Realtor.com conducted a survey on what currently pushes people to buy homes in 2015. Below is a list of the main drivers in today's home-buying decisions.
1."I'm tired of my house"
This reason topped the charts, the average time in a home has risen since the last recession as more owners have found themselves underwater and faced price declines from 2007 to 2011. After four years of above-average price appreciation, confidence in the market has returned, and together with all time low interest rates give the buyers that added confidence to get into their new home.
2. Interest rates are attractive
The average 30-year fixed-rate mortgage reached a low in January at 3.63 percent and continues to average under 4 percent. That's a big discount compared to the average monthly 30-year fixed conforming rate since 1971, which was 8.39 percent. Such a big difference in rates leaves no doubt that interest rates will remain favorable for many months ahead.
3. Home prices are favorable
Today home prices are still about 20 percent beneath the peak at the height of the housing bubble. Even though the price motivation has decrease from 2012, it still remains one of the top triggers.
4. "I've got more money to spend"
Active homebuyers say an increase in income is their primary trigger for buying a home now, reported a 24% of the buyers surveyed by Realtor.com
5. A change in family circumstances
A change in family circumstance was the main reason of buying a home that was represented by 18% of the buyers of the Realtor.com survey. More people are expanding their families: Births rose last year and are expected to grow again this year as well.