The latest results from the American Housing Survey provides insight into the home buying process if you have ever wondered what drives a home buyer to select a particular home. The survey’s data can be used to better understand who’s buying homes, and what it is they’re buying. The AHS (financed by the Department of Housing and Urban Development and conducted in odd-numbered years by the U.S. Census Bureau) is a representative survey of homes in the U.S., including those that have turned over recently.
Making sense of the story
- The top two reasons for choosing a home were its size (cited by 76 percent of buyers) and room layout/design (74 percent).
- The house’s price and the neighborhood were each cited by 72 percent of home buyers.
- For buyers of new homes, room layout/design, neighborhood, exterior appearance, and construction quality tended to be even more important than for other types of buyers.
- The top two reasons for choosing a neighborhood were “the house itself” (cited by 85 percent of buyers) and safety (71 percent).
- Safety, looks/design, and to some extent good schools tended to be more important to new home buyers than to other types of buyers. Proximity to work and friends/family tended to be more important to first-time buyers.
- Home buyers looked at 10 different homes before deciding which one to buy (median). About half of the buyers used their savings for a down payment, 17 percent used the sale of a previous home, and 11 percent purchased their home without a down payment.
- The median first-time buyer was 32 years old with an income of $62,987. The median new home buyer was 40 years old, with an income of $84,987.
No comments:
Post a Comment
If you have questions or a comment about this Blog or our Company please use this section. We will do our best to review and answer within 24 hours.