I recently read a Massachusetts REALTOR® Study Report in which they state that the “desire to own a home” was the top motivating factor cited by home buyers for the purchase of a home in 2010. Below, is a breakdown of survey responses of first-time and repeat home buyers:
Desire to own a home 36%
Desire for a larger home 8%
Change in family situation 8%
Desire for a better location 8%
Home Buyer Tax Credit 7%
While 55% of all homes sold in Massachusetts were made by first time home buyers, only 7% stated it was because of the home buyer tax credit. The study also showed that the median age of a first-time homebuyer is 32 vs. 30 years old in 2009.
25-34 years old 54%
35-44 years old 28%
18-24 years old 8%
Do home purchasers think that buying a home is a good financial investment? 46% of all buyers thought their home purchase was a better financial investment than stocks compared to 54% in 2009. 31% of buyers think their home purchase was “at least as good an investment as stocks.”
According to the Massachusetts Association of Realtors year-end figures, 2010 sales numbers of single family detached dwellings was down less than 2% while the median sale price increased approximately 4.3% from 2009. Currently, mortgage interest rates are just above recent record lows and home prices are generally stable. Overall, market conditions are highly favorable for buyers.
Will attractively priced property combined with low interest rates make this the year that you “desire to own a home?”
Information deemed reliable but not guaranteed.