Oakville Real Estate News

What Influences Home Buyers' Decisions?

Blog by Joette Fielding | October 7th, 2015

Survey says: Home buyers are influenced by price, features and curb appeal

When shopping for a house, buyers are most influenced by price, features and a home’s curb appeal, according to research from the Ontario Real Estate Association (OREA).

“Buyers are looking for the right house at the right price to meet their needs,” says Pat Verge, president of OREA, which hired Ipsos Reid to do a province-wide survey, asking 1,000 Ontarians looking to buy a house in the next two years what factors would impact their decision to see more of a home.

The majority of the Ontario Home Ownership Index respondents (75 per cent) said price is of the utmost importance.

“Price is always a major, major consideration,” says Verge, who admits it is critical to set the right price before putting a property on the market.

“If you set your price too high, many prospective buyers won’t even look at the property,” she says. “If you’re not priced right, it might be harder to sell.”

A home’s features, like the number of bedrooms and bathrooms, recent upgrades and flooring choices, carry a lot of weight with more than half of the buyers surveyed (56 per cent) and only two per cent said a home’s exterior and landscaping made no difference to them.

“First impression is absolutely critical,” Verge says of a home’s curb appeal. “You want your home to look its very best” to ensure it stands out and attracts potential buyers.

To nudge out the competition, sellers need to trim trees and hedges, power-wash the siding and spruce up the garden with vibrant shrubs and flowers, she says. Inside, she strongly recommends decluttering rooms and closets and giving the house a good cleaning.

“The first few weeks of any listing are important for establishing a good first impression and drawing interest,” Verge points out. “It’s really important to clean up a house and make it look its best.”

Other factors impacting a buyer’s decision include proximity to public transit (34 per cent), major roadways (30 per cent), and highways (29 per cent).


For full survey results, visit orea.com.

Content courtesy of http://www.ottawacitizen.com


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