Welcome to the DevoreRealtyGroup.com Blog

2019-11-07 14:10:55
More Americans are staying put, leaving fewer homes on the market
November 4, 2019, 6:09 pm By Julia Falcon

Americans are taking the term “homebodies” to a new level, as the typical American homeowner is now staying in their home for five years longer than they did just nine years ago.

A new study from Redfin shows that the typical American homeowner has spent 13 years in their home. In 2010, homeowners stayed put for up to eight years.

And that is leading to a decrease in housing inventory, which is also exacerbating a rise in new home prices.

For senior citizens, it’s a little easier to stay put. Many local governments put policies in place that reduce property tax burdens for its older residents, making it more affordable for seniors to stay in their homes, Redfin said.

Because seniors are staying in their homes, it has caused a shortage of 1.6 million homes, according to Freddie Mac.

To that point, a recent report from Zillow showed that there were 102,112 fewer homes on the market in the U.S. in September than there were last year during the same month.

According to Redfin’s report, there are some cities that stand out in terms of homeowners hanging onto their homes the longest.

Which cities homeowners have stayed in the longest? Salt Lake City; Houston; San Antonio; Dallas and Fort Worth, Texas.

In each of these cities, homeowners are staying in their homes for at least 20 years.

“In Dallas, there are many neighborhoods that were built in the 1950s and 1960s where most of today’s residents are still the original homeowners,” said Dallas Redfin agent Christopher Dillard. “Because prices have been going up, and folks are gaining more and more equity, it’s hard to justify selling when there aren’t many if any affordable options.”

In San Francisco, the median homeowner has been in their home for 14 years, while it was 10 years in 2010. The median home price has also risen in San Francisco and there are half as many homes available on the market, which doesn’t come as a shock since it is surrounded by major tech companies.

Median tenure is the highest in Salt Lake City, where the number of homes for sale has plummeted 59% from 2010 to 2019.
Blog Archive
2020-01-19 06:31:49
Age of Buyers is Skyrocketing…But Not for Who You Might Think

2020-01-14 11:00:50
Number of Renters Reaches Record Highs

2019-12-29 21:30:00
Recession or growth for San Diego? What economic indicators the experts are watching in 2020

2019-12-20 13:05:35
Homeowner Resolutions

2019-12-08 16:34:18
The Silver Tsunami and the Coming Boom of Available Homes

2019-12-03 15:04:09
For Boomers Reframing Aging, Age Proofing Home Won't Come Cheap

2019-12-01 21:26:14
Economist: More Inventory Coming, But Who Will Buy?

2019-11-24 22:13:12
Housing Could Buoy Economy in 2020

2019-11-17 21:42:26
Mortgage Meltdown Unlikely Despite Hike in Risky Loan

2019-11-12 10:17:02
The financial burden of homeownership is easing. Renting? Not so much

2019-11-07 14:10:55
More Americans are staying put, leaving fewer homes on the market

2019-10-22 14:56:35
The Grass Does Not Have to Be Greener: 7 Low-Maintenance Landscaping Ideas

2019-10-01 18:37:07
Shop Smart: 6 Home-Buying Lessons From 20 Years of HGTV's 'House Hunters'

2019-09-22 22:03:19
Seven Ways Telecommuting Has Changed Real Estate

2019-09-13 12:25:20
Millennials are resorting to this questionable tactic to buy their first homes

2019-09-09 14:16:11
This study suggests that you’re wasting a ton of home space

2019-08-27 09:42:01
Study: It Pays to Live Near Specialty Grocery Stores

2019-08-16 11:58:37
Half of homebuyers with kids base purchase on school district

2019-08-12 22:44:48
The Borrower's Big Mistake?

2019-07-25 00:10:39
Millennials Will Reshape The New Home Market

2019-07-11 22:31:01
Shelter Zoom Survey: When do home sellers opt to lower price?

2019-06-23 15:33:44
Investors Are Buying More of the U.S. Housing Market Than Ever Before

2019-06-17 23:17:32
5 outdated seller beliefs agents should debunk

2019-06-10 12:29:48
Buying a home together if you aren’t legally married? Protect your investment.

2019-06-03 14:16:40
Realtor.com Ranks Top Investments

Click here to see ALL articles.

Comment on this Article

Your Name:
Your Email:
Verify:  Please enter the numbers shown to help eliminate spam.