Our Coldwell Banker Corporate office recently conducted a survey among 150 real estate offices nationwide regarding the concerns and intentions of today's first time homebuyers. The results were very interesting... The survey showed that first-time home buyers are primarily concerned with affordability when choosing a new home, but their expectations may be too high relative to their current financial buying power. While nearly half of the respondents reported that affordability was the No. 1 concern for this group, 81 percent said today's first-time home buyers consider move-in conditions to be very important when searching for homes. In contrast, only 7 percent are looking to purchase "fixer-upper" homes that they could buy at a lower price and renovate themselves.
"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 chief executive officer, Coldwell Banker Real Estate, LLC. "Today, this group has greater home expectations because they have grown up more accustomed to their parents' lifestyles."
Survey findings also suggest that first-time home buyers worry more about credit ratings and approval than they did a decade ago, but less about down payments. This may be because they have saved money themselves, or have received additional support from parents to help their first-time home purchase.
Additional key findings from the survey include:
- 71% of brokers noted that first-time home buyers are looking for larger homes than they were 10 years ago.
- According to 41% of the respondents, proximity to job is the No. 1 attribute first-time home buyers are looking for in a home.
- 35% of the survey respondents said "investment" is the No. 1 reason first-time home buyers are making their purchase.
- 46% of the survey respondents reported that first-time home buyers look at 5 to 10 homes, on average, before making a purchase.
I suppose there are few surprises here but there clearly is a change in how the younger, first time buyers view their home purchase as compared to even 10 years ago.
If you are a first time buyer, contact us for a free informational packet on all the opportunities for you today. You may be surprised at what you can buy and how affordable buying a home in the North Conway area can really be. We are experts at helping first time home buyers and can provide you with pages of testimonials from very satisfied first time buyers we have helped.
Thanks for reading!
Sean and the entire team at Wright Realty
About Coldwell Banker
Since 1906, the Coldwell Banker(R) organization has been a premier full-service real estate provider. In 2007, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the eighth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,700 residential real estate offices and nearly 117,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International(R) division.