The Facts of Buying or Selling a Home.
Whether you are looking to sell or buy a new home, it is important to know the market.

How Important is Knowing the Market?

When purchasing a home, in addition to the price of the home, home buyers also consider the cost to commute to work, and with rising energy costs, cost of energy, and possible savings from energy efficient features of homes. Importance given to these costs considerations vary by age of home buyers.

The importance of commuting and energy costs

Among recent home buyers surveyed in August 2008, commuting costs were more important for younger home buyers. Of those 18 to 44 years old, 44 percent reported commuting costs to be very important in their home search process, compared to 40 percent of those aged 45 to 64, and only 20 percent among those aged 65 or older.

About half of home buyers (49 percent) between the ages of 45 and 64 considered a home's heating and cooling costs very important, compared to 39 percent of those aged 18 to 44, and 41 percent of those 65 years old or older.

A home's energy efficient appliances and efficient use of lighting were very important for nearly one-third of home buyers in the 45 to 64 year old age group. A somewhat smaller percentage of older home buyers, around one quarter, considered these attributes to be very important. Among younger home buyers, the corresponding percentages were smaller than one quarter.

This is one in a series of commentaries by the Research staff of the National Association of REALTORS®.
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