Survey shows first time buyer sentiment trending positive

First time buyers’ sentiment

In a survey conducted in March by national brokerage Century21, just over 700 first time buyers and sellers were surveyed online with 80% responding that they believe now is a good time to buy a home and that the market is more affordable now than at this time last year.

Even better news for real estate agents is that 60% of respondents said they don’t feel that they have “a good handle on the real estate process” and 85% believe that using a real estate professional is important.

The survey noted that the top three skills valued in Realtors (by buyers and sellers alike) are knowledge of the area, trustworthiness and responsiveness.

First time buyers rated the three most influential factors in their decision to enter the market and buy a home as current housing prices (66%), the home buyer tax credit (63%) and low interest rates (60%), showing a high number of respondents that acutely aware of general market conditions like the tax credit and interest rates.

First time sellers’ sentiments

Home prices were the reason given for 50% of first time sellers to move up and the reason for 37% to change neighborhoods, and 53% of sellers believe that home prices will go up within the next year.

87% of first time buyers and 85% of first time sellers feel that getting a mortgage today is either somewhat difficult or very difficult.

This data appears mostly consistent with the Fannie Mae survey of current homeowners, showing sentiment is currently positive toward real estate buying and selling and the Campbell/Inside Mortgage survey finding first time buyer activity on the rise.

The full first time buyer and seller survey:

CC Licensed image courtesy of monkeyjenn via Flickr.com.