Texans are no different than anyone else when it comes why they were buying homes in 2013. The simple truth is that they wanted to own a home! In a recent report by TAR, statistics revealed more reasons why Texans decided to become homeowners last year. In the 2013 Profile of Texas Homebuyers and Sellers, TAR provided data that was provided by both first-time home buyers as well as repeat buyers that further identified the primary factors leading to them purchasing homes last year. Several of those reasons are listed below.
What were their reasons to buy? As mentioned earlier, the primary reason for purchasing a home was that 63% of first-time buyer's desired to own a home. When it came to repeat buyers, the numbers were more diverse. Among this group, 15% purchased because of relocation related to their job, 14% wanted to up-size, and 11% were interested in moving closer to their family, friends, and relatives.
Why did they purchase in 2013? Among first-time buyers, 44% decided that it was the right time for them to purchase their first home. Home affordability was the driving force for 12% of the respondents and historically low mortgage rates were the primary reason for 26% of those surveyed.
Repeat buyers also chose it was the right time to purchase as the primary reason, as 36% indicated this was what caused them to act last year. Attractive financing options were what appealed most to 20% of those Texans that decided to buy another home.
Combined only 1% of first-time buyers and repeat buyers indicated that they wish they had waited and not purchased in 2013.
What factors were most important when choosing a location? Not surprisingly, 63% said the quality of the neighborhood was the most important factor in their decision. Other factors included convenience to job at 45% and overall affordability of the homes which was 40%. Living close to family and friends continued to be an important factor at 35% and the quality of the school district was a priority for 32% of respondents. Buyers also considered the design of the neighborhood as a factor as 30% indicated in their responses.
All indications are that 2014 will continue the momentum that was generated in 2013. The motivating factors of rising home prices and interest rates will give potential buyers the initiative to move forward now while home affordability is still a reality for many. Source: TAR
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