Even in our relatively slow market, people are still selling and buying homes. But the length of time people who are selling their home have lived there, as well as the reasons for selling, have changed in the last five years or so. The top reason today is for relocation to a new job. The economy is improving, so the relocation market is bound to remain active for some time as people who don’t have to move gain enough confidence to want to move. Here are some stats from the NAR:
■People are staying in their home longer. The typical seller tenure in home from 2001 to 2008 was 6 years. In 2009, the median years the seller stayed in the home edged up to 7 years. In 2011, the typical seller sold their home after owning it after 9 years.
■Sellers who owned their home for 11 to 15 years almost doubled, rising from a low of only 10 percent of sellers in 2006 to a high of 18 percent of sellers in 2011.
■The motivations behind selling a home have also changed in recent years. The top reason sellers sold their home in the latest profile was for a job relocation, tied with the home sellers home was too small—accounting for 17 percent of home sellers.
■Five years ago, the No. 1 reason was the home was too small at 19 percent, but job relocation barely was on the radar at just 9 percent of home sellers.
■Among home sellers aged 45 to 54, job relocation outpaces reasons to move substantially with 29 percent of home sellers in this age group moving for a job.
■Moving to avoid foreclosure has increased from less than one percent in 2006 to 8 percent of sellers in the 2011 Profile. For more information on the Profile of Home Buyers and Sellers, go to: http://www.realtor.org/topics/homebuyers_sellers_profile
If you have to move or want to move, contact Rob Burns with Prudential Network Realty at 904-485-7455. http://www.jaxhomeseller.com
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