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Besides the obvious reasons that include great prices and low mortgage rates, there are some other reasons people want to buy homes. According to Inman’s Tara-Nicholle Nelson, increased conversations are taking place that center around people who want to buy and are defending reason to buy. Here are the most popular reasons she sites in her article:
I just want to own the place I live. The desire to be a homeowner seems to be the most popular reason. It may include a bunch of motivations, like tax considerations, the ability to gain equity over time, own the home and furnish as you desire. This popular reason may demonstrate that in the debate about whether a home is an investment or a place to live, the emotions around owning the place you live trump investment.
I want to buy now and move later. Warren Buffet’s assistant just famously bought a retirement home, years in advance, publicly stating that she did so on her boss’s advice to buy now and move later. This is a partially market-based sentiment, of course, as the rationale for buying right now is that prices and interest rates are low. But it’s also partially lifestyle-based, as this is a motive for buying that you’re much more likely to hear from those who have diligently saved and are currently well-employed, but look forward to moving to a locale with a lower cost of living in the years to come, when they change career paths or retire.
I don’t want to have to move anymore. The truth that living in a home you don’t own may mean moving when you don’t want to is a big emotional driver for home buying these days. It helps that rates and prices are low, and that many of these renters have been saving aggressively over the past few years.
Whatever your reason may be for buying a home, it’s hard to deny both the great value and lifestyle that you get by purchasing a property in Southwest Florida!
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