NAR_grey_logo-01

Primary Reason for the Recent Home Purchase

  • 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.
  • For more information, please visit our Profile of Home Buyers and Sellers page.

T.J. Doyle, Director of Research Marketing and Communications

TJ Doyle, Marketing and Communications Manager, works on marketing the products and services the Research Division produces to members and non-members alike. TJ oversees Research’s social media presence, focused on promoting NAR Research to members, the media, government affairs and other industry groups.

More Posts

Comments
  1. Great article! I’m just getting back into the market. I came across this from an email from the folks at RE Technology: RE Technology Tools for Today’s Leading Producers.

    This is incredibly useful to target buyers. I’m just starting to re-market my services in the market. This is great help!

    Thank you,
    Rick