First time buyers want ‘turnkey’ ready homes, not ‘fixer uppers’

First time buyers want ‘turnkey’ ready homes, not ‘fixer uppers’

As a home seller, you may be thinking that a ‘fixer-upper’ property would appeal to most first time buyers trying to put their first step on the property ladder.  However, according to the results of a recent Coldwell Banker® survey on the preferences of first-time buyers, you’d better think again!

Coldwell Banker recently conducted a survey of real estate brokers and sales professionals across Canada and the U.S. to determine the preferences of first time buyers.  The survey findings clearly show that First Time Buyers want a ‘turn key’ property where they can simply move in and start to enjoy living in their new home.  These individuals have typically put the majority of their financial power into the down payment.  They don’t have large reserves of cash available to start putting more money back into the property on major upgrades and renovations. 

In addition, first time buyers are typically just starting out in their career and --especially in the case of single buyers -- have little free time available for house repairs.  Bottom line?  The less there is to do on your property in the way of repairs or updates, the more appealing it’s going to be to those buyers.  In most cases, it’s well worth the investment to do the necessary repairs and finishing before putting your home on the market. 

Of course, if you’d like to discuss how any planned repair, upgrade or renovation may affect the potential resale value of your home, your first step should be contacting your local Realtor®.  They’re just a phone call away and always ready to talk real estate!  

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Seven home Staging tips for First-Time HOMEBUYERS

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Seven home Staging tips for First-Time HOMEBUYERS: Seven home Staging tips for First-Time hOMEBUYERS When it comes to staging a home for sale, it’s important that sellers create an inviting a...

Seven home Staging tips for First-Time HOMEBUYERS

Seven home Staging tips for First-Time hOMEBUYERS

When it comes to staging a home for sale, it’s important that sellers create an inviting atmosphere that will appeal to as many potential buyers as possible. Today, due to historically low interest rates and government incentives such as the Land Transfer Tax rebate plus money for energy updates to homes (furnace, insulation, windows, etc.), first-time buyers account for a substantial portion of Canada’s home buying prospects.  The good news is, sellers looking to attract this coveted demographic group don’t need to do a complete design overhaul. Staging a home for first-time homebuyers is easier than you may think.
Below are seven simple staging tips from me to help boost a home’s appeal and give owners the competitive edge necessary when selling a home.

·         Stage rooms with one purpose. Extra rooms that have a jumble of mixed uses can confuse and even deter first-time homebuyers.  Staging rooms with one purpose is vital. Keep in mind that these buyers are generally young couples with few or no children, so rooms should be presented as areas well equipped to meet their current needs. So turn those playrooms into dens, storage rooms into a home office or the second kids’ bedroom into a guest room.

·         Tackle the easy “do-it-yourself” projects. In a recent Coldwell Banker survey, 81 percent of brokers said today's first-time home buyers consider move-in conditions to be very important when searching for homes. To ensure that a home is in tip top shape, make sure to replace outdated kitchen and bathroom fixtures, apply a fresh coat of paint to a worn wall and refinish the kitchen cabinets. Providing a sleek and modern look wherever possible can make a huge difference in the eyes of first-time homebuyers.

·         Be informed about current style trends:  Ask your Realtor® about the styles seen in homes that are selling in the area, and purchase a current interior design magazine for ideas.

·         Focus on the living areas. A living room is an area in which potential first-time buyers should be able to envision themselves entertaining friends or gathering with their family. With that in mind, homeowners should make the area appear as large and functional as possible by removing any unnecessary furniture and decorations.

·         Make sure the master bedroom appeals to both sexes. The master bedroom of a couple’s first home is often the first bedroom they will share. When staging this room, make sure that it appeals to buyers of both sexes.  Remove any feature that seems too gender-specific and paint the walls a neutral colour.

·         Clear the room of family portraits. First-time homebuyers are looking for a home they can picture their family living in, not the previous owners. I recommend taking down family portraits, personal collections and knickknacks. Removing these items will also eliminate clutter and ensure that people are looking at the house for sale, not at the photos from the last family vacation.

Don’t forget to spruce up the yard. First impressions often play a role in a consumer’s decision-making process. In fact, 21 percent of participants in a recent Coldwell Banker survey knew their home was the one for them before even walking inside. I can attest to that.  I was showing a home to a client and as I pulled on to the long driveway I knew it was for me before I even got to the front door.  I told my Buyer’s I loved it and they said ‘go for it, were not ready yet.’ Make sure the home’s exterior is inviting by trimming the bushes, mowing the lawn and painting faded window trim. Couples looking for their first home often have less yard work under their belts and will appreciate the seller’s attention to detail.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIV...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIV...: USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIVE SEASON The end of the year is not just about holiday shopping, family gatherings and oth...

USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIVE SEASON!

USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIVE SEASON

The end of the year is not just about holiday shopping, family gatherings and other festive events.  Despite the demands of the holiday season, there are still many people who will want to use the time off to view homes with a thought to starting the New Year in a new home.  If your home is for sale during the festive season, don’t stop showings and go into ‘hiatus’ until mid-January.  Instead, make the most of the warmth and festive appeal of a home that’s decorated for the holidays, and keep showing while other sellers – your competition -- may be out of action!
I offer the following tips to help sellers maximize their home’s charm and allure during the festive season and into the New Year:
Increase Curb Appeal: First impressions are critical. Make sure the snow is cleared from walkways and driveway, and ensure the path to the stairs is free of ice. Put up a few exterior holiday lights and decorations to display seasonal tidings and pride in ownership. Do not overdo the lighting. Keep it tasteful and consistent with the rest of the neighbourhood. Turn on the lights for showings, even if its still daylight.  After all, it may be getting dark by the time your viewers leave.  A holiday welcome mat outside the front door is also an inviting touch.  
Keep the House Warm and Welcoming: December and January can be cold, so make sure the home is warm and cozy.  If your home has a fireplace, light a fire to bring the room to life and enhance the ambience.  Bake holiday cookies or treats to give the home an enticing aroma.
Decorate the Interior:  Its important not to overwhelm home shoppers with dramatic displays of holiday cheer, so be conservative with holiday decorations.  Decorate to accentuate the house, not to cover it.  Tasteful decorations will help connect buyers to the home, remind them of pleasant memories and help them imagine their own holiday celebrations there.
Agree on Showing Times & Procedures: On a more practical note, sellers who are entertaining over the holidays should talk to their Realtor® about ‘off limits’ times and discuss removing the lock box except during designated appointment times. The MLS information may need to be changed to let the buyers’ sales representatives know that there is a temporary showing procedure that requires them to call in advance for an appointment.  It is best if the house is not shown when entertaining family and friends.
Want more great tips on how to maximize your home’s selling potential into the New Year?  Contact your Realtor®, and get ready to start the New Year off right!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Men vs. Women: Who ‘wears the pants’ in the home b...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Men vs. Women: Who ‘wears the pants’ in the home b...: Men vs. Women: Who ‘wears the pants’ in the home buying process? It seems when it comes to home buying, there are some definite differences...

Men vs. Women: Who ‘wears the pants’ in the home buying process?

Men vs. Women: Who ‘wears the pants’ in the home buying process?

It seems when it comes to home buying, there are some definite differences between how men vs. women approach the process.  Coldwell Banker® has just released the findings of their latest consumer survey tracking the gender preferences of more than a thousand home buyers.  Here are some highlights of the survey findings:

  

Women may be inclined to make up their mind more quickly than men …

• When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men.
• Significantly more men needed two or more visits: (32 percent vs. 23 percent of women).

Women would rather live closer to their extended family than to their job …

• 55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.

A home’s security is a deal-breaker for both men and women …

·         64 percent of women said if they found the home of their dreams but had concerns about its security, they’d no longer be interested. More than half of men agreed (51 percent).

Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …

·         When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.

Men and women tend to agree on how they would use a spare room …

When asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:

·         Bedroom: 25 percent

·         Office/Study: 15 percent

·         Family Room / Den: 11 percent

Did any of these findings sound like you?  Whether you find yourself in the mainstream, or you’ve got your own distinct preferences, rest assured that your local Realtor® will listen to your needs and be there to help throughout the real estate process.