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  • Yu Hun Hwang

Effectively selling a house

Welcome to my blog, dedicated to exploring the dynamic intersection of health and wealth. Today, our focus is on a critical aspect of wealth—selling your house effectively.

Understanding the evolving desires of potential buyers is key to a successful sale.

Let's take a journey through recent years to grasp the changing landscape of home preferences.




Trends during 2017

In 2017, a survey cited by the Toronto Star, referencing the Canadian Home Builder's Association, revealed a penchant for single-detached, two-storey, or bungalow homes among buyers.

The aspiration for a single detached house remains a quintessential part of the "American Dream" embraced by Canadians.

Crucially, the survey outlined specific features desired by buyers, with walk-in closets topping the list.

Storage spaces like garages and linen closets also ranked high, emphasizing the importance of practicality.

The kitchen emerged as a pivotal feature, with preferences leaning towards open-concept layouts and kitchen islands.

However, a cautionary note was sounded—harmony with the overall interior design is vital. Modernizing the kitchen should be a thoughtful, cost-effective process, as the return on investment may not be immediate.

Energy efficiency also featured prominently in buyer priorities.

Not only does it contribute to cost savings, but it aligns with environmental consciousness, creating a safer living environment.


Trend during 2020

Fast-forward to 2020, where the generational shift brought Millennials to the forefront of home buying.

Single-detached houses maintained their allure, with an increasing preference, now at 70%.

The kitchen remained a top priority, albeit with evolving preferences such as quartz countertops and thermo-foil finished cabinetry.

Notable changes included a master bedroom suite on the first floor, reflecting considerations for aging homeowners.

Home offices and the demand for home theatres surged, influenced by the COVID-19 era.

Trends shifted from whirlpool and soaker tubs to double sinks, particularly for younger buyers.

These trends underscore the importance of tailoring your home to the preferences of potential buyers based on their demographics and needs.


Trends during 2023

A recent survey conducted by Zolo sheds light on current buyer preferences.

The ideal home now encompasses three bedrooms, two bathrooms, single-family detached dwellings with updated kitchens, garages, and outdoor spaces.

Buyers are showing a willingness to sacrifice size for affordability, favouring single-family homes in suburban areas.

Key features include a main-floor bathroom, deck/patio, garage, updated HVAC, and an updated kitchen.

Health-conscious choices, like the preference for hardwood floors over carpets, are gaining traction.

Notably, while some preferences endure, the overwhelming factor influencing buyers is the price. A well-maintained, updated home can be a dealmaker, even if the price is relatively high.


Conclusion

In navigating the ever-changing landscape of homebuyer preferences, one constant remains—accurately evaluating your house's price and maintaining it in top-notch condition is crucial. While certain features may stand the test of time, careful consideration of current trends is necessary before embarking on renovations. Ultimately, a pristine home that aligns with contemporary desires is your key to attracting buyers in today's dynamic real estate market.



These are informational purpose and should not be treated as legal, medical, or professional advices. Please ask your medical doctors or local experts about their advices.



Sources

Tuckey, Bryan. “Survey Finds What New Home Buyers Really Want in Their House.” Toronto Star, 2 Sept. 2017, www.thestar.com/life/home-and-garden/survey-finds-what-new-home-buyers-really-want-in-their-house/article_87df2f7d-24bd-5916-b5bc-81786fef388f.html. Accessed 6 Dec. 2023.

CHBA. “New Home Buyers’ Preferences – CHBA Survey Results.” Canadian Home Builders’ Association Blog, 21 May 2021, blog.chba.ca/2020/11/26/todays-new-home-buyers-preferences/. Accessed 6 Dec. 2023.

What Features Do Home Buyers Want the Most in 2023? | Zolo, www.zolo.ca/blog/what-home-buyers-want. Accessed 6 Dec. 2023.




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