There Are Many Different Reasons For The Lack Of Real Estate Inventory To Discuss.
- Many sellers do not qualify for move-up houses.
- Many owners are not down-sizing, because they have some children still at home.
- Many owners who in the past would move to another State see many people who did this moving back.
- Many owners have borrowed on their homes and do not have enough equity.
- No new affordable housing is being built.
- Many owners like their low interest rates.
- Many starter homes are being purchased by investors for all cash.
This leads me to an article in a recent OC Register paper.
“Homeowners In California Staying 2 Extra Years In Their Homes”.
The informative column is written by Jonathan Lansner, columnist and lacrosse official. The data is from a report by Attom Data Solutions.
Nationally, ownership averaged 7.94 years in March 2017 versus 6.1 years in March 2012.
That is an increase of 1.84 years.
California Counties Stats for 2012 and 2017:
- Ventura: 7.74 and 10.13
- San Francisco: 7.72 and 9.95
- LA/Orange: 7.11 and 9.59
- San Diego: 7.35 and 9.43
- Fresno: 7.65 and 9.41
- Sacramento: 7.10 and 9.13
- Inland Empire: 6.54 and 8.91
- Modesto: 7.01 and 8.75
- Bakersfield: 6.75 and 8.50
- Stockton: 6.24 and 8.28
The average is about 2 years more per home now.
That is a lot of listings gone. And it is not just one area. All areas are experiencing the same trend. Just something to follow.
Duane Gomer Fits The Pattern
Current house is 20 years this year and I do not seeing any move on the horizon; prior home in Mission Viejo was 12 years; prior home in Calabasas Park was 9 years and the one before that in Granada Hills was 8 years.
I would not be a real good repeat client for any real estate professional.