One big reason might be homeowners are staying in their homes longer than ever.
The typical U.S. homeowner now stays in their home for about 12 years, nearly double the 6.5-year average in 2005, according to a Redfin analysis reported by Yahoo Finance.
Housing analyst Jeff Ostrowski from Bankrate summed it up perfectly:
“I’m old enough to remember when Americans moved all the time. Want a pool? Move. New job? Hire a Realtor. Don’t like the kids’ school? For-sale sign in the yard. Neighbor’s dog barking too much? Outta here.”
How times have changed.
For years, we believed homeowners moved every 7 years. Today that timeline has stretched significantly, nearly doubling.
You’ve probably heard all the reasons: homeowners refinanced into historically low interest rates, some are mortgage free and comfortable where they are, “inventory is limited so where would I even go?” and for some sellers, home prices, taxes, and borrowing costs are higher than they used to be so it makes sense to stay where they are.
All of this contributes to the low-inventory market we’re seeing today in Connecticut.
At the same time, Millennials (born 1981–1996) are now the largest adult generation in the U.S., and many are actively looking to buy their first or second home. The demand is strong… there just aren’t enough homes available.
But here’s what many homeowners don’t realize – even in a market like this, people are still successfully buying and selling homes every day.
Over the past few years we’ve helped hundreds of clients navigate this market using creative strategies like rent-backs so sellers have time to move, off-market opportunities for buyers and sellers, escalation strategies and appraisal protections, mortgage programs (like bridge loans) that help make offers more competitive and accessible before you even sell your current home or making your sale contingent on your finding suitable housing.
There are often more options available than homeowners and buyers realize.
And, if you’ve owned your home for 10–12 years (or more!), chances are you’ve built a substantial amount of equity, which could make your next move even more possible than you think!
Lets talk! If you’re curious what your home might be worth today, what your options look like or even if you’re just exploring ideas and scenarios for the future, I’m happy to share insights about the local market and help you think through the possibilities.
Sometimes the first step is simply starting the conversation, and I would love to chat!