FIRST-TIME HOME BUYERS WANT IT ALL AND BE MOVE-IN READY

As I have noted before, the buyers are demanding more from builders and sellers and they are walking away if it is not exactly what they are looking for, even if they are getting great deals. Recent surveys are reflecting that. So, what is the lesson. Make sure, what you are promising, you are delivering! Buyers are NOT buying on a vision. They want to see it and touch it or an iron clad guarantee it will be there. This may not be realistic, so a compromise will have to be made to sell a home.


Picky first-time buyers may lose out on great deals

WASHINGTON – March 7, 2011 – 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 even turning away from well-priced homes because they do not have granite countertops, need a new carpet or have wall colors not to their liking. Zillow says higher downpayments and stricter underwriting standards mean today’s buyers want to ensure their homes need few – or at least inexpensive – improvements. According to real estate agents, HGTV and other cable channels have made today’s buyers more knowledgeable about home design, and 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: Washington Post (03/05/11) P. E2; Harney, Kenneth R.