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.
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