Survey focuses on two generations of buyers..interesting reading!

This is a great blog post from REM on line written by Jean Sorensen.

The millennials (known also as the children of baby boomers born between 1972-1992) and the post Second World War baby boomers (born 1946-1965) are making the greatest impact on the real estate industry today.

“Both the boomers and the millennials want move-in ready homes,” says Century 21 Real Estate Canada president Don Lawby. His company, in conjunction with Rona, recently conducted a national home buyers preference survey that looked at the generations’ purchasing preferences and regional differences.

“Time is very important to people…they want to spend time doing what they want to do and not the things have to do,” says Lawby. The survey also showed that 37 per cent of millennials planned to move within two years.

“The message that it sends sellers is that if you are thinking of selling or putting your home on the market and something needs to be done, do it before you put it on the market,” Lawby says, adding it may be something as basic as painting a room. Digital images of the home showing its curb appeal are becoming more important, says Lawby. Sellers should be aware of how the home looks when presented digitally.

(My comment – let the PRES professional real estate stager make the best recommendations for selling and it involves a whole lot more than just painting a room. Over 85% of potential buyers look at the home on the internet first so, yes of course, the digital images are hugely important.)

Lawby says the company made the decision to conduct the survey to see “if it really was about location, location, location.” While the old maxim still applies, it is impacted by lifestyle choices to a greater degree than in the past, he says.

There is a general shift away from long commutes and greater focus on family time and career choices by the millennials. The survey showed a short commute was important to 46 per cent of millennials and only 25 per cent of baby boomers, the demographic group that caused bedroom communities to expand around larger cities a generation ago.

Baby boomers are looking to enjoy leisure time such as pursuing travel or hobbies in their move-in ready homes as they downsize. The survey found that 28 per cent of boomers wanted funds left over when buying a house, compared to 18 per cent of millennials.

Many greying boomers (8.2 million according to Statistics Canada) no longer want to maintain a single-family house or empty nest.

“Baby-boomers don’t need to work,” says Lawby. “They are going into condos because they have the ability to close the door and walk away. They are cashing out to some degree in big cities and moving to the smaller communities.”

That cash-out of traditional single-family homes is needed in cities to supply the base for entry-level condominium homes. “If you don’t have an entry point in the market, there is no first-time buyer. You are seeing in cities that they are wiping out whole blocks of single-family detached housing to build townhouses or row-houses as developers are optimizing the value of the land,” says Lawby.

The millennial generation has a realm of other concerns. Many of the children of boomers (StatsCan figures estimate 9.1 million of them) either can’t afford single-family housing or don’t want to spend time cutting the lawn and renovating as their parents did. They are looking for ways to maximize personal time and limit time spent on traveling to work, services or recreational facilities, Lawby says. There’s also a concern that interest rates, which have remained low for a prolonged period, will rise, infringing upon their ability to renovate a home.

The millennial generation is becoming clustered around work, often in cities, and fuelling the high-rise trend experienced as densification occurs.

The big drivers in how individuals in more rural or remote areas are situating themselves are driven by climate change and geography, says Lawby. Individuals in these communities also want to be near social activities or centres. “They want access to curling or skating indoors (in areas where winters are longer).”

The survey highlighted some regional differences in buyer preferences. In Atlantic Canada “they are looking for a good home in a good area many of the communities are smaller, so they are looking for good access to services and amenities,” Lawby says.

In Ontario, homes with character features are the hot ticket. “There is some prestige in finding a character home in a nice area with trees and it feels like the kind of place that you would like to raise a family,” says Lawby.

Quebec buyers place a high value on their social life and want to be involved in activities. “They want money left over after buying a home…and they want to be close to where they are working. They like the city, but don’t live in high-rises but in older properties.”

Some fabulous Victoria BC home staging statistics!

Valerie Westra owner of At First Sight Staging in Victoria BC runs a very successful home staging business and she has the statistics to prove it! I had the pleasure of being Valerie’s coach and mentor last year and I love to keep in touch and watch her continue to grow and expand her business!

Valerie is part of a great collaborative home stagers and interior stylists group that are members of Josee LaLonde’s The Housse. I’ve had the pleasure of doing several home staging business workshops at The Housse and always enjoy this great group of talented women. The Housse was conceived to address the needs for a centralized resource to serve the unique problems facing the Vancouver Island home staging and design community. They provide a full-service rental inventory to their members and promote the value and importance of home staging through the education of home owners, realtors and developers.

Victoria Stagers & Stylists Certificate of Completion Marketing Course

Victoria Stagers & Stylists Certificate of Completion Marketing Course

CHECK OUT THESE AMAZING STATISTICS!!!!

Here is the latest 2013 statistics collected by The Housse, Victoria’s only resource center for Home Stagers and Interior Stylists. Based on 44 properties staged by Victoria’s Home Stagers, members of The Housse (including At First Sight Home Staging Solutions): 70.7% of the properties sold in an average of 3.8 weeks for an average cost of staging to the seller of $2100.

7 properties (out of the 44) staged by At First Sight this year which were listed prior to staging. They were on the market for an average of 17 weeks and did not sell. After staging, they sold at an average of 3.2 weeks!!!

According to VREB (Victoria Real Estate Board) data 85-88% of all monthly listings do not sell. The home staging statistics speak for themselves. At First Sight Home Staging brings great value and results to the sellers and real estate agents.

CONGRATS TO ALL THE VICTORIA STAGERS! And special thanks to Josee LaLonde of The Housse for getting these statistics from your members to share!