Great first-time buyer expectations
The number one priority of most first-time home buyers these days is affordability, according to a survey of Coldwell Banker brokers. That finding doesn't really seem like news.
However, the survey had one sort of interesting finding: 81% of the brokers said first-timers were very concerned with buying a property in move-in condition. About 7% found that first-time buyers were interested in purchasing a fixer-upper.
This could mean first-time buyers’ expectations are too high, according to Coldwell executives, who released the survey results this week.
“In the past, first-time home buyers were willing to purchase older, more basic houses in an effort to save money and break into homeownership,” said Jim Gillespie, president and CEO of Coldwell Banker Real Estate. “It is important for first-time homebuyers to remember that by considering a ‘fixer-upper’ for their first home purchase, they can build equity over time and move up and into their second-stage home that better reflects their expectations.”
Other key concerns for first-time buyers, according to the online poll of 150 brokers: credit ratings and approvals and the home’s proximity to their job. Ten years ago, brokers found first-time clients were more concerned with coming up with down payments than their FICO score.
As a prospective first-time buyer, my concerns are largely the same: price and how close the property is to work. (However, my number three priority is having an in-unit washer/dryer hook up.) I’m not real hung up on having a pristine property; though I don’t want to have to do major renovations, like replacing bathrooms.
For other recent and prospective first-time buyers, what are your priorities? Would you buy a fixer-upper, or do you want a home that’s move-in ready? Do you think that is realistic in this market?
Enjoyed this post? Get blog updates delivered to your reader. Click here.
