Instead of the move-up mindset, today’s buyers plan to be nesters
On average, U.S. homebuyers surveyed this year say they look for homes where they see themselves living in for 20 years, a study by the California Association of Realtors found.
When compared to respondents to the same survey in 2013, today’s buyers want to stay in their homes more than three times longer than the six year average cited just two years ago, San Jose Mercury News reports.
"We talk a lot about affordability for first-time buyers but we have affordability issues for current homeowners," Leslie Appleton-Young, the association’s vice president and chief economist, told San Jose Mercury News. "There are all kinds of penalties for moving up. You can get a great price for your home now but you put yourself in a situation where you are competing with other buyers."