Why purchase a home? The main reason is the same as it has always been – the desire to own one’s own home. In 2012 1/3 of all home buyers purchased for this reason and 60% of first time home buyers purchased their home for this reason. Other main reasons to buy a home were a change in family circumstances, job relocation, move up buyers, need to downsize and a desire to be near family and friends. Younger buyers tend to buy because the want to own their own home and older buyers are usually wanting to be near family and friends. For more detailed information see the chart below from Meredith Dunn, Research Communications Representative, managing research content on Realtor.org. Click on chart to enlarge.
Take a look at the home buyer statistics for Minnesota vs. the Nation provided by the Minnesota Association of Realtors. Who are the buyers, what types of homes are they buying and where are they searching?
Characteristics of Minnesota Home Buyers