{"id":79079,"date":"2025-01-07T05:00:31","date_gmt":"2025-01-07T13:00:31","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79079"},"modified":"2025-01-06T12:07:51","modified_gmt":"2025-01-06T20:07:51","slug":"survey-homeowners-reasons-to-not-sell","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/survey-homeowners-reasons-to-not-sell\/","title":{"rendered":"More Than One-Third of Homeowners Say They\u2019ll Never Sell"},"content":{"rendered":"

Many homeowners are staying put because today\u2019s housing costs are so high.\u00a0<\/span><\/i><\/p>\n

More than one-third (34%) of U.S. homeowners say they\u2019ll never sell their home, according to a recent Redfin-commissioned survey. Another 27% say they wouldn\u2019t consider selling for at least 10 years. Roughly one-quarter (24%) plan to sell in five to 10 years, while just 8% plan to sell in three to five years and 7% within the next three years.\u00a0<\/span><\/p>\n

Broken down by generation, older homeowners are more likely than their younger counterparts to say they\u2019ll never sell. More than two of every five (43%) baby boomer homeowners say they\u2019ll never sell, compared to 34% of Gen X owners and 28% of millennial\/Gen Z owners.<\/span><\/p>\n

\"\"<\/p>\n

The survey findings in this report are from a Redfin-commissioned survey conducted by Ipsos in September 2024, fielded to 1,802 U.S. residents aged 18-65. This report focuses on the 471 homeowners who answered the question \u201c<\/span>When would you consider selling your current home?<\/span><\/i>\u201d and the 267 homeowners who answered the question \u201c<\/span>You mentioned you have lived in your house for several years and do not plan on selling soon. Why do you intend to stay in your current home\u201d<\/span><\/i>? For the first question, 127 baby boomers (aged 60-65), 203 Gen Xers (aged 44-59) and 141 millennial\/Gen Zers (aged 18-43) responded.\u00a0<\/span><\/p>\n

The fact that the lion\u2019s share of homeowners say they\u2019ll never sell is one reason new listings are below pre-pandemic levels in much of the country, though listings have started ticking up in <\/span>recent months<\/span><\/a>. A recent <\/span>Redfin analysis<\/span><\/a> found that just 25 of every 1,000 U.S. homes changed hands in the first eight months of 2024, the lowest turnover rate in decades.\u00a0<\/span><\/p>\n

Homeowners are staying put because their home is paid off, or they just don\u2019t want to move<\/h3>\n

Nearly two in five (39%) homeowners who don\u2019t plan to sell anytime soon say it\u2019s because their home is almost or completely paid off, making that the most commonly cited reason. Homeowners who have paid off their mortgage are motivated to stay put because it means they own their home free and clear, and get to live there while paying only for things like property taxes and HOA fees. Almost as many respondents (37%) said they\u2019re not selling because they simply like their home and have no reason to move.\u00a0<\/span><\/p>\n

Affordability is another major reason homeowners are hesitant to sell. Nearly one-third (30%) of respondents said they\u2019re staying in their current home because today\u2019s home prices are too high, and 18% <\/span>don\u2019t want<\/span><\/a> to give up their low mortgage rate. This survey question was asked to respondents who have owned their home for at least six years and have no intention of selling within the next five years.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Housing costs have risen significantly since before the pandemic; home prices are up roughly 40% since then, and the weekly average mortgage rate is <\/span>6.91%<\/span><\/a>, up from just under 4% in 2019. A recent <\/span>Redfin analysis<\/span><\/a> found that more than 85% of U.S. homeowners with mortgages have an interest rate below 6%.\u00a0<\/span><\/p>\n

\u201cThe just-because movers\u2014those who just want a bigger or nicer house\u2014are staying put, mostly because it\u2019s so expensive to buy a new house,\u201d said <\/span>Marije Kruythoff<\/span><\/a>, a Redfin <\/span>Premier<\/span><\/a> agent in Los Angeles. \u201cThe people who are selling are doing so because they need to. Either they\u2019re relocating to a different part of the country, or they\u2019re moving due to a major life event like having a baby or taking a new job on the opposite side of the city.\u201d<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Many homeowners are staying put because today\u2019s housing costs are so high.\u00a0 More than one-third (34%) of U.S. homeowners say they\u2019ll never sell their home, according to a recent Redfin-commissioned survey. Another 27% say they wouldn\u2019t consider selling for at least 10 years. Roughly one-quarter (24%) plan to sell in five to 10 years, while […]<\/p>\n","protected":false},"author":13153,"featured_media":79082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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