Last week, the inaugural “Homebuyer Insights Report” was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership.

Family with For Sale Sign

Consumer Lending Executive, D. Steve Boland, explained:

“Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones.”

Emotional-Financial Factors

Boland went on to say:

“The path to homeownership is a journey and can be as overwhelming as it is exciting. For many people, this is the single most significant financial transaction they will ever make.”

This was evidenced in the report when they asked today’s homebuyers to define homeownership. Their answers tell the whole story.

Define Homeownership Percentages

Bottom Line

Homeownership has always been a part of the American Dream and survey after survey confirms this will always be the case.

There are great opportunities for buyers in today’s market!

Contact us here at the Kim Odegard Team if you or anyone you know is interested in finding a great buy. 219-671-1111 www.KimOdegardTeam.com

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