How do renters know when it’s time to stop renting, and start looking for house to buy? A National Association of REALTORS® survey of recent home buyers offers some pretty good clues.
The trade group’s annual Home Buyer and Seller Generational Trends Report asked new homeowners in their 20s and 30s what was their number one reason for buying a home when they did.
Close to 60 percent of recent home buyers said their number one reason for buying a house was that “it was just the right time.” By comparison, only 6 percent said they bought because “mortgage rates were low”.
The study disproves that belief that falling mortgage rates lead to higher levels of homeownership because, as it turns out, buying a home is an emotional or life decision more than it’s a financial one.
Some of the reasons renter buy homes include:
- Single home buyers who want to stop renting
- Couples who want a joint home in which to start a life together
- Families who outgrow their rented home and want something permanent
When your goal is not financial, low interest rates don’t make you move. You follow your instincts to stop renting, and you find a way to make your finances work.
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