First-Time Home Buyers Want More These Days
A recent study by over 150 real estate brokers revealed that affordability is still a concern by first-time homebuyers. The affordability index in the East Bay has risen slightly due to dropping home prices and the large inventory of foreclosures on the market, but first-time home buyers in the East Bay still face significant challenges.
The study revealed that there is a growing trend among first-time home buyers to not settle for a fixer-upper. These days, first-time buyers want homes in move in condition – they don’t want to scrape the ceilings, replace the countertops or remodel the bathrooms.
The first-time buyer survey also showed:
- 71 percent of first-time buyers are looking for larger homes than they were 10 years ago.
- 41 percent noted that proximity to a job is the No. 1 attribute buyers are looking for in a home.
- 35 percent said investment is the No. 1 reason buyers are making their purchase.
- 46 percent reported that buyers look at five to 10 homes, on average, before making a purchase.
Gary Keller, founder of Keller Williams Realty, published a book for first-time buyers this past year. Your First Home
First-time buyers interested in the communities of Concord, Dublin, Danville, San Ramon, Pleasanton or Walnut Creek, California that would like a copy of the book should contact Craig (925) 984–4910.
One Comment
While I will agree that affordability is a large concern for a majority of first time buyers, there are a number of other concerns as well. Outside of being able to afford the initial asking price first time buyers are also concerned with being able to afford both the upkeep of the home as well as the yearly property tax. These days a lot of them are also apprehensive about buying a home for fear of getting a bad variable loan. Those looking for their first home should seek out as much first time buyer info as possible and a good realtor. These two things will help ease concerns.