No. 1 reason to buy a home? For some last year, it was tax credit
Thirteen percent of first-time homebuyers surveyed by the National Association of Realtors last year said their primary reason for purchasing -- primary reason, mind you -- was the $8,000 federal tax credit.
That was the second most popular answer after "I wanted to own my own home," though that more traditional reason was far and away the top choice at 53 percent.
Third most popular answer: "affordability of homes," which was the top pick for 8 percent of first-time buyers surveyed.
The trade group's survey results have been out for a while -- and the questionnaire itself was mailed out last July to buyers who purchased between July 2009 and June 2010 -- but hey, I just stumbled across it. I thought you might like to chew over the figures, too. Is it alarming that anyone took on the responsibility of homeownership primarily for an $8,000 tax break ... or, considering the multi-billion-dollar cost of that incentive, that just 13 percent did?
For repeat buyers, the tax credit on offer was $6,500, but only assuming they met the very specific qualifications. It wasn't nearly as popular as the credit for first-time buyers, and the survey results reflect that: Just 3 percent of repeat buyers cited the credit as the primary factor for their purchase. Desire for a larger place was the key motivator.
If you bought -- or sold -- in the last few years, share: What was your primary reason? What about the secondary and tertiary ones?