Americans are staying in their homes longer and aging in place, according to new data from the property portal and brokerage, Redfin.
The finding indicates the current shortage of homes for sale across America isn’t just a result of higher interest rates but also due to owners holding onto their homes almost twice as long as they did in 2005.
Redfin reports that American couples, often without families, remain in their homes for almost 12 years compared with 6.5 years in 2005.
The figures peaked three years ago, with owners staying in place for more than 13 years on average.
The data, taken from county records, would point to a significant reason why the number of homes for sale is at historic lows in many parts of America.
Boomers (40%) have lived in their homes for 20 years, while more than a third of Generation X haven’t transacted for at least a decade.
Compounding the issue is that America’s population is aging. Some 17.3% of the population was aged 65 or over in 2022, compared with 13% a decade before.
This makes the landscape challenging for buyers, especially those looking for their first property. These tips have been designed to help with house hunting, even when the inventory of neighborhood properties is low.
Stay in the loop
Even when searching for a property seems impossible, you must stick with it. Keep doing your research and checking out those listings. You’ll never achieve your dream by withdrawing from the market.
Be flexible
You’ll undoubtedly have a clear idea of the type of property you want. However, don’t walk away from opportunities because they don’t tick every box. Be open-minded and consider the potential of each property. Home-hunting is more than a box-ticking exercise.
Find a top agent
The value of having an agent who knows the neighborhood and the other local agents cannot be underestimated. A great agent will give you the best chance of finding your next dream home.
Stay positive
Your attitude is critical. Be patient and persistent, but do not settle for a property you don’t want. Buyer’s remorse is real, and it can be costly if you sell within a couple of years without enjoying any capital gain.