On January 11, 2012, in Did You Know, by T.J. Doyle, Marketing & Communications Manager
The primary reason for purchasing a home was the desire to own a home—more than one-quarter of home buyers cited this reason in 2011; while this remains the most cited reason among all types of buyers, it has decreased in prominence from 2010.
The primary reason to purchase a home among repeat buyers is often because of life changes: the desire for a larger home, a job-relocation or move, desire to be closer to family and friends, or a change in a family situation. Among ages of home buyers there are also shifts from the younger ages where buyers want to own a home of their own, to older ages where a change is taking place so they need to upgrade, downgrade or perhaps move cities for a job-related relocation.
The primary reason for the timing of the home purchase remains that it was just the right time to buy and the buyer felt ready to buy a home. Affordability is the second most common reason among all buyers; however, affordability has decreased in prominence in both repeat and first-time buyers. Affordability as a reason for the timing of the home purchase also changed based on age. Younger buyers placed a higher priority on affordability, while older buyers were more likely to purchase a home because they had to make the purchase when they did.