Affordability For New Home Buyers Minneapolis MN

First-time home buyers say they want affordability, but a Coldwell Banker real estate broker survey reveals a disconnect between affordability and the homes consumers want. Here's a look at how to bridge the gap between residential real estate expectations and reality in the brave new world of home buying.

by Broderick Perkins
© 2008 DeadlineNews.Com

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Deadline Newsroom - First-time home buyers who want affordable homes may want to take a hard look at fixer-uppers, smaller homes and cheaper commutes to work to save on the costs of buying and owning a home.

Real estate brokers say many home buyers expect more than they can afford in a home and once they start pounding the pavement for housing their disconnect could be discouraging.

In an online survey of 150 of its brokers, Coldwell Banker discovered some disturbing trends among first-time home buyers.

While nearly half of the Coldwell Banker brokers surveyed said affordability was the No. 1 concern for first time buyers, 81 percent of those buyers also consider move-in conditions to be very important when searching for homes. Only 7 percent are considering fixer-upper homes.

The real estate company suggests more buyers should examine the fixer-upper option -- among others -- to get the affordability they seek. ...

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