Younger Pennsylvania buyers anticipate being in their homes for shorter times

02 Mar, 2016, 10:21 ET from Pennsylvania Association of Realtors

LEMOYNE, Pa., March 2, 2016 /PRNewswire-USNewswire/ -- Younger buyers expect to live in their homes for a shorter time, according to a recent Welcome Home survey conducted for the Pennsylvania Association of Realtors® (PAR). The survey, performed by Keystone Analytics®, revealed that 43 percent of respondents under the age of 35 anticipate living in their new home for less than 10 years. More than half of unmarried respondents also expect to live in their homes less than 10 years.

"Low mortgage rates, healthy job perspectives and higher rental prices are all reasons younger, first-time homebuyers are entering the housing market," according to PAR President Todd Polinchock. "Many first-time homebuyers anticipate moving to a different home as their lives change in the future."

Buyers between the ages of 18-34 are increasingly turning to realtor.com® to look for a home online. "Realtor.com® has launched some innovative online ads directed to this growing first-time homebuyer market and it appears to be raising awareness among its targeted audience," Polinchock noted.

Homebuyers continue to find financing questions the most worrisome part of the homebuying process. "Twenty-four percent of those surveyed found financing caused them the most stress when purchasing a home," he said. "Buying a home is one of the most significant purchases most people ever make, so it's understandable that the financing can be a tense part of the process."

Relocation needs and tiring of renting remained the top two reasons why those surveyed decided to buy a home. Twenty-one percent of respondents said relocation was the reason they had for moving, followed by 14 percent who said they were tired of renting their home instead of owning it. For those with children, an expanding family and quality schools were ranked as reasons for purchasing their new home.

The Welcome Home surveys are conducted on a quarterly basis and provide information on a number of consumer homebuying trends. More survey results are available online at WelcomeHomePA.org.

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 32,000 members in the commonwealth of Pennsylvania. 

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SOURCE Pennsylvania Association of Realtors



RELATED LINKS

http://WelcomeHomePA.org