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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