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Why someone might buy your home

Trying to sell your home? The more you know about the types of buyers out there and why they're buying, the better your chances of successfully marketing your home.

Consider the No. 1 reasons people are buying:

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1. Autonomy: Want to establish a household -- 33 percent.
2. Changing needs: Relocation or change in family situation -- 21 percent.
3. Moving up: Desire a larger home, nicer neighborhood, new house or custom home -- 20 percent.
4. Convenience: Need to be closer to job, family, friends or public transit -- 8 percent.
5. Downsizing: Retiring or need smaller home -- 7 percent.
6. Money: For financial, tax or investment reasons -- 4 percent.
Source: National Association of Realtors, 2007

Note: These are the top reasons, not the only ones.

Among the types of potential homebuyers are two very different species: the first-time homebuyer and the repeat buyer. Repeaters tend to be older, earn more, spend more, make a larger down payment and buy a bigger home.

Here's how they stack up:
  First-time homebuyers Repeat homebuyers
Age
Income
Not buying as part of a couple
Home size
Average mortgage
Down payment
Source: National Association of Realtors, 2007
* This data from the Mortgage Bankers Association, 2007
Bankrate.com's corrections policy
-- Posted: Feb. 14, 2008
 
 
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