The American Dream of homeownership is not only about a financial investment, it’s about a place to call home. The number one reason 24 percent of buyers buy a home is the desire to own a home of their own. Buying a home of one’s own can mean different things to different buyers, but given Thanksgiving is this week, it could mean the ability to host friends and family – proximity to friends and family is important to 43 percent of home buyers when considering neighborhood. While buyers will often compromise on price of home, size of home, and condition of home, distance to friends and family is low on the compromise list.
Buyers typically buy a home large enough to host family for the Thanksgiving holiday. The typical home purchased was a single-family detached home that was 1,870 square feet, with three bedrooms and two bathrooms and was built in 1993. Most buyers bought a home that previously owned, which they bought because it was a better price, better overall value and had more charm and character.
Given the recent temperature dips, to many homeowners the cost of heating is an added expense. When buyers chose the home they purchased, 36 percent placed a high importance on heating and cooling costs. Additionally, for 23 percent of buyers having energy efficient appliances was important to their home purchase – all the better for loading up with a turkey and all the fixings.
To other recent home buyers living close to entertainment and leisure activities is important – perhaps those buyers are enjoying a dinner out or treating themselves to a weekend blockbuster at the local cineplex.
For more information about this research, check out the 2014 NAR Profile of Home Buyers and Sellers at http://www.realtor.org/reports/highlights-from-the-2014-profile-of-home-buyers-and-sellers.