Image via Kozzi.com
The more things change, the more they stay the same.
That line is true no matter what the topic, so it should come as no surprise that the basics of owning a home and the reasons people buy don’t change much. Earlier this summer, Realtor.com conducted a survey of active home buyers and the reasons people are buying right now won’t come as a surprise to anyone who’s purchased a home, and it’s good news for sellers.
- They’re sick of their current home.
You can only do something for so long or live somewhere so long before you’re ready for a change of scenery. Twenty-eight percent of those surveyed are sick and tired of looking at their current four walls and are ready to find a new home because of it. According to economists, this particular desire for a new home is a sign of pent-up demand after so many years of declining values and an inability (perceived or real) of being able to buy. Now that prices have been going up in the past few years, people are itching to make a move.
- Prices are too good to pass up.
Maybe the issue isn’t boredom or frustration at the same view of the same back yard for the past few years. In some areas, prices dropped to rock bottom and while they’ve gone up, they’re still reasonable. Especially if you compare what you paid for your home several years ago to now. Assuming you can sell your current home or that you’ve got enough credit to qualify for a new mortgage, you could be part of the 26 percent of buyers who are in the market solely because of the price.
- Families still grow (and shrink).
It doesn’t matter what the economy is doing, where home prices are, or whether the sky is still blue – people still have babies or send their kids off to college. Older family members move in and others move out. When life changes happen, sometimes people need a bigger – or smaller – home. Eighteen percent of buyers said a change in their family was their main reason for buying a new home this year.
The recession and problems in the real estate market made many people stay right where they were and give up on the idea of buying a new home. Now that values continue to rise, the economy is improving, and people are feeling more confident, they’re ready to buy. The reasons aren’t new but it’s a good sign when people are buying because they want to, not because they have to.
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