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2015 Survey of California Home Buyers Shows Buyers Are Back

July 29, 2015

WelcomeHomeThe California Association of Realtors® has just released the results of their 2015 California Home Buyers Survey, and the news is very promising. The overall results show that more people are ready to buy, and new households are being formed. Factors such as an improved economy and job growth appear to be the main reasons more buyers are coming back into the market. But there is more to the surge of buyer growth as well. The survey also included questions about recent or current living situations. While many who fell on hard times over the last few years are now back on their feet, the simple statement, “Tired of renting,” held fast as one of the top reasons for buying a home.

Looking at the statistics report in the California Home Buyer Survey, the participants included 1,300 residents statewide who closed escrow on their homes between February 2014 and February 2015. The survey was completed to measure their perception of the home buying process, and determine the current main factors affecting home buyers in the state. One of the most significant increases seen was the type of home buyer in terms of previous living situation. There was a 12% increase in the number of home buyers who lived with their parents prior to buying a home in 2015, compared to just 2% the year before. Previous renters who bought a home only shifted a mere 1% from 39% of the survey participants in 2014 to 40%. Those who previously owned a home and bought a new one actually dropped from 59% of 2014 survey respondents compared to 47% this year.

The 2015 survey also shows that California is returning closer to a normal housing market as distressed sales are currently at record lows. One out of five of the home buyers surveyed, about 22%, indicated they had experienced a distressed sale previously. 23% of the buyers had been “underwater” on their homes previously, compared to 4% of buyers in 2014. This increase in home buyers who were in stress before but now can buy a home shows the housing market has stabilized alongside with economic growth and unemployment improvements.

Survey participants were also asked why they bought a home. The tops reasons cited were first, “tired of renting” at 15%, second, “wanted a new place to live” at 14%, “desired a larger home” at 12%, %,”changed job or relocated” at 11%, and “desired a better or other location” at 8%. For first time home buyers in particular, the top two reasons for buying were “tired of renting” at 21% and “wanting a place to live” at 19%. Survey participants overall felt they got a good deal on the price they paid for homes as well, with 85% of the participants indicating they felt their home was worth the price they paid.

There is a lot of insight to be gained from the 2015 California Home Buyers Survey. The results showcase that we are indeed seeing an improvement in the ability of households to buy a home. You can view all the survey findings at the California Association of Realtors® website. When you are ready to sell or buy a home, myself and my team are ready to help you through the entire process. We make the business of real estate a pleasure for you to experience. Contact us today at (925) 634-7820, or by email at realestate@cecily.com.

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