Wells Fargo Home Mortgage has just revealed a study of first-time home buyers and just what they are willing or not willing to compromise on when buying a home.
Both buyers and sellers may want to take note of the findings:
40% are unwilling to buy a home smaller than the’d like.
40% are unwilling to buy a home needing significant improvements.
46% will not buy further from work than they would like.
70% will not move to a less desirable neighborhood.
97% of first-time home buyers would never go back to renting.
77% believe buying their home is the best investment they ever made.
Nearly 75% of first-time buyers believe that the value of their home will go up in 2006.
78% of renters believe that it is generally true that people cannot obtain mortgages without perfect credit, and 52% of renters believe that they personally can’t get a mortgage because of credit issues. But 46% of the first-time buyers surveyed didn’t believe their credit was “excellent” or even “very good.”
56% of renters believe that a downpayment of 15 percent or more is required when buying a home, and 55% believe that size of a downpayment is a personal barrier for them. But 74%reported they put less than 15 percent down.
I believe “picky” is a good thing. Buying a home is the largest investment most of us make and it needs to be right for you. Contact me, or visit my website, if you are thinking about buying a home near Okemo Mountain in Vermont. I am glad to work with “picky” buyers!