View Mobile Site

Ask the Expert

Signal Photos


Homeowners more confident in moving up

Favorable economic factors likely to inspire change

Posted: August 7, 2013 2:00 a.m.
Updated: August 7, 2013 2:00 a.m.

In a sign of growing homeowner optimism, 76 percent believe they can sell their current home within the next two years, which would allow them to move to a new home.

Of that group, 42 percent of move-up buyers said they are planning to purchase a new home within the next five years.

In the latest home index survey, Michigan-based homebuilder PulteGroup.

Polled adults who have owned a home for at least two years, have children under 18 and have an income of more than $50,000.

The survey showed that favorable financial and economic factors are more likely to spur buyers to move up their timeline purchase, however, growing families motivate buying decisions as well.

Factors cited as reasons for buyers to purchase homes are being able to sell a home at a higher price (38 percent), relocating for a job (24 percent), job promotions or a new job (17 percent), and expanding families (11 percent) — whether a new baby or family members moving into an existing home.

Among the Millennial generation — with its oldest members approaching age 30 according to Pew Research Center — 58 percent who already own a home plan to buy a new home in the next five years. And, 38 percent plan to buy a new home in the next two years.

Of the PulteGroup’s own set of new homebuyers in 2012, 43 percent of all homes sold were bought by families with young or school-aged children who already own a home, the company reported.




Most Popular Articles

There are no articles at this time.
Commenting not available.
Commenting is not available.


Powered By
Morris Technology
Please wait ...