The Top 10 Things Buyers Really Want in Their Next Home
There is likely no bigger purchase than a home. There are some things on almost every homebuyer’s list when it comes to looking for their perfect property whether they’re buying for the first time, upgrading or downsizing.
These 10 things seem to be really important to most:
1. Separate Laundry Room.
Most homebuyers want a designated space to do laundry. Having enough storage space for laundry items, as well as being able to fold clothes, is a must. Buyers see it as a huge plus. Most people prefer this space to be close to the master bedroom or at least on the main floor.
2. High Efficiency.
Even when buying an older home, homebuyers look for efficiency in appliances and windows. More people are mindful of their utility bills and look to things to cut those costs.
3. A Patio Or Deck.
Outdoor living is embraced by most homeowners. 87% of house hunters look for a home with a patio where they can entertain family and friends in the warmer months.
4. A Large Garage.
For more than just the vehicles. A spacious garage can also double as a great storage space. A garage also provides easy accessibility to stored items unlike an attic or shed.
5. Exterior lighting.
Most people take great pride in the time and money they’ve invested in landscaping and would like to highlight that even at night. Next to a patio, exterior lighting is the most desired outdoor feature. That includes spotlight, walkway and pendant lights.
6. A Modern Kitchen and Bathroom.
Most people’s savings will be going toward a down payment, so getting a kitchen and bathroom they won’t have to change is high on the priority list. An eat-in, open-concept kitchen is what most people strive for. These are really attractive to young families with children.
7. Hardwood Floors.
Hardwood floors are cleaner and easier to maintain. Good flooring can last a lifetime if maintained well.
8. Walk-in Closet in the Master.
These types of closets are quickly gaining in popularity among first-time homebuyers. Such closets rank in the top five on the home want list.
9. Walk-in Pantry.
A full-sized pantry used to be a staple in every home in the early 20th century. They went out of favour, but are making a strong comeback. According to statistics, it’s the most wanted kitchen feature among buyers these days.
10. A Separate Dining Room.
Like the walk-in pantry, the formal dining room is back on the want list. A separate dining room is among the top 10 essentials for first- and second-time homebuyers.
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Canadian Home Prices Could Drop as Much as 5% Due to Coronavirus
Trusted Regina Real Estate Lawyer Robert MacKay shares some insight on the potential future of the Canadian Housing market.
Canadian home prices could fall a “relatively modest” five per cent by July as some owners are forced to sell in the face of the economic hardship brought on by COVID-19, Capital Economics said Monday.
While sales activity and price gains were firm in the first half of March, real estate boards from across the country are reporting a near halt in activity as government shutdowns and physical distancing have people staying home.
As April unfolded, it became innately clear that COVID-19 had already impacted the local housing market, with Toronto home prices declining for the first time in nearly two years.
But the pandemic isn’t just going to have an impact on a local level but on a national level as well, with some experts already predicting that Canadian home prices could fall in the months to come.
Capital Economics said Canada’s house price inflation accelerated to a nearly two-year high in March, but given the disruption already caused by the coronavirus outbreak, prices are set to decrease in the coming months.
Capital Economics senior Canada economist Stephen Brown said April will see “an even steeper fall” in sales activity to a “small fraction of their normal levels.”
“New listings also fell sharply in March, which meant the sales-to-new listing ratio continued to point to strong house price inflation ahead,” said Brown, however, he said
“given the huge rise in unemployment and the cashflow problems that restrictions on tourism have caused investors in the short-term rental market, it seems likely that there will be some forced sellers in the coming months. Those sellers will inevitably have to accept lower bids from the few people willing to buy in the current environment.” said Brown.
Last week, the Canadian Real Estate Association reported a 14 per cent drop in sales volume from February to March. New listings were down 12.5 per cent from February, while average prices were flat month-over-month and up 12.5 per cent year-over-year.
That dynamic has Capital Economics “penciling in a relatively modest fall in house prices of five per cent in the coming few months.”
Source: Greg Bonnell - BNN Bloomberg - April 20 2020 - https://www.bnnbloomberg.ca/home-prices-could-fall-5-amid-pandemic-capital-economics-1.1424090
Source: Ainsley Smith - Toronto Storeys - April 20 2020 - https://torontostoreys.com/canada-home-prices-coronavirus-decline/
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