A new survey of home buyers shows that the desire to own a home is by far the number one reason American's choose to take on a mortgage. Conducted by the National Association of Realtors, the 2016 Profile of Home Buyers and Sellers report shows that pure desire and the principles of homeownership bested any other reason for wanting to own a home - by a three-to-one margin.
Thirty-one percent of respondents to the survey cited the desire of homeownership as their reason for buying this year, followed by wanting a larger home (10 percent), relocating due to a new job (8 percent) and a change in family situation (8 percent). On the opposite end of the spectrum, the majority of homeowners who want to sell or did sell in 2016 stated that their current home was simply too small.
Even as home prices continue to climb, sales have increased in 2016. Historically low interest rates continue to motivate buyers to transition from renting to owning. Today, conforming no-point 30-year fixed rates are averaging 4.125 percent while the 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.