photo credit: frwl

Coldwell Banker recently conducted a survey of brokers to try and find out what first-time buyers in the current market want in a home. Here are some of the highlights:

• Brokers say affordability is the  #1 concern for first-time buyers, although buyer expectations of what they can get for a certain price may be too high.
• First-timers want something in move-in condition - only 7% of brokers have first time buyers who are looking to purchase “fixer-uppers.”
• 71% of brokers say buyers are looking for larger homes now than they were 10 years ago.
• 46% of brokers say first-time buyers look at an average of 5-10 before making an offer.
• 41% of brokers say proximity to work is the #1 thing buyers are looking for in a home.

I’m currently working with four sets of first-time buyers and I have to say that a lot of this seems pretty dead-on to me. Well, except for only looking at 5-10 homes before making an offer. I’d say most of my people look at more like 10-20. Or more. OK, sometimes a lot more.

But what about you guys, the actual buyers? What was most important to you when you bought your first home? And if you’re still looking, what is it you’re looking for? And what you think about what you’re finding in the current Knoxville market?  Inquiring minds want to know!

It’s the middle of the month again and that means it’s Home Sales Report time. For those of you new to this shindig, every month I look at the Knoxville Area Association of Realtors Sales Report statistics and tell you what sold and for how much as compared to the same month the previous year.

So here’s the July Home Sales Report breakdown the only way I know how to do it — All Around K-Town style.

Let’s look at the good news first:

Average sales price for 2 or less BR homes is (way) up.
July ‘07 - $111,500
July ‘08 - $146,100

Average sales price for 4+ BR homes is up.
July ‘07 - $298,100
July ‘08 - $307,700

Median sales price for 4+ BR homes is (slightly) up.
July ‘07 - $261,700
July ‘08 - $262,500