How many homes will the average person buy in a lifetime?

David · Joined: 19 May 2004 Posts: 703

Are there any stats on how many homes the average person buy in a lifetime?

Obviously, as a LO you want to find the people who buy/sell lots of properties, but I would figure a majority of the sales come from people who rarely buy/sell. Any stats available?

Nikko · Joined: 20 Jan 2005 Posts: 536 Location: Northern CA

The cost of a median home in California exceeds what most residents can afford to pay. Values are jumping like crazy, which leads me to believe that one of two things will happen. Either:

1. All remote areas of California will be invaded by higher-income folks from larger cities moving to more quiet areas, leaving us with very few small, quiet places to live, or...

2. The bottom will fall out of California home prices, as more people will find themselves unable to sell their homes due to buyer incomes being too low to support the payments. Lower demand and fewer sales = lower land values and prices.

Any predictions?

David · Joined: 19 May 2004 Posts: 703

Is it safe from earthquakes up there in Northern California where you life Nikko? I've heard it's really pretty there?

Nikko · Joined: 20 Jan 2005 Posts: 536 Location: Northern CA

It is beautiful. I am far enough away from any major faultlines to be fairly safe. We had one a couple of years ago on Thansgiving day that was a 5.4, but that was the only decent sized one I can remember. We had a series of several small quakes a while back, and people worried because we have semi-active volcano's on two of our four surrounding sides.
I went to San Francisco after their big quake that dropped the Bay Bridge, and I went to Los Angeles after the big Northridge quake dropped just about every highway overpass to the ground. What a mess.

Abouth the only other thing folks worry about here are wildfires. The summers here range anywhere from 110 degrees to 125, and last year we had 10,000 acre fires on either side of us. Made national news.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

it has been noted that the average person will make some kind of change to their mortgage every 3-7 years...so its not only important how many houses they will actually buy.they can have the same house their whole life but may make changes to that mortgage 2-5 times.another thing to consider is in this day in age people are buying more houses....usually a first one..then after the divorce a second one...and with the second generation being backwards in sometimes demands the parents help their children also obtain a first home.....its a hard question to give an exact figure to with so many variables..

Nikko · Joined: 20 Jan 2005 Posts: 536 Location: Northern CA

So... all that babbling was for nothing?

LOL! Just playing Becca, don't hit me! <ducking>

David · Joined: 19 May 2004 Posts: 703

Good point, Becca.
That would lead me to wonder if there are stats on refi vs. purchase.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

what would that prove....

David · Joined: 19 May 2004 Posts: 703

BECCA9892003 wrote: what would that prove....

That you are smarter than me. :lol:

Nikko · Joined: 20 Jan 2005 Posts: 536 Location: Northern CA

And she looks better in a skirt.
Sorry David. It's the knees.

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

guess we don't need to prove what we already know...

but...it is to hard to give exact figures..to many variables....some people buy a new house because of a move to a new area...other refi because they can't sell their home at this time..but change or money is needed...it all depends on your situation ..but i can tell you one thing.... because of the lack of financial education..people are buying their "first" house alot later in life...credit issue being the number1 problem.i closed a deal recently for a 57 year old man and his wife....first time home buyers....makes you wonder...

David · Joined: 19 May 2004 Posts: 703

What has delayed my decision is I don't want to live
1. way out in the boonies
2. next to Nikkos crack dealer
3. in a condo that might not hold its value

BECCA9892003 · Joined: 20 Jan 2005 Posts: 400 Location: Altoona, PA

but by even delaying a year it is costing you 14k....find a home that fits your needs for now..then later sell or use as an investment.....the longer you rent the money you lose..even if it s a house your not going to keep...it is like putting money in the bank and strengthening you credit.

Nikko · Joined: 20 Jan 2005 Posts: 536 Location: Northern CA

How did he know my crack dealer had a condo in the boonies?

Are you following me, David? I KNEW someone had been watching me. And people call me paraniod.

Are you one of those voices in my head?

Hello? Is this God?