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Why, Oh Why, Do They Buy?

According to the NAR 2012 Survey of Home Buyers and Sellers, here are the top reasons why buyers purchase a home:

Desire to own a home of my own                    30%
Desire for larger home                            11%
Job-related relocation or move                     9%
Change in family situation                         8%
Affordability of homes                             7%
Desire to be closer to family/friends/relatives    6%
Desire for a home in a better area                 6%
Retirement                                         4%
Desire for smaller home                            4%
Desire to be closer to job/school/transit          4%

KeysSome of the report highlights not to be missed:

  • 90% of home buyers searched online during their home buying process
  • Real estate related searches on Google.com have grown 253% over the past 4 years
  • Buyers use specific online tools during different phases of the home search process
  • How important “local” search terms and websites are for buyers
  • How mobile technology connects online to offline home buying—including the reading of online reviews
  • How video and YouTube satisfy buyers’ research needs
  • 36% of new home shoppers utilize a mobile device while they are watching TV

Knowing the reasons for buying and the ways people are researching homes gives us ideas of how to position a seller’s home to appeal to the target audience in the channel they prefer to use.

How cool is that?

Laura Kittleman is the owner of The Kittleman Group of Keller Williams Select Realtors, based in Ellicott City, MD.  She can be reached at 301-785-5889 or laurak@kittlemangroup.com

Source: NAR 2012 Survey of Home Buyers and Sellers

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