Homeowners are staying in their homes longer. And that’s a problem for potential home buyers as it’s a big reason why the inventory of homes for sale is a record lows and prices are near or at record highs. The typical homeowner in 2020 had stayed in place for 13 years, up slightly from 12.8 years the year before and well ahead of 2010’s average of 8.7 years, according to Redfiin Corp. Some one in four homeowners have lived in the same home for more than 20 years, its study showed.
Home sales reached their highest level in 14 years last year as the Covid-19 pandemic sent many Americans looking for a larger home where they could work remotely and where their children could go to zoom school. But concerns about the pandemic prompted some sellers to cancel or delay their plans to list their homes due to a fear of strangers entering their homes. Some potential sellers also had concerns about finding a new home in a competitive market due to historically low interest rates which make it appealing to refinance.