Picky, picky, picky! Are today's first-time home buyers passing up great deals because they insist on flawless "move-in ready" houses requiring little or no changes - even at the starter-home price levels at which shoppers traditionally have been willing to factor fix-ups and renovations into their offers?
Or are they simply reflecting market realities? They see record inventories of houses sitting unsold, and they may not have the money, time or inclination to do fix-ups after making the purchase.
Large numbers of real estate agents consider this a significant and perplexing issue, one that's having a negative effect on the housing recovery. New research suggests that they may be on to something. A survey by Coldwell Banker Real Estate of 300 first-time buyers found that a startling 87 percent said that "finding a move-in ready home is important" to them.
Some shoppers are so picky that they walk out of well-priced houses solely because of relatively minor imperfections such as:
- The kitchen appliances are by different manufacturers.
- There are no granite countertops - even though the house is a modest-priced starter home.
- A carpet needs to be replaced, or the color doesn't match their furniture.
- Wall colors are "wrong," such as white, when for today's tastes, they should be a warmer hue.
Buyers are missing out on some excellent, older lived-in houses - and it's a shame. If Buyers would overlook flaws that would not have bothered shoppers during the previous two decades they might fall into a steal of a deal. Sadly, they're not.
Buyers would be better to know they just can't have it all. You can't have the big yard, the top-line updates and all that in a starter home. You've got to compromise somewhere or else you'll never buy anything.
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