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First-Time Home Buyers Survey |
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2008 - First-time home buyers are primarily concerned with being able to afford the house when choosing a new home, but their expectations may be too high relative to their current financial buying power, according to a recent Coldwell Banker survey conducted among its brokers.
 Almost half of the Coldwell broker respondents reported that affordability was the No. #1 concern for this group of first-time home buyers, 81% said today's first-time home buyers consider move-in conditions to be very important when searching for homes. In contrast, only 7% are looking to purchase "fixer-upper" homes that they could buy at a lower price and renovate themselves.
According to 29% of brokers surveyed, first-time buyers were more concerned with down payments 10 years ago than anything else, while only 17% said this is the biggest concern in today's market. Meanwhile, survey respondents said that only 4% of first-timers were worried about their credit scores in 1998, while 14% said it is more of a concern today.
New additional key findings from the survey includes:
- 71% of first-time home buyers are looking for larger homes than they were 10 years ago.
- According to 41% of the respondents, job proximity No. #1 when looking for in a home.
- 35% of respondents said "investment" is the No. #1 reason for first-timers buyers.
- 46% of respondents view between 5 to 10 homes before making a purchase.
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