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M R EP O RT | 9 MDWELL TAKE 5 Homeowners Staying Put A new report says that Americans are living in their homes longer, but what consequences is that having on the housing market? R edfin reports that the average American homeowner in 2019 had spent 13 years in their home, which is an increase from eight years in 2010. The average home tenure rose in all 55 met- ros studied by Redfin. Homeowners in Salt Lake City, Utah; Houston, Texas; Fort Worth, Texas; San Antonio, Texas; and Dallas, Texas have been in their homes the longest. Homeowners in Salt Lake City had the longest tenure at 23.4 years—8.7 years longer than in 2010. Median home prices in the mar- ket rose nearly 75% during that same period, increasing from $195,000 to $340,000. Rising homeownership tenures of those aged 67 to 85 are causing a shortage of 1.6 million homes, according to a report by Freddie Mac. The average homeowner in San Francisco has been in their home for 14 years in 2019, com- pared to just 10 in 2010. During the same time, there are about half as many homes for sale in the metro than there were in 2010. The average home price in San Francisco has more than doubled since 2010. Home with an av- erage tenure of 20 years are $120,000 cheaper than those with a resident change in the last five years. Source:: Money magazine, "Best Places to Live in 2019" 10 Places With Longest Homeownership Tenures SALT LAKE CITY UTAH FORT WORTH TEXAS SAN ANTONIO TEXAS DALLAS TEXAS BOSTON MASSACHUSETTS INDIANAPOLIS INDIANA LOS ANGELES CALIFORNIA WORCESTER MASSACHUSETTS Source:: Redfin, "Homeowners are Staying in Their Homes Five Years Longer Compared to 2010, Leaving First-Time Homebuyers with Fewer Options" HOUSTON TEXAS AUSTIN TEXAS M // What are the key areas of focus when you communicate with lenders? SMITH // What I don't want us to do is tell them what's important to them. My first question is, what are you focused on in 2020? That's most important. Before we go too far with it, they'll come back and say, "We're listening, and here are a few things we think that Fannie Mae could offer to help solve the issue." I don't want to tell someone what I can do for you. I don't want to tell someone what their problem is. I want to listen to what they have to say and then figure out what we can do or create at Fannie Mae to help them solve their needs. M // What are the most important lessons you've taken away from your career thus far? SMITH // Relationships matter—that's number one. The second thing is, if I stop talking and listen to what you tell me, you'll tell me exactly what you need. It's about relationships, listening, and empathy. At the end of the day, just acknowledging that there is a problem, and that I actually care, that is the foundation that you build that relationship on. I've been doing this for almost 30 years. It took me a while to under- stand that the most important thing you could do is get to know someone. Because if you get to know them, they're going to trust to tell you what's going on. "Relationships matter. It's number one. I think of the things that we learn or business that we do is based on the relationship."