How Long Do You Plan to Live in this House?

This is a discussion all of my buyer clients and I have, typically at the beginning of our relationship. It’s an important consideration to really give time to getting clear on before you’re actively looking for a home to buy.

While there’s no one size fits all answer to how long you and your family may plan to live in a home, a general benchmark is to plan on at least five to seven years or so.

Especially right now when we’re in a strong seller favored market at price points under $400k.

Some families plan to spend decades living in a home and that works too. Homes and real estate aren’t easy or simple to liquidate, they’re a longer term pathway.

As we saw painfully in 2008 and 2009 there are some years when markets go down and I know many people who ended up living in their home years longer than initially planned, having bought in 2006 or 2007 right before conditions shifted.

As with anything in life, markets are cyclical so taking the longer range outlook is not just helpful but essential when it comes to any home you buy.

Planning for the longer term means considering your needs and preferences not just today but for the years to come.

A note of caution: If you’re not sure you’ll stay in this area OR not sure your relationship/marriage is on solid ground I’d suggest NOT jumping into buying a home right now.

Copyright©2017 by Diane McDermott, All Rights Reserved, “How Long Do You Plan to Live in this House?”

The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in Charlotte NC’s real estate market serving neighborhoods in Charlotte NC

 

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About dianemcdermott

Diane is deeply passionate about serving single and divorced women home buyers, first time home buyers and new to the area buyers navigate the Charlotte area home buying process. Having navigated separation and divorce she has deep respect for the stress of transition and need for a home living situation that supports and nurtures. She connects and guides clients as they navigate the home buying process, transitioning to a space they'll love calling home. McDermott Real Estate
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