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First-Time home buyers prefer ‘move-in-ready’ home

According to a survey from Coldwell Banker Real Estate, 87 percent of first-time home buyers want to buy a “move-in-ready” home. First-time buyers have indicated they want to buy a home that is affordable, but they are not looking for the “fixer-uppers” as much as past buyers may have been. The “Good” Surprises…

Coldwell Banker surveyed first time home buyers to find what were the unexpected benefits or the “good surprises” they discovered after buying their home. The results are interesting:

  • 67 percent said the market afforded them the opportunity to buy a home sooner than expected
  • Half said they found a home in a more desirable neighborhood than expected
  • 61 percent were able to get the home at a better price than expected
  • 40 percent got more space than expected
  • 43 percent locked in a lower interest rate than expected

These answers are not surprising since this is truly a buyer’s market and their are some outstanding opportunities out there, particularly for the first-time buyer.

What the first-time buyers want…

In addition to a “move-in-ready” home, results proved once again that the old adage “location, location, location” is alive and well….

  • 78 percent of respondents said the home had to be in an area convenient to shops and services
  • Three-quarters of buyers said it was important to be close to their place of work
  • Nearly two-thirds said it was important to be near “highly-rated” schools

Sellers, pay attention….the buyers are speaking! Granted, you can’t change the location of your home so you are stuck with what you have in that regard, but you can address the condition of your home. Back when I bought my first home (about 30 years ago) I ignore the dated carpet and wallpaper in the homes I looked at figuring that I would have to do some updating and decorating to any home I bought. It sounds like first-time buyers today have a different attitude though so you may want to consider taking care of those updates and repairs yourself to make your home more marketable.

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2 comments to First-Time home buyers prefer ‘move-in-ready’ home

  • Sabra Waddell

    I am the owner of a small painting company. We have been in business for twenty two years. From what I understand brokers are pay sub-contractors to go in and get repossed homes market ready. My question is how do you get on this list?

  • Dennis Norman

    Hi Sabra
    Probably the best approach would be to contact agents and brokers that handle REO listings….I am guessing you are in St Louis, if so, here are some of the St. Louis REO brokers:
    Blair Lavagna, Columbus Financial Services 314-802-8700
    Paul Morad, Coldwell Banker Gundaker 314-839-6666
    Micaheal zouglas, Columbus Financial Services 314-802-8700
    Sharisse Duncan – Coldwell Banker Gundaker – 636-343-1500
    Cheryl Rabin, Real Home Service – 770-612-7326
    Anna Hatridge, Nash Realty 573-431-5000
    Steve LoRusso, Realty Exchange 314-336-1982
    Marc Kutten, Property Solutions Group 314-785-0400

    Good Luck,
    Dennis

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