Real Estate Professionals – In our continued effort to bring you customer insights, we are focusing this week on how home buyers think about their tenure in the home are about to purchase.
We took data from buyers’ expected tenure in recently bought home and compared that to sellers’ actual length of stay in recently sold home. This simple comparison indicates that buyers overestimate their length of stay.
Buyers’ estimates are closer to reality in the short-term than in the long-term.
- 81% of buyers expect to stay more than 5 years where as only 75% of recent sellers stayed more than 5 years
- From there, contrast between expected vs. actual keeps increasing from 7 years, 10 years to 15 years
- 43% of buyers expect to stay more than 15 years where as only 23% of recent sellers stayed more than 15 years – buyers’ estimation is almost double that of the actual stay
Median estimate of buyers’ tenure is 15 years compared to actual sellers’ tenure is only 9 years.
Hope this helps you guide your buyers on mortgage term, roof life and more.