Video Transcript
Want to know why people buy homes? The National Association of REALTORS® did. They sent surveys to close to 170,000 recent home buyers to find out. It turns out the number one reason that people gave for buying a home was the desire to own a home. To stop renting. About a quarter of all home buyers said that. And for buyers under the age of 35 specifically, 51% said they just wanted to buy. But more interesting were some of the reasons that people didn't give for buying a home. Only 2%, for example, said that they bought for financial security. That tells us that people think more with their hearts than with their wallets when they're buying a home, which we also see in the question, "Why did you buy when you did?" 43% said it was just the right time. It felt right. Again, heart. Versus 2% that said, "because of their mortgage options." It's one of the reasons why buy-side pressure stays high today despite mortgage rates where they are and rising home prices nationwide. I'm Dan with Homebuyer.com. Happy homebuying.
Why Do People Buy Homes? It's Not Because Of Mortgage Rates.
The National Association of REALTORS® surveyed nearly 170,000 recent home buyers. The primary motivation for purchasing a home was the desire to own rather than rent, with 25% citing this reason, and 51% of buyers under 35 stating they simply wanted to buy.
Video Transcript
Want to know why people buy homes? The National Association of REALTORS® did. They sent surveys to close to 170,000 recent home buyers to find out. It turns out the number one reason that people gave for buying a home was the desire to own a home. To stop renting. About a quarter of all home buyers said that. And for buyers under the age of 35 specifically, 51% said they just wanted to buy. But more interesting were some of the reasons that people didn't give for buying a home. Only 2%, for example, said that they bought for financial security. That tells us that people think more with their hearts than with their wallets when they're buying a home, which we also see in the question, "Why did you buy when you did?" 43% said it was just the right time. It felt right. Again, heart. Versus 2% that said, "because of their mortgage options." It's one of the reasons why buy-side pressure stays high today despite mortgage rates where they are and rising home prices nationwide. I'm Dan with Homebuyer.com. Happy homebuying.
