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How Long Do People Stay In Their Homes?

         

How long do people stay in their homes? It's an interesting question. And it's a question that's related to marketing for us.

Prior to 2008, the average person stayed in their home five years before they moved on. So quite a bit of turnover there.

From 2008 to 2016, that number moved up to eight years.

And now that number has gone even higher — it's now 10.6 years.

So why are people staying in their homes longer? Well, there's lots of reasons.

The Great Recession had an impact. Super low interest rates have an impact. Having less inventory in the markets for people to move up to and change homes has also made a big impact.

But one question we should know and ask our clients is how about our local market? How about with our own sphere? What does that look like for the people that you're actually doing business with?

It's a great text. It's a great social media post to ask this question:

"The average homeowner spends 10.6 years in their home. How long have you been in your home? And when do you think you would consider making the next move? Or if you were going to move, where would you move to and why?"

There are lots of ways you can frame that question up. But getting into that conversation is really important for your own local market and for your own marketing.

For instance, if you found in your market that the average was more like eight years, when you're doing farming, you can collect your farming lists from places like the REDX and Property Radar, and pull out people that have owned their homes for more than eight years if that was your number.

Maybe it's 12 years in your market. So you look at the 12 year mark.

There's lots of ways to use that data effectively.

Guys, if you want more ideas like this, I'd love for you to join The Path Performance Coaching Platform.

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