STATEN ISLAND, N.Y. — A desire to own a home of their own and to establish a household are the reasons homeowners most often cite for purchasing a home.
Thirty-three percent of all buyers, and a whopping 70 percent of first-time buyers, express these as prime motivators in their quest for a home purchase, according to the National Association of Realtors®.
A wish for a larger home, a job-related move, a change in family situation, a desire for a home in a better area and an interest in being closer to jobs, relatives, school or transit are also high on the list of reasons for purchasing a home.
“The bottom line is that housing is a good long-term investment with both financial and non-financial rewards. While the financial gains have been significant for most owners, it’s the social and personal benefits that really influence consumers to buy a home,” explained Laird Klein, president of the Staten Island Board of Realtors (SIBOR).
“Most people buy homes to become homeowners, to live in those homes, and to be part of the communities in which those homes are located. People don’t just buy a house or a condo – they buy a home,” he said.
Reasons for a home purchase vary quite substantially among different age groups. Three-quarters of home buyers between ages 18 and 24 have reported purchasing a home because they want to own a home of their own or establish a household. In fact, for all buyers 64 or younger, this is the most frequently cited primary reason for purchasing a home.
Home buyers 65 years and older have indicated that their primary reason for purchasing a home was to downsize to a smaller home, retire, or to be closer to family, friends, and relatives.
About The Staten Island Board of REALTORS® (SIBOR)
The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.
Comprising more than 1,700 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in more than 3,000 real estate transactions every year.
All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-979-0007 and viewed online at siborrealtors.com. SIBOR may also be visited on Facebook and on Twitter.
Media Contact: Barton Horowitz
Relevant Public Relations, LLC
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