The answer, according to a Weichert survey conducted between July and December of last year:Â affordability. Â Overwhelmingly.
This is not altogether surprising. Â The combination of low interest rates and (generally) low home prices has a powerful effect.
FullyÂ 28%Â of the over 1200 survey participants claimed thatÂ favorable financingÂ played a critical role in motivating them to buy.
Another 28% claimed more living space or property was the primary driver--more or less in-line with levels seen over the past 5 years.
Most interestingly,Â almost none of the respondents claimed the desire to own a home vs. renting one as their principal motivationÂ (compare that to over 25% in 2005).
What does this mean to me as a market follower and real estate professional? Â Overall, I think it's a positive indicator, showing that consumers' attitude toward homeownership is more rational and financially driven than in the halcyon days of the residential real estate bubble.
On a local level, as we remarked earlier this week in ourÂ Westford MA real estate market update, we have seen a slight uptick in home prices in Westford.
Nonetheless, theÂ current local median sale price of just over $400,000 is still a good value--relative to the market peak of $519,000 in late 2005.
So if you're considering putting your home in Westford up for sale, or are currently on the market--keep these motivating factors in mind.
In your marketing materials, focus on value--emphasize amenities, appliances, distinct attributes of your neighborhood and the Westford community that distinguish your home and property as an exceptional deal relative to other similarly priced real estate options.
Don't hesitate to contact us with any and all Westford homebuying or selling questions!