Economy has made home owners to make serious sacrifices – Survey
The latest Move.Inc Homeowners survey has brought out many interesting facts to the fore. According to this random online survey, the present state of US economy has forced some homeowners to make serious sacrifices or changes to their lifestyle, since they wait for conditions to improve optimistically.
Over two thirds of people surveyed – 69.1% of them – said they have delayed selling their home now and in order to pay their mortgage, reduced their daily living expenses; 35.4% of people have downsized to a smaller home, and 33.5% have delayed expanding their family as planned.
As a result, about one third – 36% of home owners who are not in a position now to sell their home and purchase a home that better fits their needs, replied they could not purchase a different home in a more upscale neighborhood. This fact applied more for women – 45.1% – than men – 27.2% of those answered the survey.
Arising out of their current situation, 24% of home owners said they have not been able to move closer to work or a desired school (21.9%); purchase a second vacation home or a retirement home (21.9%); or buy a rental property as an investment (21.5%).
On the question how economy and lifestyle needs trigger buying or selling transactions, the Move Homeownership survey found nearly half of all home owners – 49% – would buy another home today, if they could sell their present home for a price what they paid for it when bought or little more. This is especially true for home owners in the age group of 25 to 34 surveyed 68.2%.
What are the most important reasons that influence homeowners’ decisions to sell their present home with the intention of purchasing another? For this specific question the replies were – the need to lower monthly expenses due to financial hard times 25.4%; their growing family needed more space 20%; their desire for children to attend a better school 14.1%; moving closer to important daily conveniences 12.3%; workplace 10.9%; and the desire to improve their lifestyle by purchasing a nicer or larger home than the present one, because they are financially doing well now 10%.
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