Move in ready homes is Buyers choice

Posted: August 17, 2012 in Buyers, Sellers
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New survey from Ontario Real Estate Association shows 39% want move-in ready home.

A new survey from Ontario Real Estate Association (OREA) shows 39% of home buyers want a move-in ready home while safety and perceived value along with location close to amenities are the next most important factors Ontarians consider when buying a home.

Research by OREA and Angus Reid show 93% of Ontarians surveyed consider safety where low crime area, building security as important considerations in home purchasing. Value of the home was ranked at 85% and 80% want the home to be close to amenities such as shopping and transportation.

The first part of the survey really gave a sense of what is in the mind of Buyers in the province. The second part of the survey will be released later this summer and will focus more on the concerns of Sellers.

“Security, both physical and financial, is top of mind for Ontarians,” says Ron Abraham, president of the Ontario Real Estate Association (OREA). “Homebuyers may not know which neighbourhoods offer the best potential to grow their investment or which condo building provides maximum security features. A Realtor can help buyers find the right home in an area that meets all their top needs.”

Of those who specifically plan to buy a home in the next year, safety and perceived value are top factors but 85% also indicate that ongoing home maintenance required for a property (amount of yard work, fees for condo management, etc.) is an important consideration.
When asked which type of home they’d prefer to buy (new build, resale home that’s move in ready, one that requires minor renovations, a fixer-upper that needs major renovations, or a buy, tear down and rebuild), more than a third (39%) said they’d prefer a resale home that’s move-in ready while 26% would like a home that only needs minor renovation. This is a key factor for sellers to know when putting their home on the market.
Buyers should also realize that the more must-haves on their list of home requirements the pricier their home will be. Distinguishing between the “must haves” and the “nice to have” needs to be a conversation between the buyers and the Realtor who can then proceed to find them a property that meets their needs and helps them maximize their investment.

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