Home owners stay in their homes longer than ever before – Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on December 29, 2010

in Buyers, Latest News, Sellers

They will spend double the amount of time at their current property before selling up and moving on compared to just three and a half years ago at the beginning of the credit crisis.

Typically, it means 21.5 years at a property, compared to just 11 years in 2007 and eight years almost 30 years ago, according to the figures calculated by the Council of Mortgage Lenders.

It is a dramatic shift from the housing boom leading up to the credit crisis when many buyers bought and sold properties for a profit before they were even built.

Unfortunately, many of those who bought so-called off-plan properties and kept hold of them will now be in negative equity as falling house prices mean the value of their mortgage is larger than the value of their property.

Melanie Bien, of mortgage brokers Private Finance, said: “The double-digit growth seen in the housing market a few years ago has long gone and homeowners are increasingly realising that buying and selling property is not the way to make a fast buck.

via telegraph.co.uk for the complete article

Check out this article that discusses how home owners are staying in their homes for 21.5 years now compared to a mere 11 years just 3 years ago! The mindset of the current home owners has definately shifted…wouldn’t you agree??

Posted on Irvine Orange County Real Estate Market News

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