Survey: Affordability, larger living spaces top reasons for buying home in 2010

Affordability was the main factor that encouraged buyers to pack up their belongings and move into a new home last year, according to a survey by Weichert Realtors.

Low interest rates and home prices appealed to buyers in 2010. Twenty-eight percent of the 1,261 surveyed said favorable financing persuaded them to purchase a home in 2010, twice as high as in 2008, when only 14 percent said affordability was their main concern.

The desire for a larger living space was also a significant reason that people decided to relocate, with 28 percent citing it as their primary concern - a figure in the survey that has only fluctuated slightly in the last 5 years.

Only 12 percent of respondents said they bought a home because of relocation, the same as 2009 but a hefty 20 percent drop from 2008. Eleven percent said potential financial growth motivated them to buy, which has been fairly consistent since 2005.

Almost none of the buyers surveyed said the desire to own rather than rent a property factored into their purchasing decision, a sharp drop from the 26 percent who cited it as a reason during the housing boom in 2005.

However, a recent Fannie Mae survey discovered that, despite a floundering housing market, Americans still value owning their own home for both financial and lifestyle reasons.  

More News