First-time buyers willing to compromise but avoid ‘fixers’

While first-time homebuyers are driven to homes that offer a reasonable monthly mortgage payment, they are not eager to take on a “fixer-upper” just to get in the door.

“Buyers that don’t have any experience with home maintenance tend to be afraid of renovations, so home sellers should be sure to fix everything they can and make minor home improvements in order to appeal to first-time buyers,” said Stephen Melman, director of economic services for economics and housing policy for the National Association of Home Builders.

The median age of first-time homebuyers is 31, and about 26 percent are married with children, according to the National Association of Realtors’ Profile of Homebuyers and Sellers.

First-time buyers are willing to compromise on space: The median-size of a home purchased by a first-time buyer is 1,570 square feet.

Overall, “the top three things that buyers want are a great room instead of a formal living room, a walk-in closet in the master bedroom, and a laundry room,” says Melman. “First-time buyers want the same thing, but they are more likely to be satisfied with a small laundry room without an attached mudroom and with a smaller master bedroom and a smaller walk-in closet.”