Buying and selling at any age
Our family is in a unique position: my wife and I are relocating, our daughter is buying her first home and we’re helping my parents get ready to downsize. What advice do you have for us?
Wow, that is a challenging situation. 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, not to mention the stress.
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, buyers and sellers who are moving to accommodate a growing family 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 per cent of Ontarians saying they feel they are knowledgeable about the process of buying and selling a home, most still have significant financial concerns and anxi- eties 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 per cent of young people (ages 18-34) are anxious about not being properly informed about the buying or selling process. Other top concerns are centred on affordability.
Those buying and selling a home to accommodate a growing family have a different set of worries. More than half (57 per cent) are concerned with how long their home will sit on the market when they go to sell. And 42 per cent are unsure about whether they should buy first or sell first.
Downsizers (aged 55 and older) were the most confident in their knowledge of the home-buying process and had the fewest concerns compared to the other age catego- ries. However, almost 70 per cent of downsizers are concerned about getting the most value from their current home, while almost half (48 per cent) worry about the realestate bubble bursting.
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. That starts with taking the time to find the right real estate professional for you, to understand the paperwork and contracts involved before signing, and knowing the right questions to ask at each step of the way.
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 at: first-time buyers guide (reco.on.ca/firsttimebuyer), moveup buyers/sellers (reco.on.ca/family) and downsizers (reco.on.ca/ boomer). Joseph Richer is registrar of the Real Estate Council of Ontario (RECO). He oversees and enforces all rules governing real estate professionals in Ontario. Email questions to askjoe@reco.on.ca. Find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/RECOhelps.