First-time buyers reported that their median expected ownership was just six years and nine years for repeat buyers, the lowest since NAR (Natl. Assoc. of Realtors) started collecting the data in 2006 for both buyer types.
For repeat buyers, that bumped up to 10 years in 2007, then 12 years in 2009, and then up to 15 years in 2010 where it has remained steady for the past six years.
For first-time buyers, the median expected ownership in the home jumped to 10 years in 2008 where it has remained ever since. It is no surprise that repeat buyers expect to remain in their home longer than first-time buyers.
It is interesting, however, to see that first-time buyers in 2006 expected to sell in just six years. Fast forward a decade to 2015 and first-time buyers expect to sell in almost double the time of 10 years.
So now we're at 15 years for repeat buyers and 10 years for first time buyers. That's a big change from the old 7 years that the media has hyped.
Many people that had thought of moving simply could not because of market conditions during the last few years and lack of equity in most instances to do so.
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