The look of the first time home buyer has changed. It’s no longer just the newly married couple, but might indeed be an older couple that has rented a townhouse in the heart of the city or a single executive wishing to invest.
New Orleans Houses Buyers: The first time home-buyer of past decades isn’t quite the same as they are today. In the past, a first time home-buyer was typically a newly married couple or a couple who rented for awhile while saving up for their first house. They didn’t have children yet, or had just one small youngster and might have had another on the way. That was then. Now, the first time home buyer might have a number of different circumstances and therefore will be not as easy to spot.
Today’s first time buyer, because of the strained economy and changing family dynamics, might be older than the picture perfect young newlyweds. They could be older and unmarried, but wish to leave the city rental scene and buy something with more charm. They want a place of their own and are now willing to commute to the city for their executive jobs. Being older and professional, they will be more discriminating where cost and condition of the house is concerned. That’s one scenario that might surprise you.
You may have an older married couple come to look at your house in the suburbs and find that they have never bought a house before as they raised their family in the city and rented a flat near schools, city parks, and cultural experiences. Now their children are grown and they want to try the country life where things move slower and fresh air abounds.
The young families that do come to see your house as first time buyers will not be naive in the ways of finances and large purchases. They will be interested in such details as contingencies in the contract and upgrades to the house in exchange for giving the seller a bit more time to move out and give them access to the keys. They’re savvy. They also don’t want the same features as their parents may have wanted.
Today’s first time buyers are looking for less in the way of formal rooms with single use. They aren’t as interested in buying a house with a formal dining room as they are in finding one with a great home office that doubles as a guest room or den. The extra bedroom might be used as a media room complete with built in speaker systems and multimedia players with electrical service to match. More of today’s first time young buyers are also keeping their homes longer, so the house must be expandable when they begin to raise their families.
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