Below is a summary of where the buyers are coming from, who they are, and what type of properties they are buying. Contact The Dion-Ivans Real Estate Group for the latest market stats.
24.8% by First Time Buyers (up from 17.5% in December)*
19.8% of purchases were by Move-Up Buyers (down from 29.9%)
13.2% buying Revenue/Investment Property (up from 9.3%)*
11.6% purchasing Recreation Property (similar to December)
10.7% moving from Single Family to Strata (up from 5.2%) *
3.3% moving from Strata to Single Family (down from 4.1%)
2.5% moving into Retirement/Seniors Community (down from 3.1%)
* During the month of January, there was a substantial increase in purchases by First Time Buyers, and Single Family Homeowners moving to Strata Unit, and in the sales of Revenue/Investment Properties compared to December, while sales in other categories declined.
Buyer Type (Family Dynamic):
32.2% Two Parent Family/Children (up from 29% in December) **
25.6% Couple without Children (up from 20%) **
19.8% Empty Nesters/Retired (down from 21%)
10.7% Single Female (down from 15%)
9.9% Single Male (down from 13%)
2.5% Single Parent with Children (down from 4%)
** In January, there was an increase in purchases by Two Parent Families with Children, and Couples without Children compared to December, while other categories saw decreases.
61.5% from Within OMREB Board Area (down from 68.7% in December)
14.8% from Lower Mainland/Vancouver Island (up from 7.1%) ***
11.5% from Alberta (up from 9%) ***
4.1% from Other Areas in BC (same as December)
4.1% from Eastern Canada/Maritimes (same as December)
2.5% from Saskatchewan/Manitoba (up from 2%) ***
1.6% from Outside Canada (down from 3%)
0% from NWT/Yukon (down from 2% -- 16th month reported)
*** Compared to December, there was more migration from the Lower Mainland/Vancouver Island, Alberta and Saskatchewan/Manitoba in January, but less movement from within the Board area, from NWT/Yukon, and from overseas.
There are dozens of ways to make your property more enticing to potential buyers. For example, you can invest in getting your home professionally “staged”, which involves making it look a little like a model home. Or, you can do a major renovation to improve your home‘s look and value.
But what if you don’t have a lot of time and are on a limited budget? What can you do today to make your home irresistible to buyers tomorrow? Here are some ideas:
It doesn’t cost much to paint key areas of your home, like the foyer, kitchen or master bedroom. Yet the impression it makes on buyers is significant. In fact, compared to most other types of home improvement projects, painting gives you the highest payback when you sell.
2. Create Space
Homes naturally get cluttered over the years. Even a double car garage can seem claustrophobic if there are a lot of boxes, equipment and other items stored in it. Go through each room of your home and do a major decluttering. It will make your property seem more attractive and, when you sell, make moving easier too!
3. Clean & Tidy
Obviously, you’re going to make sure your home is clean for viewings. But you’d be surprised what a homeowner can miss and a buyer notices. Closets, laundry rooms, side yard, basement furnace room and all other nooks and crannies should be as tidy and clean as possible.
4. Roll Out the Red Carpet
Not an actual red carpet! But you do want the entrance way to your front door and into the foyer to make the best impression possible. After all, those are the areas that a buyer sees first. Make sure walkways are clear and clean. Ensure that when a buyer opens the front door and walks in, the impression he or she gets is that of a great looking place to live.
These four tips don’t take much time or money to implement. Yet, they can all help make your home even more irresistible to buyers than it is today.
Want more tips on preparing your home for sale? Call the Dion-Ivans Real Estate Group today!!
Buying or selling a home may be one of the biggest financial transactions you will make in your lifetime. It can also be a very complicated and frustrating process.You will need a professional to help you every step of the way. A professional who is highly trained, knowledgeable and has ethics beyond reproach. Your best friend in a real estate transaction is a REALTOR®, a member of your local real estate board and the British Columbia Real Estate Association.You can expect a great deal from a REALTOR® whether you are buying or selling.
When you are selling your home . . .
When you are buying a home . . .
Whether buying or selling, a professional REALTOR®'s services can be invaluable. Their advice can save you from making bad choices and help make your home buying or selling experience a positive one.
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