The current housing market has opened up an array of exciting opportunities for young and first time home buyers. House prices have dropped in several areas and interest rates are lower than ever. The government has also introduced the First-Time Home Buyers’ Tax Credit and raised the maximum RRSP withdrawal for first home purchases up $5,000 to $25,000.
Young professionals in their twenties and thirties are taking full advantage of these incentives and are scouting the market in full force. If you are in a position where you need to sell your home this year, there are some things you can do to attract these eager buyers.
One of the first things on your list should be giving your home a more contemporary look. While you may be accustomed to flowery prints and wallpaper designs from the ‘70s and ‘80s, younger generations tend to have more simple and solid tastes. A fresh paint job with some basic, neutral colours will help prospective buyers envision themselves living in your house. You could also consider renting furniture to compliment your newly painted walls to help stage your home. Hardwood floors can also add a modern touch.
Once you establish the right look, the next step is to get your home on the internet. This is where young home buyers go first to look at listings. Make sure your home is listed on popular real estate sites and that the pictures you upload are high quality and show off unique aspects. If you have a digital camcorder you could even create a virtual tour to give viewers a more in-depth look at your home.
It’s helpful to advertise features of your neighbourhood as well, especially to young couples. They want to know how close you are to good schools, daycare centres and parks. They are youthful and active so let them know that there’s a recreational facility down the street and bike paths close by. Being close to public transportation is also a big bonus as many couples share a car or just don’t want to sit in traffic on their way to work every day.
If you need to sell your house this year then this is a group of buyers you can’t afford to miss out on. By simply making a few adjustments and marketing your home the right way you’ll start attracting young home buyers in no time.