A new survey has found that 78 percent of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.
Prices are the driving motivation for potential first-time home buyers with more than eight of 10 first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy.
"Current pricing, low interest rates and government incentives all provide tremendous opportunities for first-time home buyers to get into the market," said Tom Kunz, Century 21 Real Estate president and CEO.
Among the survey's other key findings:
* Bargains in the marketplace are providing additional options for buyers to consider. With the new government renovation tax credit, 63 percent are now open to purchasing either a "fixer-upper" or "as-is" home.
* When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is "very important," followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent).
* Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are "very worried" about the issue.
* Most respondents (86 percent) are in the market for single family homes.
For more information on buying or selling real estate in Burlington or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit me again on my website www.seansells.ca or call me at 905-220-9198 and I'd be glad to answer any questions to accommodate all of your real estate needs.