A new survey from Redfin (NASDAQ: RDFN) has determined that roughly one-third (34%) of homeowners claim they will never sell their home, while another 27% say they wouldn’t consider selling for at least 10 years.
A recent Redfin analysis 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. The new survey, which polled 1,802 adults in September, also found nearly one-quarter (24%) of homebuyers planned to sell in five to 10 years, while just 8% planned to sell in three to five years and 7% within the next three years.
Among age demographics, older homeowners are more likely than their younger counterparts to say they’ll never sell. More than two of every five (43%) baby boomer homeowners say they’ll never sell, compared to 34% of Gen X owners and 28% of millennial/Gen Z owners.
As for the reasons why homeowners will not sell, 39% said it was because their home is almost or completely paid off, while 37% stated they like their home and have no reason to move. But nearly one-third (30%) of respondents said they were staying in their current home because today’s home prices are too high and 18% did not want to give up their low mortgage rate.
Photo courtesy of Amazon
Just too expensive to move, taxes, fees, charges, uncapping, costs, costs, cost. Want to, but won’t.
And not to mention actual moving costs, finding new medical people, new state license, insurance, etc. And all the stress involved if moving to new state. We,re in our 70’s, could never handle it!
Everyone sells at some point so it’s a bit crazy to say you will never sell.
Even before the crazy low interest rates (that are keeping people in their homes), there are parts of the country where homes stay life long/get paid off or even generational. I don’t think these statements are far from the truth at all.
“Modernize Capital Gains Exclusions for Home Sellers”
While we may never say “never,” it’s time to make it easier for seniors to sell their homes by increasing the capital gains exclusion limits. Specifically:
Raise the exclusion for married couples from $500,000 to $1,000,000.
Increase the exclusion for single tax filers from $250,000 to $500,000.
These limits, unchanged since 1997, no longer reflect the dramatic rise in home prices over the past decades. Seniors, many of whom worked tirelessly for years to build equity in their homes, deserve the opportunity to fully enjoy the rewards of their hard work and sacrifices.
Let’s help remove the “golden handcuffs” that discourage them from selling by adjusting these exclusions to align with today’s realities. It’s a commonsense step to empower these homeowners and ensure they can move forward without unnecessary financial burdens.
Polling 1802 people does not a survey make, Get over yourselves, Redfin!
Homes and land should not be taxed .. period…
Make a sales tax on new goods .. not used.. and then we All don’t pay personal property (taxes) ( hence the word personal meaning a human being ) taxes for this corrupt slavery system…
When will people realize and do their history of when taxes started?
It was to fund the wars ( both sides)
and to
GROW THE CORPORATIONS aka the GOVT CONTROL ..
You will own nuthin” n be happy is ther NWO motto for years now..
It’s happening now right before the blind eyes cannot see
15 minute smart cities are all ready Here…
Do your research before you promote anything
Do your research before you donate to the big not for profits..
Do your own audit or ask your local officials to do so..
Follow the money..
You’ll be surprised how much faith you had in this corrupt system and you …
Obeyed
You complied
To create this beast system
Me included.. but it will change if everyone does their research and reaches out to the “system” we let get out of harms way and we are paying the price now..
Get involved with your community and STOP IT before it’s too late..
Rant done!
Nothing to say to that but “Amen!”