The California Association of Realtors (C.A.R.) released the results of their 2013 Home Buyer Survey, which highlights why Californian’s purchased homes this year. The following are the reasons and related percentages reported:
38% – Price reductions
12% – Favorable prices and/or financing
10% – Desired a new or better location
9% – Investment or tax advantages
7% – Tired of renting
Half of Californians who purchased homes did so because of lower prices and favorable financing. The other reasons may in some cases rely upon the first two conditions as precedent. More recently real estate prices have been rising and rates have moved higher from their historic lows. This could reasonably lead to some pull-back in California in the near future.