Why Are Some Owners Stuck in Place?
March 13, 2018
The National Association of Home Builders recently surveyed homeowners who'd been living in their homes for a decade or longer to find out why they’re choosing to stay put. Seventy percent of respondents said they weren't moving because they like their home and are comfortable in it. Others said they did not want to go through the hassle and expense of finding another home and moving (21 percent), and one-tenth of respondents said there were no homes on the market they would want to buy or could afford.
“This last finding suggests that a not-so-trivial 10 percent of people living in their homes for a decade or more could be enticed to move if only there were more homes on the market to choose from,” according to NAHB’s Eye on Housing blog.
A separate survey released last week by ValueInsured put that number much higher. Their survey showed many homeowners are spooked by rising prices on the buy side. Fifty-eight percent of homeowners surveyed said they want to sell but are putting it on hold because they don’t want to rebuy at today’s higher prices.
Meanwhile, NAHB’s survey found that some of the least important factors in keeping homeowners from moving were to hold onto a low interest rate (5 percent) and because their home is still worth less than their current mortgage (3 percent).
Source: “Reasons for Not Moving in 10+ Years,” National Association of Home Builders’ Eye on Housing blog (March 6, 2018)
Updated: July 19, 2018