Weichert: Affordability Main Reason People Bought a Home in 2010
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.”
Similar Posts:
See other articles related to: affordability, dc home prices, home buying, the wall street journal, weichert realtors
This article originally published at https://dc.urbanturf.com/articles/blog/weichert_affordability_main_reason_people_bought_a_home_in_2010/2862.
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
When it comes to financing a home purchase, a 30-year mortgage is one of the most com... read »
Pocket listings are growing in popularity in the low-inventory market in the DC regio... read »
Plans for the development at a prominent DC intersection began nearly eight years ago... read »
The eight-bedroom, 35,000 square-foot home in McLean originally hit the market in 202... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro