First-time home buyers once set out to buy a "starter home," which refers to an entry-level property that is affordable and often needs some updating. But new buyers are forgoing the "room for improvement" home, and are getting more choosy in their home shopping.
87% of first-time home buyers said they want to purchase a home that is move-in ready, according to a survey from Coldwell Banker Real Estate. First-time home buyers made up half of the market in 2010, according to the National Association of Realtors.
Source: Coldwell Banker Real Estate Survey: First-time Buyers Demand new Kind of 'Starter Home' Marketwire