Price Not Media Primary Driver Of Home Buyers Late 2006 Study Reports
Most to least important influence on home buying decision in NAHB study.
-Price. Over three-quarters of home buyers interviewed stated prices were main influence in purchasing decisions.
-Projected appreciation. Over seventy-percent felt that appreciation was an important factor after price in purchasing a home.
-Resale attractiveness. Respondents stated that resale marketing was coupled with appreciation in making an informed purchase decision.
-Mortgage interest rates. Favorable rates and costs associated with securing home financing were fourth on their list.
-Household transitions. A change in employment, or new family member rounded out the top five influences.
-Media reports of market conditions. Twenty-eight percent of home buyers saying media stories about market conditions influenced their decision to buy. Almost half stated to researchers that the media had no influence at all on home purchases.
Home buyers took charge of local market conditions by going out fist-had into the marketplace to view homes or did analysis on the Internet. Their largest concern was the impact of a home purchase on their household finances and the possibility of residential real estate contributing to their long-range investment goals. The study concluded that the media does play a role in buyers dropping out or sitting on the sidelines in a real estate market. Nearly one-fifth stated that they would choose either dropping or sitting based on media reporting.
Related Tags: price, realty, home, study, estate, real, hype, mark nash, media, report, bubble, buyers, journalism, headlines
Mark Nash is the author of five real estate books, new for 2007; Real Estate A-Z for Buying & Selling a Home. William J. Sittig, Chief of the Science, Technology and Business Division of The Library of Congress has invited Mark to make a presentation on 1001 Tips for Buying and Selling a Home to the members, public and staff of the Library on March 21, 2007. Nash has been featured on Bloomberg Video-on-Demand, CBS The Early Show, CNN, and The Today Show. He is a syndicated columnist for RealtyTimes.com and reviews books for MyShelf.com and The Midwest Review of Books.To subscribe to his free monthly ezine; Agent to Agent visit: http://www.AgenttoAgentezine.com.
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