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Survey pinpoints why people bought a home in 2010

Study reveals reasons why people buy a home.

Study reveals reasons why people buy a home.

Prospective movers across the country pack up and leave their old homes behind for any number of reasons. Now, with the help of a customer survey, observers of the real estate community can find out what some of the most common reasons are.

Surveying more than 1,200 homebuyers between July and December of last year, Weichert Realtors, Inc. found the chief reasons for moving in 2010 were financially-related.

When asked, "What motivated you to purchase your home at this time?" approximately 28 percent of respondents said they purchased a home in 2010 to take advantage of the favorable financing, as mortgage rates were at their lowest ebb in years. Twenty-eight percent also said they purchased a home for more living space.

Weichert Realtors, Inc. has performed similar studies four times since 2005, and in each of those studies, easier maintenance and a shorter commute to work were among the less common reasons for buying a home. The least common reason in every year since 2008 was the desire to own versus rent a home, at 0 percent. In 2005, however, 26 percent of respondents said that was their reason.

Despite the uptick in home sales in the month of December, overall, 2010 was a slow year for home sales. The National Association of Realtors says the last time less than 5 million homes were sold in a year was 1997.