When I first started selling Portland real estate in 1975, homeowners lived in their houses on average 7-10 years before selling. Later that changed to families staying in their homes approximately 3-5 years. Then, during our housing peak, some people didn't stay in their homes at all and at recording/closing, people would instantly resell.
Economists are saying in this economy you should think about how long you are planning to stay in your home before you purchase and it's better to think long-term like people did years ago. Unfortunately there are times when life doesn't come in a neat little package and people need to move sooner.
However, with all that's been going on with the most recent foreclosure mess, not to mention the financial crisis and the recession, the "good 'ol days" sound pretty good to me right about now.
How long do you plan on living in your current home or future home? This time, think long term.
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