Minimal Commuting Desired By Homebuyers

October 29, 2007

One out of every five homeowners plan to move within the next five years, according to a recent survey. About 43 percent of them want to purchase a home closer to work - up 10 percent from a similar survey last year. That points up an interesting trend. The high cost of gasoline and increasing problem of traffic congestion (thus extending commuting time and frustration) is motivating more families to move closer to their point of employment and family members. Commuting is becoming less attractive all the time.

For older consumers considering a move to a retirement home, 70 percent place a high priority on a location close to family and friends, it was noted in the new survey conducted by ERA Real Estate and Opinion Research Corporation. For those in the market for a second or vacation home, about 45 percent say they would share the property with other family members.

As for type of home most often wanted, the single family home is the winner. Of the one if five thinking about moving in the next five years, 65 percent indicated a preference for a single family home. That’s consistent with a report by the Joint Center for Housing Studies of Harvard University indicating few baby boomers will be looking to downsize in the near future.

In fact, about one-quarter (24 percent) of survey respondents said the reason they would purchase a home would be to upsize their home, compared with 15 percent last year. Of those who currently own single family homes, only 11 percent would now consider purchasing a condo or townhome.

An interesting new question was asked in this year’s survey: If you could choose anyone, who would be your ideal neighbor in your new home? Among the U.S. presidential candidates, most preferred neighbors were Senator Hillary Clinton, Fred Thompson, John Edwards and Senator Barak Obama - in that order. Preferred celebrity neighbors listed were golfter Tiger Woods, Regis Philbin and Ellen DeGeneres.

Posted in Thought For Today, Helpful Hints, Things of Interest, Local Business, Real Estate, All Things San Diego