Congratulations to Coldwell Banker for completing a survey of what first time homebuyers want when purchasing a home. Drum roll please...first and foremost they want a home that is in move in condition. Fully 80% of first time homebuyers expressed this as a requirement according to the Coldwell Banker survey. This is one of those stats that pass the smell test. It just makes common sense. Probably more than most, first time homebuyers don't have the additional monies to perform fix up and maintenance repairs to this major purchase of a home. I know that in Maryland I deal with a fair amount of first time homebuyers who make good money, have good credit, but don't have much in the way of savings.
Size of the home came in at 71% for first time homebuyers as well. More so than in the past, apparently the size of the first home is important. 41% of the respondents listed proximity to job as being the most important aspect. That makes more and more sense with gas prices being what they are today and the recent past.
Lastly, 73% of first time homebuyers expressed a desire for help with the entire homebuying process, including paperwork, negotiations, neighborhood identification, etc.
It's not in the survey results but my experience with first time homebuyers indicate that they want to know they are getting a good deal. Who doesn't, right? With all the news about foreclosures and short sales this is getting more and more important...and they're not just taking their agent's word. They check Zillow and a number of other internet resources to support their decision.
Source: REALTOR® Magazine - Daily News 9/8/08
Richard Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).
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