent aged 18 to 24 said the same.

“They’re looking at hard costs and not throwing caution to the wind,” says Cara Ameer, broker associate with Coldwell Banker Vanguard Realty in Ponte Vedra, Fla.

Today’s buyers also realize mortgage rates are very low currently, and it will be difficult to keep their monthly payment similarly low in the future should they decide to trade up or refinance. People also have lower expectations for quick home price increases giving them the needed equity to move up.