Joseph's Blog - Victoria BC Real Estate, In the Zone

FIVE TRAITS OF TODAY’S HOME BUYERS

FIVE TRAITS OF TODAY’S HOME BUYERS

A survey by American Lives, a consumer research firm in California, conducted a study for the trade magazine Builder to answer that question. Here are their conclusions:

· They are young. Most are under 45. Half said they had annual household incomes of $75,000 or less. Two-thirds are married.

· They are frugal. They consistently told surveyors they were eager to live a simple lifestyle.

· They are concerned about their financial future. About 70 percent said the economy is “not so good” with 27 percent saying it was getting worse and 27 percent saying it was getting better, and two-thirds saying it would get better in a year. Some 55 percent said they were concerned that they might lose their jobs.

· They see themselves as energy efficient but not necessarily “green.” About 32 percent said they’d pay extra for energy-efficient features but only 16 percent said they’d pay extra for recycled or renewable construction materials.

· Neighborhood is important. Ninety-five percent said they thought the community was as important as the home itself. Seventy-nine percent wanted the most square footage they could afford, but 69 percent said they’d consider a smaller home in the right neighbourhood.

SO WHY BUY NOW?

When asked why they would want to buy now, these are the responses:

• More space
• More energy efficiency
• Better neighbourhood
• Home prices and interest rates are the lowest in years

LOCATION, LOCATION, LOCATION

Given that this axiom in real estate is perhaps the most important and widely used, let’s focus on neighbourhood. As crime and theft are major concerns in many cities and towns, buyers are more wary of finding the right social group to live with, even if the house they purchase is not yet their “in the zone” dream home.

I suggest to my buyers to walk the neighbourhood, go to the stores, sit in the parks and observe, and generally get to know those around them and their quality of life, beliefs, values and attitudes. Here are some important features of good neighbourhoods.

Economic health

We’re not talking what side of the tracks we’re on, we mean whether there is a sense of upwardly mobile families and business, or whether there is a depressive, downward trend as witnessed by jobs and house upkeep and care. What is the overall economic health of your area? How much unemployment is there? Are older businesses still making it? Are there new businesses? Entrepreneurs? Are house prices falling? If this is so, eventually there will be fewer potential buyers.

A qualified Real Estate Agent can also tell you which municipalities in town are seen to be upwardly mobile and will hold accruing investment value in the future. Tax Assessment Value is only one indicator. One needs to assess all the social, economic and cultural aspects of your neighbourhood.

Amenities

There is no perfect neighbourhood. Not every area will have all the features you want. The more the recreational and cultural features, the greater the possibility of the higher price ranges of houses.

Look for trees lining the streets and yards. Are there parks within walking distance? How far away are shopping malls and fine dining? Is the food good, organic, healthy food? Where is the recreation centre?

Quality schools

Are these the kind of schools that will give your children an excellent, well-rounded education, permitting them to enter and do well in college and university? If schools are important, make sure they have superlative teachers and are safe. Good schools can help establish better young people, who in turn will improve the entire community.

Crime rates

Before you commit to purchasing a home, find out about the local crime rates by contacting the local police and RCMP. Check the city’s official statistics, and speak with police and neighbours. You may find some important new friends in the process!

Future trends

Do you see signs of lots of positive development in your area, or has the beautiful park area been replaced by an eyesore such as an ugly office building or parking garage? Are the municipal leaders and community welcoming and giving special consideration to new businesses establishing themselves? What is the local development plan? How vital are the people in your neighbourhood?

Is there a sense of pride in the community? What is the quality of care of the houses? Are houses well maintained or is there junk cluttering the yards? Remember, all these factors will impinge on your sale price, should you sell in the future. And when buying in a particular neighbourhood, buy a home in the lower two-thirds of the price range, so that in years to come, there is room for your house to increase in value and potential sale price.

Remember, you are the community leaders yourselves. All your talents, abilities, and passion will join with those nearby. You can co-create the kind of life-style and people support you need and want. Have fun and enjoy your chosen life here!

Posted by Joseph Martin Wednesday Feb 01, 2012 17:40
Categories: Book Reviews, Dream Homes, Finding a Home, Healthy Living, Home Buying, Home Selling, Life Value Real Estate, Quality of Living Real Estate, Real Estae in Canada, Real Estate, Real Estate - Anthropology, Real Estate History, Real Estate in Canada, Real Estate Victoria BC, Recession, Downturn | Tags: bc commercial real estate, bc realty, buy house, buying home, downturn, economy, finding a home, lifestyle, profits, quality of life real estate, quotes by the great, quotes for life, real estate, real estate in bc, real estate market, real estate psychology, real estate report, real estate satisfaction, real estate victoria bc, realtors bc, recession, sell house, selling home, stock portfolio, victoria bc realtor

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