What do you think is the #1 reason Americans buy a home?
Go ahead — guess! But I'll tell you up front: the answer may not be the first one that comes to mind.
(Imagine the Jeopardy! music playing in the background while you think.)
Got an answer in mind? Okay then. It's time to reveal the answer…
Let's be clear: Owning a house is a major financial decision, no question about it.
And whenever you mention real estate, chances are good someone will bring up the investment potential.
So it's easy to understand why many of you guessed that the #1 reason Americans buy a home is financial: as an investment, to build wealth, to have something to pass on to their children, etc.
But it turns out that finances didn't show up until #5 in the list of reasons!
Of the top reasons Americans buy homes, the first 4 aren't related to finances at all.
So what IS the #1 reason? Here you go:
The #1 reason for buying a home is to have a good place to raise children and provide them with a good education.
How many of you got it right? Go ahead and crown yourself Real Estate Trivia Champion of the Day!
All joking aside, knowing why people buy is important if you're thinking about selling.
Staying informed about what motivates buyers helps you speak to your potential buyers about what matters most to them. It lets you show why your house fits with their priorities.
That's why it's important to work with an agent who's informed about these facts, too. You want the person working for you to know how to help you show your home's best qualities that align with what buyers want.
And if you're wondering, the remaining reasons are:
- #2: Having a physical structure where you and your family feel safe
- #3: Having more space for your family
- #4: Being in control over what you do with your living space
- #5: Building wealth that can be passed along to your family
source: Keeping Current Matters & The Joint Center for Housing Studies at Harvard University