Typical Home Tenure Before Selling Stands at 10 Years

Are you a home seller in 2017? Statistically-speaking, you are probably 55 years old, lived in your old home for 10 years, and sold it for a tidy $47,500 profit. Keep reading to learn more about the typical home seller and how the market is changing in 2017!

According to the recently-released 2017 Profile of Home Buyers and Sellers from the National Association of Realtors, the above numbers represent the median values observed so far this year. Perhaps the most interesting stat is that the typical seller spent 10 years in their home before selling, a number which has greatly increased since 2009 when it stood at just 6 years. Why the huge jump in staying put? The reason is likely skyrocketing prices and plunging inventory, which have caused many existing home owners to renovate rather than sell.

Thankfully, rising renovation rates and elongated timetables have reaped positive financial outcomes for sellers, as evidenced by the aforementioned strong profit margins. Of course, there is quite a bit of variation amongst sellers based on the time spent in their home. For those who are selling after just 6 or 7 years, equity gains stood at just 27%, while those who stayed put for 21 years saw the largest return on their investment at 104%.

Also encouraging is the fact that the percentage of sellers utilizing an agent remained at an all-time high of 89%, with 85% of that saying they would recommend their agent in the future! Along with keeping real estate professionals employed (thanks!), this is also great news for the sellers themselves, since the median sale price with an agent was $250,000, compared to just $190,000 with for-sale-by-owner!

Click the link above to read about even more of the latest trends in the real estate market!