Despite the current concern of the economy, 78% of potential first-time home buyers say that now is a great time to buy a home.
In early March, Century 21 hosted a survey for potential first-time home buyers. Of the 1,000 prospective U.S. first-time home buyers surveyed, 68% think now is a better time to buy rather than 6 months ago.
Record breaking low prices are the driving motivation for first-time home buyers with more than 80% first-time home buyers (85 percent) saying they consider current home prices affordable and 73% citing that taking advantage of current prices is an extensive factor in their decision to purchase.
Interestingly enough, potential first-time home buyers are still split between making a move now (42%) and waiting for the prices to fall even more (48%).
With all of the incentives, such as the First-Time Homebuyers Tax Credit, the opportunities for first-time home buyers to get into the market are astounding. Also, the pricing and rates are attractive to those buyers as well.
Among the survey's other key findings:
- Bargains in the marketplace are providing additional options for buyers to consider. 56% of potential first-time home buyers are looking at purchasing a foreclosed or short sale home, while 63% are open to purchasing a home in need of fixing up.
- When asked to rate the features that they look for when choosing a home, 87% said the price is the primary consideration, furthermore stating the price is "very important," followed closely by neighborhood safety (80%) and the condition of the home (71%).
- A large concern of those potential first-time home buyers are having enough money for a down payment. Nearly 46% said they are "very worried" about this issue.
- Most first-time home buyers (86%) are in the market for single family residences.
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