Common Characteristics of First-Time Homebuyers
According to the National Association of Realtors, more than a third of homebuyers in 2017 were first-timers. Below are key characteristics of this group and what they're looking for in a home.
Goals of buying
Above all else, first-time homebuyers want privacy. They're sick of living in apartments with paper-thin walls, or living with their parents. They want a place of independence, a place where they can quietly raise a family with a large backyard.
Motivations for buying
It should come as no surprise that first-time buyers are buying because: 1) They're tired of their current living situation, and 2) They're getting more serious with a spouse or partner. One of the more telling things is their preference for a safe neighborhood. Despite the urgency of many first-time homebuyers to head out on their own, they're still putting a priority on security.
Reliance on experts
First-time homebuyers greatly value professional advice. When they enlist an agent they do so earlier in the home-search process, shop for a home faster, and are more likely to refer their agent to friends. Additionally, first-time buyers devote considerable effort evaluating potential agents. These buyers are much more likely to read online reviews, check an agent's sales history and ask friends and family about an agent.
One of the most unique characteristics of first-time buyers is their preference for townhouses. They are the only group that favors them over detached, single-family homes. Additionally, they are also attracted to modern, open floor plans with high-end finishes, nice countertops, upscale appliances, and luxurious bathrooms.
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