There many different reasons discussed. 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 that headlines, “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.
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Some stats from California counties: first number is 2012 and the second is now: Ventura 7.74 and 10.13; SF 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; Sacto 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.
[bctt tweet="What's Holding Down The Real Estate Inventory In Your Area?"]
