RECO launches new guides for home buyers and sellers at different life stages
November is Financial Literacy Month in Canada. While homes are bought and sold all year ‘round, it’s a good opportunity to reflect on just how significant buying or selling a home can be on a family’s finances.
To better understand some of the concerns Ontarians have with buying or selling a home, we conducted a survey with three key groups: first-time buyers, move-up buyers/sellers and downsizers. The results: age and experience account for the biggest differences when it comes to consumers’ confidence and concerns with the market.
Despite 87% of Ontarians saying they feel they are knowledgeable about the process of buying and selling a home, most still have significant financial concerns and anxieties around the process.
Not surprisingly, younger people and first-time homebuyers have more concerns, especially about the financial aspects of real estate. The survey revealed that 70% of young people (ages 18-34) are anxious about not being properly informed about the buying or selling process. Other top concerns are centered on affordability.
Move-up buyers and sellers have a different set of worries. More than half (57%) are concerned with how long their home will sit on the market when they go to sell. And, 42% are unsure about whether they should buy first or sell first.
Downsizers (aged 55+) were the most confident in their knowledge of the home buying process and had the fewest concerns compared to the other age categories. However, almost 70% of downsizers are concerned about getting the most value from their current home, while almost half (48%) worry about the real estate bubble bursting.
RECO has new resources you can share with your clients
While the specific concerns of each group are different, the common thread is that regardless of age or life stage, being informed about the buying or selling process is vital.
To help address the specific needs and concerns of each group, RECO has launched new guides to help buyers and sellers learn about the buying and selling process. Check them out:
Feel free to print these, email them or share them over social media with your clients.
We encourage Ontario’s real estate professionals to share these resources with their clients to get them informed about the home buying or selling process at any age or life stage.