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Monday, July 03, 2006


They want the best: A national survey by Wells Fargo Home Mortgage shows many first-time home buyers are unwilling to compromise on certain key elements when they shop for a home, and would even consider renting longer if they can’t get exactly what they want.

Among the renters surveyed, four of every 10 are unwilling to buy a home that is smaller than they'd like or one that needs significant improvements. Forty-six percent are unwilling to buy at a distance farther from work than they would like; and 70 percent are unwilling to move to a less-desirable neighborhood than they consider ideal. Other key findings:

• 97 percent of first-time home buyers would never go back to renting.

• 77 percent believe buying their home is the best investment they ever made.

• Nearly 75 percent believe that the value of their home will go up in 2006.

• 78 percent of renters believe that it is generally true that people cannot obtain mortgages without perfect credit, and 52 percent of renters believe that they personally can't get a mortgage because of credit issues. But 46 percent of the first-time buyers surveyed didn't
believe their credit was "excellent" or even "very good."

Source: REALTOR® Magazine Online


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