Home buyers in Canada come in many different forms: different ages and different family dynamics with different goals. The following is a sample of what some buyer groups might look like.
First-Time Home Buyers
First-time home buyers typically young professionals in their late 20s or early 30s—millennials born between 1981 to 1996. They are usually motivated to purchase their first home thanks to a change in family status, like getting married.
The ones we work with mainly work stable corporate jobs, they are usually searching for a condo, but I have had couples go straight into a single-family home with anticipation of having space for future children.
While most of the first-time home buyers are professionals, they almost always have down payment assistance from their parents.
Most first-time home buyers have a ton of questions and really appreciate our help and guidance.
Goals:
- Establish their careers and climb the corporate ladder.
- Find a location close to work or with easy access to commuting options like highways or trains.
- Increase net worth by investing in an asset.
- Take steps toward building a stable environment for future families.
How a Pilon Group Agent can help:
- Guide buyers through the entire home buying process.
Starter Home Upgrade/Repeat Buyer
Buyers and sellers looking to upgrade from their starter homes are typically in their late 30s to early 40s. They are usually motivated by a lifestyle change, like a growing family.
This move is almost always prompted by needing extra space for a growing family, small kids are getting bigger or parents are tired of living in an attached home and are looking for a bigger detached home.
These buyers are usually more selective with their decision. They are less motivated by affordability and more interested in homes that meet their needs. School district and local amenities are important factors.
Goals:
- Find a home matching their current needs, including number of bedrooms and location.
- Maximize return on investment (ROI) for existing home.
- Find move-in ready home to avoid displacing family during renovations.
How a Pilon Group Agent can help:
- Provide expertise on desired location, for more lifestyle-based information such as schools and their catchments, transportation, grocery stores etc..
- Help with staging and selling current home.
Seniors
Senior buyers are older than 50 and are typically looking to downsize.
Everybody that I can think of currently, in the over 70 group, are all looking to downsize. Either the house is too much for them or they want to be closer to the kids, but in every case they are looking for something smaller.
Their needs can vary greatly depending on which end of the age spectrum they are on. Buyers in their 50s or 60s might still be active, but are simply looking for something closer to grandchildren, while older clients might be more focused on accessibility needs (a condo without stairs, for example).
Often, the decision to sell their family home is a difficult, emotional decision.
With the seniors training we have, there are a lot of recommendations that can be made to them. We also have to respect the fact that they may not want to go anywhere.
Often we sees senior clients who are on reduced incomes but have a lot of equity in their homes. Explaining options like reverse mortgages or sell-and-stay (where you sell your home but continue living there as a renter) can help senior buyers and sellers feel empowered.
Like first-time home buyers, they typically have a lot of questions because they haven’t bought or sold property in many years. Many are selling the homes they raised their families in.
Goals:
- Find a home matching their current needs—size and accessibility are important.
- Find a home to fit a more modest income.
How a Pilon Group Agent can help:
- Explain how buying or selling process has changed since their original purchase.
- Help client understand cost of downsizing (condo fees for example).
- Provide guidance on search criteria to align with budget and goals.
- Use specialized knowledge
Rental Property Investors
Rental property investors are usually in their late 30s or older and typically share many of the same attributes as repeat buyers.
Many (investors) bought their first home over 10 years ago and see an opportunity to use their equity to buy an investment property. A lot of time is spent educating them to help them make decisions. Prices, expenses, expected rent and return, setting expectations on time commitment to managing tenants. We often look for something that will break even, and the goal is more about long term growth.
Goals:
- Earn extra income, often to help support their growing family.
- Concentrating on long-term growth, rather than quickly flipping for a profit.
How a Pilon Group Agent can help:
- Find appropriate properties to fit clients wants and needs.
- Validate opinions on the best properties for a good ROI.
- Use expertise to guide clients through paperwork.
- Extended Realtor professional network (for example contractors, notaries, inspectors, etc.).
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