COLDWELL BANKER REAL ESTATE SURVEY
FIRST-TIME BUYERS DEMAND NEW KIND OF “STARTER HOME”
87 Percent of Beginner Buyers Want Move-In Ready

PARSIPPANY, N.J. (Feb. 8, 2011) – The term “starter home” seemingly refers to an entry-level property – one that is affordable yet needs “tender love and care.”  But amidst the many homes available in today’s market, current first-time buyers want places with a little less “room for improvement.”  In a survey of 300 consumers who purchased their first home in the last year, 87 percent said finding a move-in ready home is important to them.

This survey from Coldwell Banker Real Estate explored what was most important to new buyers to provide insight for those looking to buy or sell in 2011. According to the National Association of Realtors (NAR), first-time home buyers accounted for half of the market in 2010. 

What Surprised First-Time Home Buyers
Several consumers experienced unexpected benefits after buying their first home:

• 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