"Desire to Own a Home" Top Motivating Factor for Purchasing a Home in 2010
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:
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.
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.
Will attractively priced property combined with low interest rates make this the year that you "desire to own a home?" Integrity Residential Brokerage, licensed in both Massachusetts and New Hampshire, would be happy to assist you in your home buying or home selling needs. We strive to offer you the highest level of professional assistance possible making your desires and goals a reality.
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Information deemed reliable but not guaranteed. Please note that individual listings periodically mentioned in this blog are accurately described in terms of availability and price at the time of the posting. Because properties are constantly coming on and off the market, please contact Catherine for the latest information on those that are of particular interest to you.
Catherine Condon, Broker MA & NH
Knowing the motivating factors for buyers is always a good thing, Catherine. I am not surprised that the tax credit did not play as much of a role as people would have thought.
Hi William - Based on my buyer transactions last year, I thought the % of people taking the first time buyer credit would've been higher. I'm wondering if some first time home buyers who actually took advantage of the tax credit listed "desire to own a home" with the tax credit as being secondary.