Buying A Home: Home Buyers Top Motives
Realtor.com just recently completed a survey of people currently buying a home.
They asked them “What is your goal in purchasing a home?”
Here are the results, in order (Spoiler Alert! I have not yet finished posting all of these infographics on social media yet!):
The number one goal of home ownership from the survey was Privacy and the desire of “having a space that is solely your own”.
People realize that it is much better to have living space where they are not sharing walls with neighbors.
Especially when it is cheaper to own than rent.
Number two was Family.
They’re purchasing a home because they’re putting the needs of their immediate family and children first.
Number three on the list was Stability. Having control of your future direction and security
4. Financial Investment
Number four was Financial Investment, the opportunity to grow your assets and wealth. Numbers two, three, and four (Family, Stability, and Financial Investment) all tie in together.
The fact is, right now the average net worth of a home owner is 45 times greater than the average net worth of a renter:
For many potential buyers out there, student loan debt has been an issue–especially with the Millenial Generation.
Part of the reason for that is the fact that many parents over the last 10 years didn’t have much or any equity in their homes following the mortgage meltdown and real estate market crash back in 2007-2008.
But in the current market, people have equity in their homes. So, it is likely we will see a decrease in student loan debt because parents of children coming of age in the next decade can tap into their home equity to pay for college.
So what we’re going to see is student debt going down because families will invest in their own children. We’ve been doing it for hundreds of years in this country.
And the other thing you’re going to see—people will have the start-up capital to start their own companies—take control of their lives.
If they come up with a great idea and they need that 10 or $20,000 just to kick it off, well that money’s available in their home now.
Investing in your children and investing in a business that you believe in—that’s the American way.
And we’ve been denied that opportunity over the last 10 years when there was not enough equity in the homes to do either one of those two things for most families.
5. Physical Comforts
Number five was Physical Comforts. Having amenities and features that enhance daily experiences.
You decide whether you want a pool in the backyard; not your landlord’s insurance company.
You decide whether your children are going to have a pet; not the person you’re paying the rent to.
That’s a big piece of home ownership, and people realize that.
Number six was Friends. Having a place for entertaining and sharing with friends.
7. Personal Expression
Number seven is Personal Expression: the ability to display your unique personality, desire, and interests.
They want to be able to paint the walls whatever color they want to paint the walls. They don’t want to be limited by their apartment complex or the landlord.
If they want to do something crazy in their kitchen, they want to do something crazy in their kitchen.
Number eight is Accomplishment. American people believe that home ownership is a reflection of your efforts and your success.
Home ownership is part of the American Dream. As I covered in a previous post, that dream is alive and well in today’s market.
Number nine is Creativity. The opportunity to create, build and grow things.
You know, your landlord might tell you that you can’t have a garden.
You’re not going to tell yourself that if that’s what you want.
Number ten was Community. being part of a broader community of people and society.
American people realize that home ownership means you’re more involved in your community. Study after study has already shown that.
Buying A Home Makes Great Sense. What’s Your Reason?
There you have it, the top ten reasons motivating people buying a home. Perhaps there is a reason that wasn’t given in this survey. If you think of any, leave me a comment below!
While home ownership is a big dream for many, the reality of buying a home is scary. But the process of buying a home doesn’t have to be.
You just need the right Charleston SC realtor to help you better understand the process so that home buying is an easier, less stressful process.
Visit my Pam Marshall Realtor website for lots of helpful information about the home buying process.
You can download several helpful real estate guides, and you will see why I am the right Charleston SC realtor if you are buying a home in the Charleston SC area.