To break it down, first-time home buyers plan to spend 11 years in their home before selling, and move-up buyers plan to spend an average of 15 years in their home. Overall, the study points to less frequent moves for American families.
There is debate about the effect of the recent recession on the study. When the real estate market was in decline, it was certainly more difficult to sell a home, and the overall economy was not conducive to relocation activity. But is there more to the story?
Let's look at another study by the U.S. Census and HUD. According to the 2011 American Housing Survey, 20% of home buyers chose their home location based on convenience to their employment.
That means a full 80% of buyers choose their home location for reasons of lifestyle or convenience to other factors, such as proximity to schools, recreation, or nearness to family. In other words, one could draw the conclusion that the desirability of an area is more important to home buyers long-term than the particular amenities and square footage of the home.
There are other emerging trends in home ownership that are lengthening periods of residency:
1. Adult children staying at home for longer periods
2. Homes being shared with aging parents
3. Telecommuting - working from home
How long are you likely to stay in your Millburn-Short Hills or Summit home? This is a personal question you should explore as you look at homes for sale. Consider your immediate needs, your budget, and the long-term needs of your family. Think about strategies like 15-year mortgages, which could enable you to live mortgage-free in the future! Also look at several NJ neighborhoods and the local amenities available.
Tell me what you're looking for, and I will help you find the best home to match your needs! As your Millburn-Short Hills real estate professional, I can help you buy a wonderful home that you will enjoy for years to come. Contact me today, and let my 18 years of experience be your market advantage!
Elaine Pruzon
Coldwell Banker Residential Brokerage
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