Home Buying

When you bought your home, did you consider how long you planned on living there? Have you been there longer than you planned, either because you still love where you are at or maybe because moving is a hassle? According to the National Association of Realtors, the average length of time in a home from 1985 to 2008 was 6 years (with only two data points differing from that “magic” 6). However, something changed in 2008, and the average length of time in a home started increasing…the average from then to now is almost 9 years. So what happened?

In a previous post, Understanding Market Reports for Single-Family Residential Homes, I talked about the difference between a sellers market and a buyers market. This is a great graph that shows a sellers market and buyers market in terms of supply and demand (on a national level). Please note, although Washington state is coded as a very strong buyer demand outpacing seller supply, this statistic is taking to account the entire state.

Check out the great graph that outlines average credit scores for different types of loans, average down payments, and the trend interest rates have taken through the decades. Call or email Cathy Morris, Windermere Pierce County Realtor 253-740-3531, if you have any questions!

On my webpage, under Resources, Market Reports, you’ll find a graph that looks like this…  What does it mean?  Some of it is self explanatory (the month/year is across the bottom, the number of homes is on the vertical axis). This graph uses data for residential homes only (no condos or vacant land). The light green […]