When I was young in this business, the average years a Seller remained in their home was 4-5 years. After 2008, we started seeing more and more homeowners opting to stay in their homes and remodel what was needed. NAHB did a survey a few years ago and they found this number to be 13 years.
In today's market, homeowners stand to see LOTS of equity if they have been in their homes a long time, and some are now taking advantage of this fact.
I did a poll of the last two years of all my Sellers who have sold, and how long they have remained in their homes, and was interesting to see the results.
2016 - the average was 18.6 years and saw 3 homeowners stay from 22 to 31 years!
2017 - saw more homeowners moving quicker with an average of only 5.4 years, and the longest was 10 years!
I did not factor in the investment properties that sold.
In the seminar I attended this week, they suggested preparing a CMA for those purchasing in 2000 or earlier and seeing if you could set up an appointment. He said for every 5 calls made, one listing was garnered! Most sellers were amazed at how much was on their bottom line with our home values increasing so nicely for the last four years!
What is the average you have seen with your homeowners over the last couple of years?
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