Royal LePage

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Once again sales at the Ottawa Real Estate Board have exceeded last years sales and have shown significant increases in value, especially in the condo market.

A shortage of available condos have driven the market to new values helping what has traditionally been a week market in Ottawa.  Lots of bidding wars, lots of buyers but a shortage of available units is the formula that has created this increase in sales and value.

The freehold market has also seen increases in the number of units sold and the values too.  This market has become a little more balanced but remains a strong seller’s market.

What do you do if you’re in a seller’s market?

Well, that all depends on which end of the transaction you’re on.  If you’re buying it is more important than ever to do your homework!  Working with a professional real estate agent with lots of experience is your first step.  A good sales rep should be able to guide you through the steps you’ll need to be prepared.

  1. A solid mortgage commitment from a lender.  This will make sure you’re ready at a moments notice to put an offer in on that hot property.  Get something in writing so you can prove, beyond doubt, that you are qualified.
  2. Have a building inspector on speed dial.  Your sales rep should be able to provide referrals to several inspectors.  Make your choice early in the process.
  3. Get yourself a lawyer who works with real estate transactions.  You’ll need one for any transactions in Ontario.
  4. Be prepared to move fast in today’s market.  Make sure you are available to be in constant contact with your agent.  Cell phones, email and texting are all important tools when the pressure is on.  Don’t head out on an African Safari in the middle of an offer to buy a home.
  5. Finally, be ready to break the rules.  Putting an offer in without what has always been considered common and practical conditions such as financing and inspection may not get you the home you want.  That’s why we have strongly recommended making sure your financing is in place and accurate.  You may want to also consider, if time allows, to do a pre-offer building inspection.  Yes, if you don’t get the home you will loose the cost of the inspection which today ranges from $500.00 to $800.00 but it may give you peace of mind.

These are just a few of the things to think about when you are getting ready to buy.

Selling in a Seller’s market?

  1. Don’t think that any home in any condition will sell.  Prepare your home properly as if you were competing with many other homes.
  2. An experienced REALTOR® will help you read the market, set the right price and guide you through some of the strategy you can use in a seller’s market.
  3. Delaying offers until a specific date is a strategy that has been very effective in building interest in a home and creating multiple offers.  BUT if must be done at the right time in the right market.  As markets cool, this strategy can backfire and chase potential offers away.
  4. Know what your plans are for the future.  Buying another home?  Moving to a rental or to retirement living?   You may now become a buyer so you’ll need a plan on where you are going.

There is a lot more to know when selling even in a hot market.  If you’re thinking of buyer, selling or both, fell free to write or call and we’ll be happy to work with you to get to your end goals.

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