A recent survey by national home builder PulteGroup, Inc., proves that home buying is not motivated by economic factors alone. Whether buyers are searching for homes in the Washington D.C. area or elsewhere in the country, there are common motives that drive their efforts.
Family needs and personal plans are at the forefront of home buyer motivation:
The PulteGroup Home Index survey provides an understanding of home ownership trends among consumers. The 2012 survey revealed improved consumer confidence in the economy and national housing market:
- 61% of employed baby boomers plan to retire in 10 years or less.
- 73% of employed boomers say they are financially prepared to retire in 10 years or less.
- 49% of former renters like being able to call themselves homeowners.
- 44% of renters see owning a home as a good financial investment.
- 36% of renters want to buy a home to provide more living space for their families.
- 68% of current homeowners ages 18 – 34 want a larger home for their growing families.
The survey shows that family needs take priority when making home buying decisions. It also shows the influence that family structure has over home buying plans.
More family members may share the same household in the future:
- A growing number of households expect to share their home with their adult children or aging parents in the future.
- 31% anticipate at least one adult child moving back home.
- 32% anticipate an aging parent living with them.
- 84% of homeowners expect their next home to be the same size or larger.
- About 62% of baby boomers want their home in retirement to be within the same state they currently live. This represents a 20% increase compared with two years prior.
- 32% of baby boomers want to live within 20 miles of their children/grandchildren upon retirement.
Long-term planning is essential for D.C. Metro home buyers!
Keeping the long-term needs of your family in mind is excellent advice for home buyers in Bethesda, Chevy Chase and everywhere in the DC Metro area! As your Accredited Buyer Representative, I can help you identify your priorities and match your needs to the best locations and homes on the market.
When you need information about neighborhood market conditions, or help with your DC Metro home searches, Ill be here for you! Contact me for the latest home sale statistics, market trends, and the professional guidance you can trust.
Melinda Estridge
The Estridge Group-Long & Foster Real Estate, Inc.
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