Those of you who have bought a home know what a serious and daunting process it can be so I ask you this: When you bought your home, did you think ‘forever’ or ‘just for now’? It is a fair question, based on our recent American home mortgage blunders and while looking into some statistics on American homeowners via American home builders, there are some quite interesting conclusions but as with most statistics– there are fallacies and vague case studies which make them inconclusive.
According to NAHB- National Association of Home Builders, It appears that over 50% of single family homes purchased in the US will turnover new occupancy at or before 15 years. Of course, there are many definitions of the word “home” and when looking at multi-family condos the turnover rate is even quicker, about 6 years. Of course, these statistics are broad and generalized and would vary greatly based on region. Nonetheless, with these rough estimates I wonder, what would it take to stay in a house forever?
Does your home need to be custom designed to fit your family? Is it all just a matter of uncontrollable life circumstances? (ie. job relocation, growing family, extenuating circumstances like death or divorce). It is hard to predict life and I would venture to guess that most home buyers try their very hardest to find a home that meets all of their needs considering it is such a large purchase.
It is however, interesting to wonder, will buying a ‘forever’ home become increasingly popular and a more serious commitment purchase because of the recent economic downturn much linked to faulty mortgages? Arguably, the 1950’s home buying idealized the ability to make such a purchase and it may be a blessing in disguise to reinstate the seriousness of home-ownership.
Do you own your home? How long do you plan to stay in your home?
In Vancouver it’s rare for anyone under 40 to own a home. The real estate market is geared toward international buyers… it’s not a city for the locals, unfortunately.