Every time you read something like this you have to keep in mind that America has 10x the population that we do in Canada. That means much larger sample sizes and perhaps not exactly the same reflection of what our buyer prerogatives will be for people here in Canada, but most in the industry will agree that these current trends for homebuyers very likely are accurate representations of the same one in Canada. One things for sure is the new dynamic for homebuyers is not one of a classic young family buying a detached home in or just outside town like it was until 20 years ago or so. And speaking of that huge population differential, realtors in Canada who are finding the business to be especially competitive can imagine what it must be like to be one of the ones plying the same trade down south. Real estate is a competitive business all over North America, however, and especially so for realtors who are new to the business and striving to establish themselves. Here at Real Estate Leads, our online real estate lead generation system is an excellent way for these men and women to get more out of their efforts to find and retain clients.
But back to the topic for today, one of the most important aspects for the development of new realtors is to learn what it takes to be entirely top of the real estate world and dialed into the changing wants of who are the majority of buyers these days. What are these 5 current trends for homebuyers being seen nowadays?
- Millennials have higher standards for their first home, as they foresee the need to stay in 1st homes longer than previous generations of home buyers
A recent survey in the US found that 36% of millennial-aged respondents look for a home they can stay in for 10 years or longer. The previous ‘starter home’ ideal is not realistic anymore, as housing market dynamics in many big metro areas make upward mobility in the real estate market less of a sure thing. It added further that 42% of millennials would like to start with some semblance of what they’d consider their dream home.
2. People Have Never Been in Less of a Rush to Find & Buy Homes
The average amount of time first-time buyers spend looking for a home has jumped from three months to five. For repeat-buyers it’s even more – from 2.5 months to four months. Buyers of course utilize the web as their primary search means. Yes, that expands their house hunting capabilities but it also takes more time. It shouldn’t come as a surprise that more people are also doing extensive online research before buying a home.
3. Buyers are Less Enthusiastic about ‘Fixer Uppers’
It wasn’t that long ago that homes with flaws that could be remedied with a little hard work, and then sold for a much better price or lived in much more satisfyingly. An affordable home that needed repairs would usually be sold fairly quickly.
For whatever reason, it now seems that fewer and fewer buyers are going to be agreeable to doing this. People want to be able to move in and not have work to do on the house.
4. Kitchens Remain a Main Attraction for most Homes
This has been the reality for as long as anyone can remember, but nowadays it’s as prominent as ever. A home with the perfect kitchen is a priority for a lot of would-be buyers. They may want islands, room for seating, double ovens, functionality, cabinets, and so on. Apparently 66% of respondents to the survey chose a state-of-the-art kitchen as their top priority.
- Homes Should Remain a Good Investment
The last of these is another relation to the millennial age group, many of whom are looking to buy their first home some time in the near future. Another trend among them is they want their home to be a good investment. The report indicated that 30% to 40% of millennials do see home ownership as a sign of success.
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