We all know that sales are down and that means household moving is down. Everyone in the moving-related business knows that, including real estate agents, mortgage brokers, moving companies and the like.
What you may not know is that year before last was the lowest year for moving since the Census Bureau began keeping records in the 1940s. Only 12% of Americans changed housing between 2007-2008. That figure was down 1.3% from the year before. To statisticians, that is a huge number, although it might seem insignificant to the average consumer.
Stats on Americans on the Move
Highest Year for Moving - 21% after World War II in 1950-51
Lowest Year for Moving - 12% 2007-2008; similar stats to 1999-2000 when the dot-com bust occurred
"Normal" Year for Moving - 14%
Reasons Americans aren't moving
People who bought houses or who have refinanced may not be able to sell their homes right now.
People are waiting for homes to increase in equity so they can get the price they want.
People have lost money in investments and are delaying plans to buy a home.
Companies are trimming their relocation packages. This happened to some recent Sellers when their relocation company put the kibosh on the relo package that was making it attractive to move to a new city and job. They opted to stay put.
People are being laid off from their jobs or losing income, delaying moving plans.
Buyers have been waiting for the housing market to hit bottom.
2009 May See an Increase in Households Moving
It will be interesting to see what this year's stats are, but we'll have to wait awhile. Sales are up 16% in our area over last year. With low interest rates, housing prices down over 15% in our area, and the first-time homebuyer $8000 tax credit, it seems logical that we will see more than 12% of the population moving.
If you are considering a move, we would be happy to help.
Need help selling or buying a home on Fleming Island or Orange Park Florida? Call us at 904-673-2308 or email us. We'd love to help. Original Photography, All Rights Reserved. *One Reason Why Your Home Didn't Sell*