Infographic: NAR Statistics Confirm that HOME Really is Where the Heart Is
I can corroborate the National Association of Realtors findings. A substantial portion of home buyers and sellers cite being closer to family as their main motivation for relocating. I’m currently working with a Dad whose son and daughter moved closer to each other within the past year or so. Now Dad is relocating from New Mexico to a neighborhood very close by his kids.
But the Phoenix Valley is an unusually magnetic hub for business especially in the technology sector lately, and just as many of my clients, both home buyers and home sellers, are relocating for their jobs.
Of course the weather here doesn’t hurt our migration numbers either, it’s a huge draw from the Sedona area throughout the Phoenix Valley and right down into Tucson. I don’t know how many retirees and vacationers I’ve helped cause they just decided to stay!
Take a look at the charts for a nationwide view of why people move.
By Meredith Dunne, Research Communications Manager, NATIONAL ASSOCIATION OF REALTORS ®
As we head into the many possibilities of 2017, one thing remains the same: the importance of friends and family to the experience of being a homeowner. Homeowners often want to locate close to their loved ones. According to the NATIONAL ASSOCIATION OF REALTORS®’ (NAR’s) latest HOME (Housing Opportunities and Market Experience) Survey, released in December, 2016, 78 percent of all respondents said moving near family is at least somewhat important. This importance increased with age and stayed fairly similar across all four major regions. It also remains one of the top five primary reasons for purchasing a home as reported in the 2016 Profile of Home Buyers and Sellers.
Proximity to friends and family is not the only important aspect of buying the home. Using the home as a gathering place is also important: 57 percent of those who own a home host family and friends four or more times a year. Respondents in rural areas and in the Northeast and Midwest were slightly more likely to host family and friends more frequently.
Finally, using the home as a gathering spot for friends and family can sometimes act as motivation to upgrade or remodel. Forty-three percent of all respondents by age and location upgraded or remodeled their homes within the last few years. According to the Remodeling Impact Survey, both a kitchen upgrade and a complete kitchen renovation were the top two projects that REALTORS® deemed both most likely to appeal to buyers and to have the most value to a home for resale. Visit https://www.nar.realtor/research-and-statistics/homeownership-opportunities-and-market-experience-survey to view the HOME report.
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eMail: golfarizona@cox.net
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
Meredith Dunne is research communications manager for the NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission from RISMedia. ©2017. All rights reserved.
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