WILD AND CRAZY MARKET!
It is the middle of October 2020 and we have once again realized an extraordinary real estate market! Many, many multiple offers, sale prices tens of thousands of dollars over asking price and most offers having no conditions whatsoever has been “normal” for most of the Spring and Summer market.
The big question always is, “Why is this happening?” There’s not one answer and a lot depend on location. Just outside of Ottawa in smaller towns and cities such as Arnprior, Smiths Falls, Perth and others, have all seen an increase in interest and value. The Corona pandemic has forced many people into working from home and have shown their employers that this method of working can be greatly beneficial to all. Many firms have decided to allow and even encourage their staff to continue to work from home either full time or for most of their working day. This has led to a surge in sale of properties that normally would be considered too far of a commute for work.
Within the city, the demand for house is still out stripping the supply although that seems to be changing right now. We are starting to see less and less listing coming on the market asking that offers be held off (no conveyance of offers) and starting to see less multiple offer situations. There are still plenty of multiple offers, but now we may see two or three offers on a property instead of eight to fifteen or more! This is somewhat expected as we move deeper and deeper into the Fall and approach the Winter months. Plus, a great deal of the demand has been satisfied. And there is a significant number of buyers who have just quit the mark out of frustration or affordability. It is still a buyers’ market and will remain so for the foreseeable future.
If you’re thinking of selling or buying, let us help you through today’s market which after over thirty years in the real estate business, has certainly been the most interesting and challenging!
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