What Do Home Buyers Look For?

Right now, Greater Toronto Area real estate is in a unique spot. As inventory levels remain high, buyers have the opportunity to be more selective in finding a home. This dynamic has inspired new trends that are relevant both to fellow buyers and anyone looking to sell their house.

As one of the top real estate teams in the GTA, we work closely with buyers of all backgrounds, providing unmatched insight into what’s driving the market forward.

In this blog post, we’ll explore what today’s buyers are looking for in a new house and why that matters to you as either a buyer or seller.

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Approaching the Market

Most buyers have a strong understanding of their individual needs and budget before they enter the market. Their list of must-haves, paired with their real estate agent’s advice, helps them search for their dream home efficiently and confidently.

However, there once was a time when buyers could expect to sacrifice certain wants or stretch their financial resources just to land a house. Today, they’re able to be a little more particular.

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 Thinking about buying a home? Check out these related blogs next!

• What’s the Average Down Payment on a House in Ontario?
• How to Budget for Buying a Home
• Here’s How to Write a Winning Offer Letter

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What Buyers Want

So, what are buyers looking for right now? Although every buyer is ultimately different, there are certain trends that stand out.

Good Neighbourhoods (And Schools)

One of the biggest buyer-wants isn’t a specific in-home feature but rather a key aspect of what makes a house a home: location.

Now more than ever, buyers of all demographics understand the importance of choosing the right neighbourhood. From the local atmosphere and essential amenities to commuting, municipal programs, and more, community plays an important role in everyday life.

Families in particular not only want a great neighbourhood in terms of environment, but they also want to be close to top schools.

Turnkey Functionality

Today’s buyers understand that they are making a long term investment. While house prices and the cost of borrowing have not outright plummeted, buyers are able to gain leverage through greater inventory access. This means not settling for a run down or low quality property.

Right now, many buyers are searching for a house that is turnkey and move-in ready. They don’t want to make major renovations before moving in if they don’t have to.

As an extension of this, 99% of buyers today are choosing to include a home inspection condition in their offer. With reduced competition from other buyers, they’re able to be more diligent in verifying the property’s overall condition.

Room to Grow

Buyers’ long term outlook isn’t only financial. They also want a house that can adapt to their needs as time passes. For families, this means having room to grow.

Features like an extra bedroom, dedicated storage spaces, and finished basements are appealing to a wide range of buyers (especially those with little ones).

Renovation Potential (Upsizers)

As real estate agents, we always talk about the buyer audience. Every buyer is different and will want different things based on their specific circumstances. While some buyers want a property that is already turnkey or naturally adaptable, others may have a specific vision that involves renovations.

For example, some buyers may look for a house that they can easily add a basement or secondary suite to, using their property to generate passive income.

What Should Home Sellers Know?

Let’s talk about why buyer-wants are important to home sellers. It all connects back to inventory.

Right now, buyers have a lot to choose from. So, if you’re hoping to sell your house for the most money possible, you’ll need to ensure it stands out from the dozens (or even hundreds) of similar properties in your area.

An experienced real estate agent can analyze your home and help you tailor it to the most opportune buying audience. This includes everything from cleaning and decluttering to renovation projects, professional staging, and more.

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Searching for more tips on selling a house? You’ll find plenty of advice in these related blog posts!

• How to Purge Your Home Before Selling It
• How Much Can I Sell My House For?
• What Adds Value to a House?

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Make Your Move With Lino Arci

Whether you’re looking to buy a house, sell one, or both, no choice is more important than your real estate agent. In a complex, always-changing real estate market like the Greater Toronto Area, your Realtor can be the difference between a smooth transition and a rough one.

That’s where we come in. As Vaughan’s top real estate team, we’ve been helping local buyers and sellers for close to 40 years. We know what it takes to provide a seamless experience while getting you the best results possible. We guarantee it.

Buying or selling? We Can Help! Call 416-571-2724 or send an email to info@arciteam.com today!