Findings from a Weichert, Realtors survey of more than 1,200 homebuyers who bought a house between July 1 and Dec. 31, 2010, were recently featured on the Wall Street Journal“Developments” blog. The key takeaway from the survey is that affordability — low interest rates and lower home prices — was the main motivating factor for those who purchased a home during that time period. These favorable conditions still remain for buyers currently in the market.
Here are some of the other notable statistics from the survey:
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28 percent said “favorable financing” motivated them to buy a home in 2010, up from 14 percent in 2008.
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Another 28 percent of survey respondents said they bought a house because they wanted more living space or a larger property.
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11 percent said they were motivated by potential financial growth, a statistic that remained virtually unchanged from previous years since 2005.
