Some of us have our eye on a house we drive past, dreaming about the day it has a for sale sign in the yard and we could make it our own. But a new report suggests that day may never come, as a lot of homeowners are happy to stay put in their home for the long haul. According to a new survey from Redfin, 34% of U.S. homeowners say they’ll never sell their home.
The real estate company’s poll of 18-hundred adults across the country also finds:
- Just over a quarter (27%) say they wouldn’t consider selling for at least 10 years, while 24% plan to sell in five to 10 years.
- Older homeowners are more likely to say they won’t sell, including 43% of baby boomers, compared to 34% of Gen X and 28% of millennial/Gen Z owners.
- So, why do they want to stay in their home? Nearly two in five (39%) say it’s because their home is almost or totally paid off, making this the most common reason.
- Almost as many (37%) say they’re not selling because they just like their home and have no reason to move.
- But affordability is also an important reason, with 30% saying they’re staying in their home because today’s home prices are too high and 18% don’t want to give up their low mortgage rate.
- And some homeowners don’t want to sell because their kids or family members still live at home (16%)
“The just-because movers—those who just want a bigger or nicer house—are staying put, mostly because it’s so expensive to buy a new house,” says Marije Kruythoff, a Redfin Premier agent in Los Angeles. “The people who are selling are doing so because they need to. Either they’re relocating to a different part of the country, or they’re moving due to a major life event like having a baby or taking a new job on the opposite side of the city.”
Source: Redfin
Scott's Thoughts:
- As if it wasn’t already hard enough to buy a house these days!
- Having a paid off home sure makes it easier to plan for retirement!
- It's so expensive to buy OR rent a house these days.