Homeowners caught in affordability squeeze, are staying put, REALTOR® survey finds
LOS ANGELES (August 26) – Even with rising home prices over the past few years, many homeowners who have considered selling are deciding not to because they are caught in an affordability squeeze that is compounded by a lack of inventory, according to findings from the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2015 Survey of California Homeowners.”
More than one-third (35 percent) of homeowners have considered selling their home in the past year, and of that share, about two-thirds (64 percent) are reluctant to sell because they are finding they can’t afford the home they really want, the survey found.
C.A.R.’s inaugural Survey of California Homeowners also found that more than half (59 percent) of homeowners have not seriously considered selling their home in the past year, with more than half (60 percent) saying their current home will be their retirement residence. For those who have been in their home 15 years or more, that figure rises to 70 percent who indicated they have not considered selling because their current residence will be their retirement home.