The Wish List: Priorities of First-Time Buyers
If you’re a first-time homebuyer, then you understand the hunger for the transition to move from renting to owning. The real estate market is still pretty competitive – but that doesn’t mean first-time buyers don’t have a list of things they want and need when purchasing their home.
According to a recent survey from realtor.com®, 61% of first-time buyers are actively looking for a home priced at or below $350,000.
25% of respondents are willing to put more than 20% down, 22% would submit an offer 48 hours after seeing the home they want, and 22% agree that they’re willing to go over budget if need be. However, contingencies are pretty important for first-time buyers, as they’re not ready to give that aspect up as easily.
After reigning in a price, first-time homebuyers have a list of top priorities they need when purchasing a home.
The biggest priority for first-time buyers is a large backyard – almost 40% of respondents clocked that as their highest need.
- Garage – 30%
- Updated Kitchen – 30%
- Quiet Location – 25%
- Updated Bathrooms – 20%
- Finished Basement – 20%
Check out realtor.com®’s infographic below:
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