How long is a home home? Raleigh mortgage lender Kevin Martini with the Martini Mortgage Group at Benchmark Mortgage answers this question in Episode 015 of the Martini Mortgage Podcast with data from the National Association of Realtors® ‘2018 Home Buyer and Seller Generational Trends Report’.
According to the ‘2018 Home Buyer and Seller Generational Report’ published by the National Association of Realtors®, the median expected tenure increased to 15-years. Home buyers 37-years old or younger still expected to be in the home only 10-years however Seller 37-years and younger stayed in their home for 6-years.
The median Seller tenure is up for a historic perspective. In 1985, people stayed in their home for 5-years. In 1986 to 2008, with the exception of 1997, during this period, the median tenure was basically 6-years.
In 2009 it was 7-years, in 2010 it was 8-years and 2011 thru 2013 it remained steady at 9-years then in 2014 it went up to 10-years then dropped in back to 9-years in 2015 and back ups to 10-years in 2016 & 2017.
There are a ton of reason why someone is staying in their home longer and in Episode 015 of the Martini Mortgage Podcast we look at them in more detail.
Episode 015: ‘How Long is a Home Home’ Kevin Martini, a mortgage strategist with the Martini Mortgage Group at Benchmark Mortgage goes into great detail to answer this question.
This and other episodes of the Martini Mortgage Podcast are available on iTunes.
Right now home loan rates are higher today then they were at the beginning of 2018. Freddie Mac, Fannie Mae, the National Association of Realtors® and Mortgage Bankers Association believe that higher mortgage rates are coming soon. If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
I respect that some homeowners may already have an epic mortgage rate and they will need to decide if they want to pay a higher home loan rate when they sell their old house and buy a new one. If you are considering a move know the economics first and call one of the trusted Raleigh mortgage lenders at the Martini Mortgage Group with Benchmark Mortgage.
If you are currently in a starter or trade-up house that no longer fits your needs or will not meet your needs int he future and you are looking to step into a luxury home, now is the time to list your house for sale and make your dreams come true.
Kevin Martini | NMLS ID 143962 | Branch Manager | Martini Mortgage Group at Benchmark Mortgage | Ark-La-Tex Financial Services, LLC NMLS ID 2143 | 5650 Six Forks Road, Suite 101 Raleigh, NC 27609 | (919) 238-4934 | www.KevinMartini.com | kevin.Martini@Benchmark.us | Equal Housing Opportunity