HOW HOME BUYERS’ TASTES ARE CHANGING
Over past decade, more are looking for open living spaces, spa-like retreats
In the last 10 years, home buyers’ tastes have evolved and what they look for today has changed.
Open-concept living was trending up 10 years ago, and it’s even more important to buyers now. Buyers prefer a great room where the kitchen, dining and living room are one big open space. It’s a preferred design for entertaining guests and improves the flow of the home, making it easier to move around without any dividing walls or doorways.
And the kitchen has only increased in importance, in spite of the fact that we are eating out or ordering out more than ever before. We still see it as the heart of the home, and buyers are more discerning of the finishes and design. Granite (or an equivalent) is almost a must. Lots of storage, with large drawers instead of cabinets, are a plus. A large island with ample counter space is a big draw.
It seems that home buyers are moving away from the two-tiered island. Pantries are very desirable. Blinging your kitchen with shiny hardware, creative lighting and high-end appliances can get a buyer excited about your home. All this can help motivate a buyer to make an offer.
A low-maintenance home is now more important. Our lives are getting busier and busier, and we either have less time for home maintenance or we want to spend what free time we have in recreation, not maintaining our home. Less carpet and more hardwood continues to trend. Higher-end laminate, manufactured hardwood and vinyl plank are also more popular now.
For resale homes, particularly older ones, buyers like to see renovations like vinyl windows and aluminum soffit and fascia. Maintenance-free decks and railings are becoming more popular. Anything that replaces wood and does not require regular painting or staining is often preferred.
Today’s buyers are making more use out of easily available neighbourhood information found online. A high ‘walk score’ is becoming increasingly important. We’ve seen property values in Edmonton’s core outperform properties in the suburbs. This speaks to a trend where more people today want to live, shop, work and play without the long commutes. Ideally they would like to walk to the local coffee shop, restaurant and grocery store.
Crime statistics are easily accessible for Edmonton neighbourhoods at crimemapping. edmontonpolice.ca. Our population growth in the last decade brought with it more crime, and the recent downturn in the economy hasn’t helped. It’s not uncommon now that when I let buyers know about the crime map, they tell me they’ve already been on it to check out what’s going on in individual neighbourhoods.
Ensuites have become a must for more buyers during the last 10 years. And they want them bigger and fancier. Today’s buyer wants a little pampering (or maybe a lot of pampering). Converting an older home’s third bedroom into a luxurious ensuite can be a big draw for today’s discerning buyer.
I’ve also seen an increasing trend in the lack of interest in a formal dining room or a large eating area. And I can’t remember the last time a buyer has asked me to find a home with an eat-in nook and separate formal dining area. Many millennials are happy with an eat-in kitchen island or just their living room for dining.
Secondary suites are more popular now. With the increase in the cost of living and wages not always catching up, many of us have less disposable income. Having a basement suite may cut your mortgage costs in half, or more in some cases. It’s a great way to fast-track retirement savings or just have more freedom and less stress, provided you have a good tenant.
While many buyers still prefer a large yard, I would say that there are more people looking for a smaller yard to reduce the upkeep. Artificial grass and other low-maintenance landscaping products are also becoming more popular as of late.
In terms of new homes, I’ve seen changes in what buyers are looking for. And new home builders are responding. Having your laundry room on the second level with the bedrooms is now highly desirable. And the bonus room seems to be a musthave item.
A large master bedroom to accommodate your king-size bed and dressers with ample room to walk around is a bonus. And that large ensuite should have a double sink, separate shower, and the toilet tucked away in its own little room. Blinging it out with shiny fixtures, granite, undermount sinks and sparkling heated floors are a big draw.
New home buyers today are attracted to a more energy-efficient home that has a reduced environmental footprint. Thicker walls, more insulation, better windows, technology like HRV (heat recovery ventilation), LED lights, and in some cases even solar panels are being marketed to the environmentally conscious buyer. New building codes in the last few years have only improved energy efficiency, and there are some Edmonton builders actually leading the curve and surpassing the standards required.
This list is by no means exhaustive, but it does cover many of the changes over the last 10 years I’ve noticed and that were reported by realtors I consulted with for this article. Of course, each buyer has their own unique tastes and preferences. Please feel free to share your thoughts on how the last 10 years have changed what you look for in a home.