Many American homeowners are unwilling to sell their properties, with high mortgage rates and expensive houses being some of the key reasons, according to a recent survey by real estate brokerage Redfin.
“More than one-third (34 percent) of U.S. homeowners say they’ll never sell their home, and another 27 percent say they wouldn’t consider selling for at least 10 years,” said the Jan. 7 report from the company. “Roughly one-quarter (24 percent) of homebuyers plan to sell in five to 10 years, while just 8 percent plan to sell in three to five years, and 7 percent within the next three years.”
The most common reason cited by respondents is that they have almost or completely paid off debts on the property. When the mortgage is paid off, a homeowner only has to account for recurring payments such as homeowner’s association fees and property taxes, incentivizing them to stay put….