People are staying in their existing homes longer. On average people are keeping their current homes for 13 years as opposed to 8.7 years in 2010. One in four residents have lived in their current homes for 20 years or more. There were 1.28 million homes on the market in the US in November, 2020. This was down 22% from 2019. On average there is just a 2.3 month supply of inventory for sale across the country. All of this is driving prices up 15% in 2020 from 2019 to a median price of $310,800 across the country. Of course, many markets have average home sale prices much, much higher.
It could be that Covid has caused people to pause downsizing or upsizing as the case may be because of job insecurity with the many lay-off's that have occurred. People are staying put until the pandemic finally comes to an end, which could be a year or more. This is causing it to be a seller's market. This is a great time to sell if moving from a high cost, high tax state to a low cost, low tax state. It could very well be that in making the move, the end result could be a serious upgrade in housing at a much lower price.
Now that more people are working from home, they can live anywhere. And, of course many Seniors are moving from cold places to warm places to retire. With interest rates at record lows, this could be a very good time to move. At Paragon Home Resources, we assist people in making life decisions. We can help with selling or buying homes with cash back rewards and the disposition of household goods. as well as, many other services that make moving easy. There are many things to consider; but in real estate timing is everything. People need to take a hard look at their situation and take advantage of the trends that exist today.
