SELLER’S MARKET FOR 2020
It looks like we are into another seller’s market for 2020. The predictions are that the numbers will once again keep Ottawa in the Seller’s market range.
WHY?
There just isn’t enough housing to meet the demand! Even though builders are building at a fevered pace, they are, in many cases, a year or so away from delivering finished new homes. Plus there just isn’t enough home owners willing to or needing to put their homes up for sale.
WHAT’S THIS ALL MEAN FOR YOU?
It depends on were you fall in the real estate market. First time buyers are going to have to come up with excellent financing well before they can even attempt to bid on a home. They should also be prepared for bidding wars. It has not been unusual over the past couple of years to hear of ten, fifteen, twenty or more offers on the same home. And, in many cases, those homes are perfect for and marketed to first time buyers. Once we get into more luxury homes the demand as would be expected cools off but not that much. We still see many multiple offers on $600,000 to $900,000 homes.
If your buying and selling you have the goods and the bad. You’ll likely get much more for your home than you may have thought but you’ll also pay more for that new home and will have to deal with multiple bids. Again, get prepared. You may have to sell your home first and make a double move until your new home is ready or until you can find one that matches your needs.
The best scenario if for those moving to either a location that is not booming or leaving the housing market all together. Maybe you’re retiring and renting or moving to more affordable cities with a balanced or even buyer’s market. Under these circumstances you’ll reap the maximum benefit of this hot seller’s market.
What ever your circumstances are, a real estate professional can guide you though all the twists and turns in this crazy market. Write of call us today. Helping you is what we do!
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