The adage "location, location, location" may need a rephrase according to the results of a recent survey!
Canadians rank buying a home in which sellers have already done the renovations, and is thus move-in ready, as their number one home buying priority (25%), while location (23%) and having funds left over for personal expenses (23%) are also top considerations.
So, what makes the Canadian dream home? Well, it depends if you ask a boomer or millennial.
Millennials position themselves to succeed:
- Millennials are twice as likely as Boomers (Millennials 33%, Baby Boomers 17%) to rank location as their top home buying priority, with young professionals especially focused on this factor.
- Millennials place higher importance on having a shorter commute than other generations (Millennials 46%, Baby Boomers 26%) when asked what they look for in a home locations
Boomers are social butterflies, who use their home as a base:
- Boomers rank having social activities nearby in their top home location priorities (ranked as one of their top three location priorities: Baby Boomers 77%, Millennials 52%).
- Boomers place a higher emphasis on a sense of belonging in the community they purchase in (Baby Boomers 15%, Millennials 10%).
- Boomers are more interested in purchasing in a neighbourhood that has a strong community culture that fits them (Baby Boomers 19%, Millennials 10%).
So what does this all mean, well Home sellers get ready, Canadians are planning to move soon with half surveyed (49%) planning to move in the next five years, including one-in-four within the next two years (23%).
So Sellers, best get those pesky renovations completed, todays buyer is looking for MOVE-IN-READY, and yes all be it this is a survey from across Canada, our exeprience shows no difference within our local market. We have seen buyers walk from homes needing to much work (Great Deal), but on the other hand we as REALTORS, needing to get out of the way when they see a home they just have to have bidding wars and full list price nonsense when a home shoes 10+ and all updated.
And, Buyers well, we are funny creatures when it comes to any purchase, we buy emotional and justify logically, but that is where we come in as your Real Estate Consultant, yes you can fall in love with a home saying you "gotta have it" our role is to work the logic into your decision letting you know fair market value for the home today and what you can typically expect for a future value.
Thanks for reading, Give us a call for all your Real Estate needs, serving the Halton, Dufferin, Peel Regions. including but not limeted to, the Georgetown, Acton, Halton Hills, Milton, Brampton, Mississauga, and Orangeville areas.
Feel free to visit www.c21teamrealty.ca for more Real Estate Tips...