LEMOYNE, Pa., Nov. 19, 2015 /PRNewswire/ -- More than 40 percent of homebuyers over the age of 50 paid cash for their home purchase in Pennsylvania over the past year, according to the Welcome Home survey conducted for the Pennsylvania Association of Realtors® (PAR). The greatest increase was seen in respondents between 50 and 64 years old, which rose from 18 to 33 percent from the last quarterly survey.
"Younger homebuyers are less likely to pay for a home with cash," said PAR President Ron Croushore. "The 30-year mortgage is still the most popular way to finance a home but for older buyers who may have more assets to use toward a home purchase, cash is prevalent."
Relocating and tiring-of-renting remained the top two reasons respondents cited for buying a home. Nineteen percent said the desire or need to relocate was their main reason to move, while 14 percent were tired of renting and were ready for their own home.
"Higher rental prices in some markets make buying a home worth considering. Owning a home is one of the best ways to build financial security over the long term, providing both equity accumulation and tax benefits over time," Croushore said.
While financing questions remain the most stressful part of the home buying process, many respondents found the pre-closing waiting times and post-closing moving process were the most stressful. By "waiting," respondents were referring to the time in the closing process where documents are processed, exchanged and reviewed by the buyer and seller, and not always with a firm timeline for making decisions. Other respondents found that moving into their new home was the most stressful part of the experience, rather than the whole or any part of the transaction.
"Working with a Realtor® can ease the stress during the real estate transaction," Croushore said. "Realtors® coordinate the process, negotiate on behalf of their clients and help to facilitate and streamline real estate transactions."
The Welcome Home survey, which included telephone interviews with consumers who purchased a home in Pennsylvania in the last 12 months, was performed by Keystone Analytics®.
The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 30,000 members in Pennsylvania. Keystone Analytics® is a Pennsylvania-based business and research firm that provides a cohesive approach to a wide range of services, including market and constituent surveys and analysis, and conducting issues management.
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SOURCE Pennsylvania Association of Realtors(R)