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.
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
In addition to move-in conditions, first-time buyer results revealed the old adage “location, location, location” still holds true:
- 78 percent of respondents said the home had to be in an area convenient to shops and services
- Three-quarters of buyers said it was important to be close to their place of work
- Nearly two-thirds said it was important to be near “highly-rated” schools
Coldwell Banker Real Estate LLC conducted an online survey of 300 first-time home buyers in the United States (people who purchased their first home within the last year) on their experiences and perceptions of the home buying process.