First-time buyers turn fussy about ‘move-in ready’ homes

First-time buyers turn fussy about ‘move-in ready’ homes
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Stricter loan requirements and cable TV have helped make purchasers extra picky, experts say.

By Kenneth R. Harney, LA Times

March 6, 2011

Picky, picky, picky. Are today’s first-time home buyers passing up great deals because they insist on flawless “move-in ready” houses requiring little or no changes — even at the starter-home price levels at which shoppers traditionally have been willing to factor future fix-ups and renovations into their offers?

Or are they simply reflecting market realities? They see record inventories of houses sitting unsold, they have plenty to choose from, and they may not have the money, time or inclination to do fix-ups after making the purchase.

Large numbers of real estate agents see this as a significant and perplexing issue that’s having a negative effect on the housing recovery. New research suggests they may be on to something. A survey by Coldwell Banker Real Estate of 300 first-time buyers found that 87% said “finding a move-in ready home is important.” .

Zillow, the Seattle-based online real estate research and data company, suggests any shift by consumers toward greater attention to home details may be an inevitable byproduct of today’s higher down payment minimums and more stringent loan qualification requirements.




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