Cincinnati Real Estate

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Kathy S. Koops GRI

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And the Coldwell Banker Survey Says…

filed under: For Sellers posted on February 15th, 2011

In the  greater Cincinnati real estate market – a quick coat of paint and, if needed, new carpet has always been the fast way to spruce up a property for sale.  Yet many of today’s sellers still don’t understand the importance of  “buyer ready homes”.

When I started in the real estate business 22 years ago- the term “sweat equity” referred to a “property” that was affordable -but needed the buyer to invest time, labor and some money to make improvements.  As the market boomed, buyers became less willing to look at “fixer uppers” and preferred to buy “drop and shop” properties.  The phrase I coined to describe that most buyers wanted to buy a home that allowed them to simply “drop” off their furniture after the closing and then head to the mall the next day to ” shop”.

Well according to a survey results recently released by Coldwell Banker covering the views of current first-time  buyers still want places with a little less “room for improvement.” In a survey of 300 consumers who purchased their first home in the last year, 87 percent said finding a move-in ready home is important to them.

In the survey from Coldwell Banker Real Estate explored what was most important to new buyers to provide insight for those looking to buy or sell in 2011. 

And sellers in Cincinnati need to make note that according to the National Association of Realtors (NAR), first-time home buyers accounted for half of the market in 2010.

The survey says:
Several consumers experienced unexpected benefits after buying their first home:

  • 67 percent said the market afforded them the opportunity to buy a home sooner than expected
  • Half said they found a home in a more desirable neighborhood than expected
  • 61 percent were able to get the home at a better price than expected•40 percent got more space than expected
  • 43 percent locked in a lower interest rate than expected

“There’s a real ‘a-ha’ moment for sellers revealed by this survey, that the condition and quality of their home matters a great deal to first-time homebuyers,” said Diann Patton, consumer real estate specialist, Coldwell Banker Real Estate LLC. “On top of that, our agents have reported that on average, first-time home buyers now look at more than 11 homes before making decisions, which is higher than in the past. They can be choosy about what appeals to them and are recognizing the benefits of the low prices and wide selection of homes in many areas.”

What They Want:
In addition to move-in conditions, first-time buyer results revealed the old adage “location, location, location” still holds true:

  • 78 percent of respondents said the home had to be in an area convenient to shops and services!
  • Three-quarters of buyers said it was important to be close to their place of work.
  • Nearly two-thirds said it was important to be near “highly-rated” schools
(Survey Methodology: Coldwell Banker Real Estate LLC conducted an online survey of 300 first-time home buyers in the United States (people who purchased their first home within the last year) on their experiences and perceptions of the home buying process.)

To be honest- sellers cannot move their properties closer to schools or work locations- but the survey says “prepping your home to appeal to 50% of the buyers”  is probably worth the investment.

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