Real Estate by the Numbers

first-time home buyer findings include:

- 83% of first-time home buyers are under the age of 40, with 39% younger than 30.
- 42% of respondents expect to own their first home between one and five years.
- First-time home buyers ranked “neighborhood upkeep” among the most important aesthetic qualities of a home.
- 44% said the size of the home was the most important feature they look for in a house. Other important features first-time homebuyers look for include a wooded lot and proximity to work.
- In terms of the most important things first time buyers look for in an hour, “Proximity to place of work” and “availability of public transportation” received the most votes next to size of homes and number of bedrooms

“With gas prices on the rise, public transportation and distance to the workplace will become more and more important. Also, markets with affordable property taxes and low traffic commutes also stand to benefit,” said Storti.

Additional findings - 2007 vs. 2008

Additional findings of survey results indicated 24% of respondents are currently looking to sell their current home - down from last year’s survey when 50% replied the same way. Almost 35% of respondents plan to sell in more than 120 days compared to 21% last year, while 12% of respondents in 2007 were looking to sell in 90 to 120 days compared to 17% this year.

As for reasons for moving, nearly 43% of respondents have outgrown their current home and almost 30% have had a change in life situation. Last year, 26% stated both “outgrown current home” and “change in life situation.” Similar to last year’s 70 percent, this year 72 percent of sellers think “it’s a good time to buy.”

“More buyers are kicking the tires, while sellers are pacing. However, it’s important to notes that interest rates are still historically low. So, a home in good shape and priced right will sell,