3 Key Consumer Housing Trends
Each year, key data about real estate emerges as agencies and third-parties analyze information about the millions of buyers, sellers, and renters across North America. Shedding light on these demographic trends helps Canadians better understand their place in the market and what might work best for them in their situation.
If you’re a buyer, homeowner, seller, or renter, then you are most likely hungry for information that will help you achieve your real estate goals. Are you buying your first home, looking for a trendy loft to rent in Toronto, searching for the perfect buyer, or just interested in consumer housing trends as part of your market research?
If so, then you’ll want to know these three key takeaways from the 2016 housing market.
Buyers want single-family homes in safe neighbourhoods
83% of all buyers on the market last year were searching for single-family homes, and their two main concerns were affordability and safety. Seeing as how the majority were shopping with their spouse, it’s clear that the home market is made up mostly of families, many of which are in the market for their first home.
Key Takeaway: When selling your home, know your audience. Focus on the amenities that matter to them most. Now you know that families are the majority of the market, so use that to your advantage. Mention how great the schools are, how safe your neighbourhood is, and why this home is perfect for a young family just starting out. Price is a main concern, but most are willing to go over their budget for something that fits them like a glove.
Millennials are social homebuyers
Previous generations rarely sought advice from friends and family in the homebuying process. The data shows that the “silent generation” (65-75 year-olds) asked for recommendations just 37% of the time. Millennials (people under the age of 36), however, sought it out a whopping 58% of the time, and used social media heavily in the process. Be sure to be a part of the social conversation when selling a home. Facebook posts, Facebook Live tours, Pinterest photos, and more will help get your home in front of the eyes of the majority of buyers in today's market.
Average search times are still long
According to the data, the average buyer is searching for more than four months (4.2 months to be exact), meaning they are viewing more homes, taking more tours, and considering the pros and cons more than they were in the past. With the length of time being as is, it’s up to you to use every advantage you can to accomplish your real estate goals. Consider getting a professional home evaluation, using social media, and exploring new ways of connecting to buyers or sellers.
The real estate market is constantly in flux, and each year brings about interesting new trends that provide deeper insight for those in the housing market. Whether you are looking to buy your first home or to sell your home to the highest bidder, understanding these three trends will help you know the market and make the most of it. If you’re looking for a unique service that offers fast connection to the best offers from brokers looking to sell your real estate, Estate Deal makes selling a home easier than ever!