1. People are staying in their homes longer – in 2008, people bought and sold after staying in their homes an average of 6 years… in 2016 it was 10 years
  2. Renters are now buying, creating high demand – increasing rents and low interest rates mean it often makes more sense to buy than rent and renters are buying
  3. Investors are renting homes they bought during the recession – about half of the homes sold 2009-2012  went to investors… although some of them were sold as flips many are being rented so are not turning over at a normal rate
  4. Homeowners are renting instead of selling – because of the strong rental market, many homeowners are keeping homes as investments and renting instead of selling when they buy another home
  5. Many Gen-Xers aren’t selling and buying up – many in this category who were ready to move up didn’t have enough equity to sell because of the recession so chose to remodel and stay where they are
  6. Baby Boomers are aging in place – many in this category aren’t downsizing as predicted but deciding to make renovations so they can age in place
  7. Fear of not finding a new home – many move up buyers and downsizing sellers are afraid to sell for fear of not finding a new home to buy
  8. New construction isn’t keeping up with demand – months supply of inventory is down in all price ranges, average down 16.7% compared to last year
  9. Millennials are now buying – this generation was slower to launch than previous generations but are now buying, increasing the pool of buyers
  10. Many homeowners lost equity during the recession – many homeowners were underwater on their mortgage during the recession and couldn’t sell so decided to stay and update/expand rather than move

About Sharlene Hensrud

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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