The National Association of Realtors surveyed 1st time home buyers to find out about their buying habits, and Doorsteps.com turned it into an infographic that helps spell out what is important to the 1st time home buyer.
With 39% of people purchasing homes first time buyers, sellers need to understand what is important to these buyers.
When I am talking with a potential seller, they sometimes have a hard time understanding how buyers will compare their home to the competition. If sellers want to sell, they need to price their home properly…and that means understanding what is important to buyers and what buyers will compromise on.
What is Most Important to 1st Time Buyers?
There are two major areas that buyers evaluate when they are looking for a home. Location and the actual property.
Some things are more important to 1st time buyers than others.
Buyers willing to compromise…
- Distance from job – 16%
- Quality of neighborhood – 14%
- Distance from family/friends – 7%
- Quality of schools – 4%
- Distance from school – 2%
- Size of home – 20%
- Price of home – 19%
- Condition of home – 16%
- Style of home – 14%
- Lot size – 7%
What does this mean?
While buyers care about all of these things, if they have can’t afford to get everything, schools are more important than work commute and how nice the neighborhood is. Buyers will also compromise more on how big the house is and even the price in order to get the lot size and home style they want.
Click on the image above to see a larger version with more information about 1st time home buyers.