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Spirit Messingham's Blog

By Spirit Messingham | Agent in 85716

What is the average number years of ownership for First Time Home Buyers?


The answer used to be 3 years, curious to see if that changes.  If the first time home buyer was spending an average of three years in their first home, in the current market I am curious to see if that number changes? 

Your thoughts?

Comments

By John Souerbry,  Mon Jan 31 2011, 08:37
In California it's 5 years for everyone. That number shrinks in hot markets, grows in cold markets. Every person is different......
By Spirit Messingham,  Mon Jan 31 2011, 08:56
Three years is or I should say WAS the national average. I suspect that number will change in this market.
By BeachBrokerBill,  Mon Jan 31 2011, 08:57
John is right - Every person is different and every situation is different. 17 years later, we are still in our first home. What you buy first is also key. If you buy a 2 bedroom townhouse, obviously you will have to move sooner once you get the family thing going than if you bought a 4 bedroom house. In these times, I see people being more practical and holding on to what they have as opposed to jumping into a bigger home with a bigger mortgage.
By Spirit Messingham,  Mon Jan 31 2011, 09:01
Yep, I agree with both of you. Plus dealing with a lot of first time home buyers, seems like their lives tend to change shortly after. Including starting a family, moving for a career and etc Thanks for the input gentlemen.
By Kevin Brisky,  Mon Jan 31 2011, 09:17
Great question!

I also agree with you in that the number will increase in this market, but as you mentioned every circumstance is different.

Thanks!
By Spirit Messingham,  Sun Feb 6 2011, 07:55
Thanks Kevin.

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