First-time buyers are making compromises

The National Association of Realtors reports that first-time home buyers are more willing to compromise than repeat buyers. Most first-time home buyers have a long lists of things they want in their dream home however in the end they value affordability more.  Choosing a home with an affordable monthly payment seems to be one of the most important factors.  A majority of first time home buyers are willing to sacrifice square footage to achieve their financial goals with median home size being 1570 sq feet for first-time buyers. 

Although, there are still some things that a majority of first timers will not compromise on including purchasing homes that require many repairs.  Due to lack of experience with home maintenance, many first time buyers opt to purchase homes that are move-in ready requiring little to no immediate repairs. With lots of inventory to choose from, most of these buyers are able to find the move-in ready home they require for the right price.