Whitney Minnich Real Estate and Community Updates

Homeownership Tenure at Highest Level in 18 Years January 14, 2019 Since 2008, in the aftermath of the last housing crisis, homeowners have stayed put longer in their homes. But now more than a decade out from the crisis, that trend is only deepening, according to a new study released by First American Bank. “[Homeownership] tenure jumped to seven years during the aftermath of the crash between 2008 and 2016, and the most recent data from December 2018 shows that the median length of time someone lives in their home has increased 10 percent compared to a year ago,” says First American Chief Economist Mark Fleming. Over the past few months, rising interest rates, low inventory, low foreclosure rates, and tight credit have all increased homeownership tenure to its highest level in 18 years, Fleming says. For homeowners who have a low interest rate, they may be less inclined to want to move, he adds. “The lower the interest rate homeowners have on their existing mor...

Homeowners are staying put longer than ever before With a disincentive to move, they may just look for other ways to tap that equity October 26, 2018   Jessica Guerin Homeowners are staying in place longer than ever before, despite the  growing  amount of equity in their homes. A new report from  First American  – a provider of title insurance, settlement services and risk solutions for real estate transactions – reveals that the median tenure for homeownership has jumped to 10 years, up 10% from last year. By comparison, the median tenure in the pre-crash days of 2007 was four years, and in the aftermath of the market’s meltdown – when many homeowners couldn’t move because they were underwater on their properties – the median tenure was seven years. Why are homeowners choosing to stay put longer than ever before? In its  Potential New Home Sales Report  for September 2018, First American points to an underperforming housing ma...