March 12th, 2013
Each home buyer may have his or her own idea about what features are important, and a new study reveals that top factors that drive most individuals’ decisions to purchase a property.
According to the National Association of Home Builders “Characteristics of Home Buyers” survey found that price and proximity to work are the two top motivators in consumers’ buying decisions when purchasing their first home. For buyers who are trading up, design carries the most weight when shoppers are comparing different properties.
“Among first-time home buyers, price was the most frequently cited reason for selecting a particular house, with a 38 percent share,” said David Crowe, NAHB’s chief economist. “At 30 percent, proximity to work was the most frequently cited reason for choosing a specific neighborhood.”
Many potential buyers continue to keep their attention focused on home prices, which have steadily started to strengthen in recent months. In addition, many Americans have adopted a more frugal spending style in an effort to make themselves attract to mortgage service companies and qualify for attractive rates.
As lending begins to loosen and more sellers unload their properties on the market, many industry professionals predict that 2013 will see rising home sales.