NAR Home Survey
Homeowners want to buy close to their love ones
As we head into the many possibilities of a New Year, one thing remains the same: the importance of friends and family to the experience of being a homeowner. Homeowners often want to locate close to their loved ones.
According to the National Association of Realtor®’ (NAR’s) latest HOME (Housing Opportunities and Market Experience) Survey, released in December, 2016, 78% of all respondents said moving near family is at least somewhat important.
This importance increased with age and stayed fairly similar across all four major regions. It also remains one of the top five primary reasons for purchasing a home as reported in the 2016 Profile of Home Buyers and Sellers.
NAR Home Survey
Proximity to friends and family is not the only important aspect of buying the home. Using the home as a gathering place is also important: 57 percent of those who own a home host family and friends four or more times a year. Respondents in rural areas and in the Northeast and Midwest were slightly more likely to host family and friends more frequently.
Finally, using the home as a gathering spot for friends and family can sometimes act as motivation to upgrade or remodel. Forty-three percent of all respondents by age and location upgraded or remodeled their homes within the last few years.
According to the Remodeling Impact Survey, both a kitchen upgrade and a complete kitchen renovation were the top two projects that REALTORS® deemed both most likely to appeal to buyers and to have the most value to a home for resale.
For more information you can visit https://www.nar.realtor/research-and-statistics/homeownership-opportunities-and-market-experience-survey
