Feeling ‘Stuck in Place’? You Aren’t Alone… And There’s Hope!

Keith Kreis
Published on November 17, 2017

Feeling ‘Stuck in Place’? You Aren’t Alone… And There’s Hope!

Pin

Whether you are a renter who is searching for your dream home or a homeowner who feels like your only option is to renovate, you have at least one thing in common: feeling stuck in place.

According to data from the National Association of Realtors’ Profile of Home Buyers & Sellers, the average amount of time that a family stays in their home remained at 10 years in 2017. This mark ties the highest marks set in 2014 and 2016. Back in 1985, when data was first collected on this subject, homeowners stayed in their homes for an average of only 5 years.

There are many reasons why homeowners have decided to stay and not to sell. A recent Wall Street Journal article had this to say,

“Americans aren’t moving in part because inventory levels have fallen near multidecade lows and home prices have risen to records. Many homeowners are choosing to stay and renovate, in turn making it more difficult for renters to enter the market.” 

Sam Khater, Deputy Chief Economist for CoreLogic, equated the lack of inventory to “not having enough oil in your car and your gears slowly [coming] to a grind.”

Historically, a normal market (in which prices increase at the rate of inflation) requires a 6-7 month supply of inventory. There hasn’t been that much supply since August of 2012! Over the course of the last 12 months, inventory has hovered between a 3.5 to 4.4-month supply, meaning that prices have increased and buyers are still out in force! Steps to Buying a Home

Ask Keith Your local Agent

Challenges in the new-home construction market have “helped create a bottleneck in the market in which owners of starter homes aren’t trading up to newly built homes, which tend to be pricier, in turn creating a squeeze for millennial renters looking to get into the market.” Steps to Buying a Home

“Economists said baby boomers also aren’t in a hurry to trade in the dream homes they moved into in middle age for condominiums or senior living communities because many are staying healthy longer or want to remain near their children.” Steps to Buying a Home

So, what can you do if you feel stuck & want to move on?

Don’t give up! If you are looking to move-up to an existing luxury home, there are deals to be had in the higher-priced markets. Demand is strong in the starter and trade-up home markets which means that your house will sell quickly. Let’s work together to build in contingencies that allow you more time to find your dream home; the right buyer will wait. Steps to Buying a Home

source: Feeling ‘Stuck in Place’? You Aren’t Alone… And There’s Hope! | Real Estate with Keith Kreis


GUIDE TO BUYING A HOME

Buying a home usually represents your single biggest investment .

The home buying process is one of the most exciting, and frequently stressful, experiences you’ll ever go through. This holds true whether you’ve bought many homes or you’re looking to buy your first, whether you’re in the market for a new primary residence, an investment property or that perfect 
vacation getaway. Today’s real estate market can offer more opportunities, yet
 can be filled with more risks than ever before. Steps to Buying a Home

There are a multitude of factors to consider and decisions to make when Buying a home . When buying, it’s crucial to have all the available resources necessary to make a well-informed decision, together with the time required to make use of them. It’s important to enlist the help of a trusted real estate professional ” Keith Kreis “who’ll be able to provide expert guidance at each step of the buying process. Steps to Buying a Home

Finding and Buying a home includes the following steps, which we’ll examine in more detail throughout this booklet: Steps to Buying a Home

Contact a real estate professional

Address & Phone
Keith Kreis
Charles Rutenberg Realty
3135 Book Rd.
Naperville, IL 60564
630-673-0306
Map Location
Contact By Email

Guide To Buying a Home

Pin
Feeling ‘Stuck in Place’? You Aren’t Alone… And There’s Hope!
Please use a valid email.
Please fill in all fields.
view now
Want to know the value of your home?
Our professional staff will figure it out for you for FREE.