One Reason Why Your Home Didn't Sell

By
Real Estate Agent with Coldwell Banker Vanguard Realty

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.

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             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*

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About the Author: Sharon Alters works with her husband, Frank. They are in the top 5% real estate agents for production in the Jacksonville Florida area, specializing in Military and Corporate Relocation in the Fleming Island, Orange Park, St. Johns, St. Augustine and Beaches areas. Their local knowledge can help Relocating Buyers find the perfect lifestyle, whether it is a Castle on the Ocean, or a Cottage in the Country. 

Call/text 904-673-2308 or sharon@teamalters.com

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Ambassador
498,116
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estat

Several of the owners sitting on the fence in 07 and 08, decided to just bring lots of money to closing in 09 and get it over with.  The sad thing is that if they had sold in 07 and even 08, they would have been in much better situations.  

Warren Buffett put it best: "You want to be greedy when others are fearful, you want to be fearful when others are greedy."  I guess a lot of people are fearful nowadays...

Jun 14, 2009 11:11 PM #1
Rainmaker
973,958
Sharon Alters
Coldwell Banker Vanguard Realty - Fleming Island, FL
Your Fleming Island Relocation Agents.

Mirela, that Buffett quote is a classic. Now is a great time to buy real estate. You're so right, some people just couldn't let go until now.

Sharon

Jun 14, 2009 11:18 PM #2
Rainer
29,408
Sheridan Corrie
Upstage, LLC - West Linn, OR

Great information.  I'm surprised to see that we're only down 2% from a normal year.

Jun 15, 2009 12:46 AM #3
Rainer
226,839
Ryan Shaughnessy
PREA Signature Realty - www.preasignaturerealty.com - Saint Louis, MO
Broker/Attorney - Your Lafayette Square Real Estate Partner

Sharon - Definitely interesting statistics.  I am curious whether the data is available on a more local level.

Jun 15, 2009 12:55 AM #4
Rainmaker
973,958
Sharon Alters
Coldwell Banker Vanguard Realty - Fleming Island, FL
Your Fleming Island Relocation Agents.

Sheridan, I know. It seemed low to me also, but the article I read noted that 1.3% drop is huge to a statistician.

Ryan, it seems that it would - they had to get it from the local level up.

Jun 15, 2009 01:04 AM #5
Rainmaker
122,067
Jim Valentine
RE/MAX Realty Affiliates - Gardnerville, NV

It does explain whats going on, or not going on, around town.  Many people have put their life on hold for reasons that you've outlined.  Nice post.

Jun 15, 2009 09:28 AM #6
Rainmaker
973,958
Sharon Alters
Coldwell Banker Vanguard Realty - Fleming Island, FL
Your Fleming Island Relocation Agents.

Thanks, Jim. It's a piece of the puzzle.

Sharon

Jun 15, 2009 11:05 AM #7
Anonymous
Anonymous
Anonymous

Interesting statistics. I used to move every two years, but I've now been in the same location for over seven years! Hmmmmm. Might be time to move -- LOL

Jun 17, 2009 01:51 AM #8
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Rainmaker
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Sharon Alters

Your Fleming Island Relocation Agents.
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