Findings from a Weichert, Realtors survey of more than 1,200 homebuyers who bought a house between July 1 and Dec. 31, 2010, were recently featured on the Wall Street Journal "Developments" blog. The key takeaway from the survey is that affordability - low interest rates and lower home prices - was the main motivating factor for those who purchased a home during that time period. These favorable conditions still remain for buyers currently in the market.
Here are some of the other notable statistics from the survey:
- 28 percent said "favorable financing" motivated them to buy a home in 2010, up from 14 percent in 2008.
- Another 28 percent of survey respondents said they bought a house because they wanted more living space or a larger property.
- 11 percent said they were motivated by potential financial growth, a statistic that remained virtually unchanged from previous years since 2005.
Weichert Regional Vice President Dominick Prevete was quoted on the blog, saying, "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. I think we are back in a period of a more realistic view of homeownership."
Click here to read the Wall Street Journal blog.
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