WHAT IMPACTS HOME BUYERS?
The Ontario Real Estate Association released a survey conducted by Ipsos Reid. He interviewed potential buyers asking the question: “How much of an impact would each of the following factors have on your decision to want to see more of a home?”
The poll targeted nine different aspects that would influence a buyer to want to see a home and the results indicate varying degrees of impact. Here is a rundown of the top five:
1. PRICE: was noted as having the biggest impact of whether to see a home. 75% said price has a big impact; 19% said some impact; 3% not sure and 3% said no impact. The largest number of people would not look at a home they determine to be overpriced. Regardless of market conditions, there are always homes that linger and don’t sell because of overpricing.
2. FEATURES: 56% of Ontarians say features stated in the listing have a big impact on whether to view a home. Yet of the 44% remaining, 32% say features have only some influence and for the rest little or no influence.
3. CURB APPEAL: Only 41% say curb appeal has a big impact; 47% say some and 10% say small impact. This is interesting given the affect curb appeal’s can have on value and can cause buyers to drive away before entering an open house or park and go inside.
4. PHOTOGRAPHY: for exterior photos, 46% of buyers are highly influenced and 41% somewhat influenced. For interior photos, there is a big impact on 55% of potential buyers and some impact on 32%. The impact of photos hovers between 87% and 88% for most buyers. Though enhancement of the photos can attract a buyer to see the home, it can also create a false expectation and disappointment once the home is viewed.
5. DESCRIPTION: The numbers here are less dramatic; only 38% of buyers say the home’s listing description has a big impact on deciding to see it. A larger percentage, 48% say some impact and 11% claim it has a small impact. The description is subjective and therefore dependent on how the listing salesperson describes the home and/or how the seller wants it written. Exaggeration here can also create a false expectation and more disappointment. Setting the right expectation is important to creating a positive outlook.
To a lesser degree, the other four impactful features are: being close to a major road, neighbourhood demographics (age distribution and household income), transit service and being close to a highway.