More than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.
Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between â€œbeing willing to consider an offer nowâ€ (42 percent) and â€œwaiting for prices to go down before they seriously consider making a purchaseâ€ (48 percent).
â€œCurrent pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,â€ said Tom Kunz, Century 21 Real Estate president and CEO. â€œOur research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.â€
Among the surveyâ€™s other key findings:
Bargains in the marketplace are providing additional options for buyers to consider. 56 percent of potential first-time home buyers are considering purchasing a foreclosed or short sale home, and 63 percent are open to purchasing either a â€œfixer-upperâ€ or â€œas-isâ€ home.
When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is â€œvery important,â€ followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent).
Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are â€œvery worriedâ€ about the issue.
Most respondents (86 percent) are in the market for single family homes.
Source: Century 21