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Weichert: Affordability Main Reason People Bought a Home in 2010

  • January 18th 2011

by UrbanTurf Staff

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A customer survey from Weichert Realtors reports that the main reasons people bought a home last year were affordability and the need for more living space, according to The Wall Street Journal.

Just over a quarter of the 1,261 survey respondents (who bought a home in the second half of 2010) said that they did so because of favorable financing, a slight drop from the 31 percent who said the same at the end of 2010; 28 percent reported that they bought a home to have more living space.

Almost no one surveyed this year said that they were buying a home “because they had a desire to own rather than rent” a notable drop from 2005 when 26 percent of respondents stated that as one of their motivating reasons to buy.

From the WSJ:

“The takeaway is that homebuyers who still see long-term potential financial growth in housing are more motivated today by the value presented by very low interest rates and discounted prices than they were five years ago,” says Dominick Prevete, regional vice president for Weichert Realtors Inc., headquartered in Morris Plains, N.J. “I think we are back in a period of a more realistic view of homeownership.”

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/weichert_affordability_main_reason_people_bought_a_home_in_2010/2862.

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