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...
Currently, 33.9 percent of owner-occupied U.S. homes are owned by residents aged 60 or older, and 55.2 percent by residents aged 50 or older. As these households age and begin vacating housing, that could represent upwards of 20 million homes hitting the market through the mid-2030s.
According to a recent report by Zillow Research "the massive Baby Boomer generation has already begun aging into retirement, and will begin passing away in large numbers in coming decades – releasing a flood of currently owner-occupied homes that could hit the market."
We can be of service to Baby Boomers who may be looking at retirement options, senior living options, moving in with adult children, or right-sizing to travel more and spend time with grandchildren. In the event of a passing we can also assist with helping loved ones, estates, or trusts dispose of real estate.
The numbers are staggering....
Are you positioning yourself for this massive opportunity? Watch this quick...
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