On average, six-in-ten first-timers want a detached home and three-quarters want a brand new home.
Wow. Talk about expectations. How much money do they have? Why have they waited so long to buy a home?
Well, it turns out they’ve learned some lessons from past first-time homebuyers who have found that they move out of their first home fairly quickly because they want to move up for that spare bedroom or those nicer, newer finishes. These buyers want their dream home right at the outset.
How do they plan on affording it? Only 30% of them plan to put more than a 20% down payment. And apparently 60% would be worried about their ability to make payments if interest rates rise. Hmm…given that interest rates are at historical lows they should really take a good long think about that worry becoming a reality.
But these purchasers take their time. On average, 94% of purchasers are taking eight to ten months to check out their purchasing options.
And it turns out the old real estate adage Location, Location, Location doesn’t necessarily ring true for these guys.