First-time home buyers once set out to buy a
â€œstarter home,â€ which refers to an entry-level property that is
affordable and often needs some updating. But new buyers are forgoing
the â€œroom for improvementâ€ home, and are getting more choosy in their
Eighty-seven percent of first-time home
buyers said they want to purchase a home that is move-in ready,
according to a survey from Coldwell Banker Real Estate, which surveyed
300 first-time home buyers in the last year. First-time home buyers made
up half of the market in 2010, according to the National Association of
"There's a real 'aha' moment for sellers
revealed by this survey that the condition and quality of their home
matters a great deal to first-time home buyers," says Diann Patton, a
consumer real estate specialist with Coldwell Banker Real Estate LLC.
"On top of that, our agents have reported that on average, first-time
home buyers now look at more than 11 homes before making decisions,
which is higher than in the past. They can be choosy about what appeals
to them and are recognizing the benefits of the low prices and wide
selection of homes in many areas."
Location is a key deciding factor when
looking for a home: 78 percent of new buyers said the home had to be in
an area convenient to shops and services, according to the survey.
Whatâ€™s more, three-quarters of buyers said it was important to be near
their workplace, and nearly two-thirds said it was important to be close
to "highly rated" schools.
Many first-time home buyers said the current
real estate market offered them more opportunity than they had
expected. For example, half of new buyers said they found a home in a
more desirable neighborhood than they expected; 61 percent were able to
get the home at a better price; and 40 percent got more space than
expected. Source: B&T