CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
- 4 Pine River Road, Unit 8
Angus, ON L0M 1B2
Home Buying Trends Survey
There’s an entire home improvement industry that can help you figure out how to spruce up your house and how to prevent potential homeowner disasters. But we wanted to know which of those investments are worth the time an energy. That’s why, in the summer of 2017, CENTURY 21 Canada® surveyed more than 1000 agents for our Home Buying Trends Survey. The results varied across provinces. Here are the top results for Ontario-- and advice for sellers to stay on trend with buyers.
Owning their own home is important to Ontario home buyers. In Ontario, 40% of people said having a place to call their own was the top reason for buying home. As a seller, knowing this is a big advantage. Take the necessary steps to show that your home can easily become theirs by removing your personal items while adding welcoming touches such as fresh flowers.
The need to renovate is the biggest turn off for Ontario home buyers. In Ontario, 36% of home buyers are scared off by homes that require many renovations. It was a tight race with water damage ranking second at 34%. As a seller in Ontario, be sure your home is looking well-maintained and up-to-date. Fix the little damages that you might have been ignoring and update fixtures to turn potential buyers into highest bidders.
Home buyers in Ontario consider layout and the potential for the value to increase very important. Buyers are looking for homes with open and functional layouts. If you’re selling in Ontario consider taking the necessary steps to improve the flow of your home. This can be done through major renovations or simply hiring a professional stager. Either way, clearing out excess clutter from your home will speed up the sale.
Canada wide home buyers are looking for a newly renovated kitchen and updated finishings. If a seller is looking to update one room in the house they should focus on the kitchen. Updating the kitchen will attract more buyers and provide the most return on investment, around 70%. A general rule of thumb is to spend 6-10% of your home’s value on renovations to get fair returns. The Home Buying Trends Survey found that 67% of buyers are looking for updated finishings through the home. Updating a few finishings in each room has the potential to take your home from ‘asking price’ to ‘bidding war’.
Preparing your home to sell doesn’t have to be a stressful or lengthy process so long as you know what buyers are looking for in a home. According to the CENTURY 21 Canada® Home Buying Trends Survey, Canadian buyers are looking for a home with a renovated kitchen and updated finishings. In Ontario specifically, buyers appreciate a newly renovated home with a great layout that has the potential to increase in value. The biggest thing to remember is that investing a little time and money into preparing your home will attract more buyers and higher bids.
Regional Snapshot - Prices & Sales, October 20117
Based off sales posted by members of the Barrie & District Association of REALTORS® on its regional MLS® System
Within the City of Barrie, detached residential properties posted an average selling price for the month of October 2017 of $488,260, an increase of 5% over October 2016. The number of residential units sold in October 2017 dropped 22% compared to October 2016.
Residential townhouse, link and semi-detached homes in the City of Barrie posted an average selling price of $337,550 in October 2017, a 4% increase over October 2016. There was a 46% decrease in the number of units sold in October 2017 from the same time in 2016.
Condominium sales average for the City of Barrie for the month of October 2017 was $309,631, a 22% increase compared to October 2016. The number of units sold was up 3% from the same time last year.
In Essa township, detached residential properties posted an average selling price of $437,883 in October 2017, a decrease of 7% over October 2016. The number of residential properties sold was down 40% compared to October 2016.
In the Town of Innisfil, detached residential properties posted an average selling price of $422,930 in October 2017, a decrease of 22% from the month of October 2016. There was a increase of 8% for the number of residential units sold from October 2016.
In Oro-Medonte township the average selling price for detached residential properties in October was $677,740, an increase of 21% over October 2016. The area saw a decrease of 33% in units sold from October 2016.
In Springwater township detached residential properties posted an average selling price of $620,353 in October 2017, an increase of 19% over October 2016. The number of units sold decreased 49% from October 2016.
The Barrie & District Association of REALTORS® cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials between geographic areas. BDAR covers a geographic area that includes the City of Barrie and part or all of the surrounding townships, including Springwater, Oro-Medonte, Innisfil, Essa, Bradford-West Gwillimbury and Clearview. Data is provided from the MLS® Database System of the Barrie & District Association of REALTORS® Inc.
Contact : Rob Alexander, 2017 President, Barrie & District Associate of REALTORS®
Phone: 705-739-1300 Email: email@example.com
As a CENTURY 21® Real Estate professional, I am dedicated to providing you with the highest quality service possible. My personal knowledge of the local Real Estate market is combined with the power of the CENTURY 21 brand - the most recognized name in Real Estate today.
Let me assist you in finding your dream home, in a neighbourhood that is right for you, and in the price range you want. Or if you are interested in selling a property, I also have the expertise to help you get the fastest sale possible and at the best price.
I look forward to working together with you to ensure that you make the right move.