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Price, location influences American homebuyers' decisions

Posted on Thursday, March 7, 2013 at 3:50:22 PM

Consumers considering obtaining residential financing and making moves toward homeownership often submit each available property to scrupulous inspections, evaluating a number of aspects.

According to the National Home Builders Association's (NAHB) 2011 American Housing Survey (AHS) the factors which prospective home buyers are most interested in are its price and location in relation to their workplace, as well as the layout and design of the property and surrounding homes. 

"Among first-time home buyers, price was the most frequently cited reason for selecting a particular house, with a 38 percent share." said David Crowe, chief economist for NAHB. "The majority of trade-up buyers (36 percent) cited the design of the home as the primary reason for selecting a particular house."

Mortgage rates staying at continuously steady levels may be another factor for prospective homebuyers to consider. Freddie Mac's recent Primary Mortgage Market Survey showed little change was exhibited by fixed-rate mortgages during the first week of March. An average 30-year fixed-rate mortgage was seen at 3.52 percent last week, moving up slightly from 3.51 percent the week prior. Average 15-year FRMs exhibited no change from the preceding week, as they remained steady at 2.76 percent.

Consumes researching residential lending opportunities can find a variety of affordable options through the trusted lender Home Loan Investment Bank.