Lance, Other/Just Looking in Salt Lake City, UT

What's the average length of time a family stays in a home before relocating?

Asked by Lance, Salt Lake City, UT Tue Sep 23, 2008

average length of stay

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Answers

3
Then, from a mortgage perspective:
The national average was a homeowner will conduct a mortgage transaction every 2.8 years,
or 2.4 years if you are in California. (It seemed more like every 6 months sometimes for the SoCal folk.)
Of course with values declining - I havent read the "new & improved" turns.
Hey - let's ask Suze Orman!
The reasons - now this could be because:
-ideally, a rate & term refinance to lower your % rate,
-cash-out, perhaps you are OBE (Overcome By Events) i.e. death, divorce, tragedy.
-home improvements, adding a dormer, or a swimming pool, etc.
-you sold your home, and needed a mortgage for the new home.
That's why - a GOOD mortgage person will be a true advocate for your financial needs, and understand your timeline, goals, will you transfer, are you upwardly mobile? kids? bigger/smaller house on your radar?
The last thing you want to do - is to "leave money on the table" but not understanding your refinance costs,
and a break-even analysis of the costs divided by your savings.
If you spent 1.0 point, to save .250% on the % rate - but then you move in 2-3 years, what have you realy gained?
Web Reference: http://www.WindsorCap.biz
0 votes Thank Flag Link Tue Sep 23, 2008
The average family stays in a home for a minimum of 6 years.
0 votes Thank Flag Link Tue Sep 23, 2008
According to the latest NAR statistics (from memory, don't shoot me if I'm wrong here) the statistic is approximately 5 years.
0 votes Thank Flag Link Tue Sep 23, 2008
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