Survey: First-time buyers desire home affordability

In an online survey of roughly 150 Coldwell Banker brokers in the U.S., nearly half of the respondents reported that while affordability is the No. 1 concern for first-time buyers, 81 percent said that most of those buyers consider move-in conditions “very important.” Conversely, only 7 percent want to purchase less expensive “fixer-uppers” and renovate.

“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 Coldwell Banker President and CEO Jim Gillespie in a news release. “Today, this group has greater home expectations because they have grown up more accustomed to their parents’ lifestyles. It is important for first-time homebuyers to remember that by considering a fixer-upper for their first home purchase, they can build equity over time and move up and into their second-stage home that better reflects their expectations.”

According to 29 percent of brokers surveyed, first-time home buyers were more concerned with down payments 10 years ago than anything else, while only 17 percent said this is the biggest concern in today’s market. Meanwhile, survey respondents said that only 4 percent of first-time home buyers were worried about their credit scores in 1998, while 14 percent said credit is more of a concern today.The survey also found that first-time home buyers are looking for larger homes than they were 10 years ago, and that the No. 1 attribute they look for in a home is its proximity to their jobs.

“Owning a home is a great investment that will provide tax breaks (and) financial gains – as well as considerable joy over the years,” Gillespie said. “First-time home buyers now have higher standards, placing an increased focus on the financial aspects of homeownership and at the same time, want a larger home they can live in right away.”[[In-content Ad]]