Another Article that shows the amazing Market that Ottawa has been!!!! Great time to move up, down, or sideways!!!!! If you're sitting on the fence, take the leap!!! Don't be the one to say 'Oh, I should have (bought or sold) in 2009' Read on:
Ottawa home sellers rub hands over hot market
By Beth Johnston, Sun Media
Last Updated: 14th July 2009, 7:11am
The end is near.
And that’s a good thing.
If you’re looking to sell your home, you’re in luck as pent-up demand has turned residential real estate into a sellers’ market, according to a Re/Max report on the Canadian Real Estate Association statistics released Monday.
June sales in Canada’s largest markets, Toronto and Vancouver, were among the highest in history.
In Ottawa, last month 12.5% more homes were sold than the year before — a third record-setting month.
With fear-inducing recession talk dominating the news last fall and winter, homebuyers who were sitting in wait are now coming out in droves.
In almost every price range, sellers are getting multiple offers on quality homes in what has become a sellers’ market.
Canadian real estate markets began to recover in March, and sales grew even more in April, May and June. This upturn is expected to continue, with year-ends expected to meet or surpass 2008.
That prediction is music to the ears of Ottawa Realtor Charles Yellen.
“I think finally people are realizing they have to get on with their lives,” he said.
All of the bad news about the economy scared a lot of people away from real estate, he said.
“It’s tough to make a major purchase decision, not knowing whether their income will be there to support their buying decision.”
One of the reasons sellers are getting more than one offer is there aren’t that many houses on the market. Inventory levels peaked in April and are now dropping. Locally, single family homes priced between $275,000 to $375,000 are hard to find.
For the past six to eight months, it’s been a buyers’ market, but the change comes right in time for Grace Reid, who just listed her family home of 28 years.
Reid, whose husband Bill died three years ago, has decided to sell the couple’s three-bedroom Buxton Cres. bungalow and move into a condo near the Hunt Club golf course.
She’s hoping one of the groups who’ve been through her house, which is listed at $329,900, will decide soon to call it home.
It was bittersweet, selling the home which holds so many memories, but Reid wanted to strike while the iron is hot.
“It’s sad, it’s another little closing,” she said.
“There comes a time, you know when to hold and you know when to fold.”
Yellen thinks the upturn in real estate is indicative of the public mood.
“People are just feeling more confident that this is going to turn around,” he said.