Now that The Great Recession of 2008–2010 has lessened its grip on the country, how are people who own homes responding? It affects moving, construction, retail, landscaping and real estate. Are people moving?
The short answer is “not as often,” according to The New York Times, front page, May 15, 2017. That means it’s a “seller’s market” in most areas, and it impacts the economy negatively.
In fact, “median home ownership tenure” rose to 8.5 years in 2016. That’s up from only 3.5 years before the Recession began in 2008. This is according to data from Moody’s Analytics and First American Financial Corporation. This is happening even though the economy has improved and more people are back at work. Economists think that this trend will continue for the next decade, or even longer, because as the economy improves, mortgage rates rise. As fewer people are moving as often, here’s yet another reason to step up your online presence.
The author, Bob Ottaway, is President and Founder of Ottaway Digital. Established in 1999, it has been a pioneer in SEO, digital advertising & social media since 2006.