Nearly 20 percent of homebuyers are motivated by a desire to live closer to family.

More Americans are showing a desire to move closer to their family and friends since the pandemic. They also want to upsize their home, according to the “2021 Profile of Home Buyers and Sellers,” an annual report published by the National Association of REALTORS®, released at the 2021 REALTORS® Conference & Expo. The report analyzes consumer real estate preferences. Eighteen percent of buyers said they wanted to move closer to family, friends, and relatives, and 17% of repeat buyers also desired a larger home, according to the report. In previous years, consumers’ top motivators to move were greater convenience to work and affordability. But home preferences are changing.

The tenure in homes decreased from 10 years to 8 years—the largest single-year change in home tenure since NAR began collecting such data. Buyers, however, say they expect to live in their next homes much longer, a median of 12 years, and 18% of respondents said they’re never moving. “Home sellers have historically moved when something in their lives changed—a new baby, a marriage, a divorce, or a new job,” said Lautz. “The pandemic has impacted everyone, and for many, this became an impetus to sell and make a housing trade.”  Additionally, the number of married buyers saw a slight decline: Sixty percent of repeat buyers were married, a share that has dropped from a high of 81% in 1985. On the other hand, the share of single women buyers rose to 19% from a recent low of 15% in 2014, NAR reports.

Source: NAR