Why Did People Buy Homes in 2010?

Why Did People Buy Homes in 2010?

Relocation causes people to pack it up and move to new homes for a variety of reasons – new jobs, new schools, a change of scenery.  But with the economy in such turmoil, especially throughout much of 2010, we were wondering why people continued to move throughout the year.  Thanks to a recent survey conducted by Weichert Realtors, Inc., now we know.

The survey asked more than 1,200 homebuyers between July and December 2010 about the reasons they moved or relocated.  The survey helped real estate experts understand what the most common reasons to move are.  The biggest reason for moving, at least in 2010, was by far finances and a bigger home for the money.

The main question asked in the survey was, “What motivated you to purchase your home at this time.”  Almost 30% of the respondents stated that they bought their new home to take advantage of a favorable financial factor, such as a lower mortgage rate.  About 30% also stated that they moved to get more living space.

It is interesting to note that Weichert has conducted quite a few similar surveys in the past half-decade.  Throughout the years, it has consistently shown that people don’t really move to be closer to the office or to find homes that are easier to maintain.  No one in 2010 said that they bought a home because they would rather own than rent.  Five years ago, about 26% claimed they would.

Even though there was a mini housing boom in December, 2010 was still a slow year overall for real estate and home sales.

– Lance Grooms