Vancouver has always been a top contender on the Global Liveability Index with its mile climate, gorgeous views, and hip, outdoorsy vibe. On the other hand, high home prices combined with elevated lending rates cooled Vancouver’s market in August. Even the recent rate cut didn’t make much difference.
Although the market could soon be tipping into buyer’s territory, people are still interested and looking. Some interesting trends are starting to emerge. Homebuyers are willing to compromise on space, not amenities, to compensate for sky-high prices and hefty lending rates. Which features can make your home more appealing to buyers?
Features that Sell Homes
A recent North American-based survey by NAHB noted that almost 80% of modern buyers consider a few amenities essential or desirable in the home. These included:
- Hardwood flooring
- Ceiling fan
- Garage storage
- Energy Star appliances and windows
- Outdoor space
- Laundry rooms
- Front porch
- Bath on the main level
- Landscaping and exterior lighting
- Dining space in the kitchen
Smart home features are also becoming more popular. Simple additions like security cameras, programmable thermostats, multi-zone HVAC systems, and video doorbells add comfort, safety, and convenience to a property, increasing its appeal to homebuyers.
When listing in a competitive market, how long your property stays on the market will be determined by price, features, and amenities. Location also plays some role, but almost all of Metro Vancouver is desirable. When conditions are competitive, it’s important to list with a seasoned realtor who can help your property stand out and maximize reach through strategic advertising and marketing.
Right now, Vancouver’s housing market is interesting. Higher lending costs have made homeownership challenging, yet the millennial generation—at least the size of the baby boomers—is rapidly arriving at the age where rising income and growing families will make homeownership tenable and desirable. While many new home buyers seem willing to compromise on space, particularly in areas like the office and dining room, they’re still looking for homes that combine lifestyle and value in convenient locations that allow them to leverage the lifestyle that makes Vancouver so desirable.
Buying or Selling a Home in Vancouver
If you’re buying, selling, or moving to Vancouver, reach out. Let’s discuss up-to-date market information so you have the best advice throughout the buying or selling process.
Call: 604.779.1500