Selective First-Time Buyers Can Miss Deals

Daily Real Estate News  |  March 8, 2011  |    Share
Selective First-Time Buyers Can Miss Deals
Finding a “move-in ready” home was important to 87 percent of 300 first-time buyers recently polled by Coldwell Banker Real Estate. Some agents say first-timers are being more selective; and some are turning away from well-priced homes because they do not have granite countertops, they need a new carpet, or they have wall colors not to their liking.

Zillow says higher down payments and stricter underwriting standards mean today’s buyers want to ensure their homes need few and inexpensive improvements.

Agents believe HGTV and other cable channels have made buyers more knowledgeable about home design, but some worry that such programming also has given buyers unrealistic expectations.

“You can’t have the big yard, the top-line updates and all that in a starter home,” says Cindy Westfall of Lake Oswego, Ore.-based Prudential NW Properties. “You’ve got to compromise somewhere or else you’ll never buy anything.”

Source: “Picky First-Time Buyers May Lose Out on Great Deals,” Washington Post (March 5, 2011)