Should you blindly trust advice from non-professionals?
If your budget only allows for a 1-bedroom property, you may hear skeptical remarks from people discouraging you from buying a 1-bedder because “nobody wants to buy 1-bedders” and they think that it can be hard to sell next time.
This is a sweeping statement.
People often make such comments based on their own perception rather than what is really going in the market.
Do they really know the market if they are not in this line?
Yes, it is true that the demand for larger units can be higher, so if you have the budget, we would also encourage you to go for a unit as big as possible.
But to go as far as to say that “nobody wants to buy 1-bedders”?
You should not allow yourself to believe in unjustified or general sentiments not backed by any data.
Let’s look at some stats to find out if 1-bedders are transacting well in the market.
It is impossible to list all 1-bedder transactions, but here are some recent stats from condos you may have heard of.
We would like to bring your attention to:
- Transaction volume and frequency
These 2 metrics will already give us good indication of demand in the market for 1-bedders.
In our experience selling 1-bedders, we have come across various types of buyers— investors, first-time home buyers, retirees, etc.
Everyone buys properties for different reasons; everyone has a different budget; everyone has a different way to measure what is “space” in their eyes.
So, if you can only afford a 1-bedder at this point, it would be a pity to be misled by sweeping statements and miss out on opportunities to invest or move out.
Speak to us if you’d like a non-obligatory free consult!