Whether it be for relocation purposes or simply a growing family, everyone has a different reason for why they choose to purchase a new home. A recent Home Buyer and Seller Generational Trends Report by the National Association of Realtors, provides the Top 10 primary reasons for purchasing a home.
While these reasons can all intertwine with one another in the decision-making process, there are a few that stand out in the process depending on your current or future living situation.
Desire to own a home of my own:
For those who have been living with relatives or renting their home, it may just feel like the right time to own a home of your own. While renting can offer a temporary solution, purchasing a home can give you or your family a more permanent feeling.
Desire for a larger home:
Whether it’s increased family size or simply outgrowing your “starter home”, a desire for a larger home comes in second as one of the top reasons people choose to buy a new home.
Job-related relocation or move:
While most may want a new home, some need to purchase a new home because of a job transfer or a sudden event that calls for a move. With the economy always changing in specific markets, it’s no surprise that this comes in at number 3.
Change in a family situation:
A change in a family situation can require a sudden move or an upgrade or downsize in a home. This shows to be the fourth major reason people choose to purchase a new home.
Multigenerational living is becoming a popular trend again for many households. Some families may be opting for a home that fits this unique lifestyle.
Desire to be closer to family/friends/relatives:
Not all factors that go into buying a home are just based on the logistics. Social and family life can be a major reason why people choose to move and purchase a new home. It makes sense to want to want to live in a home near the people that mean the most to you.
Desire for a home in a better area:
A “better” area may be a broad term for home buyers, but it can mean different things for different people. A better area may mean safer or might just be an area that someone can see themselves growing into.
Desire for a small home:
While one of the top reasons is a desire for a larger home, there are still quite a few home buyers who are on the opposite end looking for a smaller home. There are many reasons that can attribute to this— empty nesters, recent retirees, or even those who are simply looking for a more affordable home might choose to down size.
Retirement can be the time for people to choose their “dream” location to live or a new place to call home. It could mean moving somewhere with warmer weather or down-sizing their home. Regardless of the choice, retirement plays a big factor into home buyers purchasing decisions. With Active Adult communities on the rise, many recent retirees are finding homes in these planned communities designed specifically for ages 55 and over.
Affordability of homes:
There are certain times of the year and even certain years when it can be the right time to buy in your specific market. Taking advantage of buying a home while prices and interest rates are low can save you a lot in the long run and can also be a big contributing factor to why someone might choose to purchase a new home.
Desire to be closer to job/school/transit:
With gas prices fluctuating and traffic in certain locations, it’s no surprise that most want to have a closer to commute to where they work or live near their children’s school. While some may pay more for their desired location, the benefits of living closer can sometimes outweigh the initial cost.
Are these any of the reasons that you chose to buy a new home or are currently looking to purchase a new Lennar home? Please share in the comments below!