People always ask, 'How's the market?'
People always state, 'Tough job you have, the market isn't good right now'.
Reality is, Ottawa Real Estate is one of the best markets to be in. Constant movement in this great city of ours. The Government Workers, The Foreign Embassies, RCMP, Military and the Northern Silicone Valley are all here. Therefore, there are always people moving in an out of the Ottawa area. At ALL times of the year.
Is it better to sell in the fall or the spring? That depends on the area you're in. It is true that most people feel that the best time is to sell is in the Spring, it is our hottest market. AND it is also when all of your competition is out there. So, thinking outside the box, is it better to be the only home offered for sale in your block in the fall of the year? Once again, that answer depends on your neighbourhood. How much activity has there been? How long do homes take to sell?
Are there Buyers shopping in the fall? There always are people looking. The October stats are out from the Ottawa Real Estate Board and they show a near record breaking October for us!
It also shows a change in the marketplace. For years we have been a pretty balanced market and now we're leaning on the side of a Buyer's Market. What does that mean? It means that there are more homes on the market than people looking to Buy which means more choices for a Buyer. Some believe that the power is now in the Buyer's hands. If you NEED to sell your home, this may be true in that you have more competition for your home and your asking price needs to be realistic. It may mean that the annual price increase of a 5% average won't apply (remember that mortgage rates are still at an all time low - so, your investment is still solid in a home purchase). Reality is, and this may shock many people, the Seller has the Power in any real estate transaction. They have the goods that the Buyer wants. They make the FINAL decision on what they will accept for their home. Details like mortgage owing, mortgage penalties (if breaking a term), original purchase price of the home all come into play in this decision.
So, if you're thinking of Selling, don't let the media make your choice of when the right time to be on the market is. Call a licensed professional and get some advice.
Priced right, marketed well with good exposure will sell a home. A softer market may mean a longer time frame, but eventually well priced sells!
Here are the October Stats for Ottawa!
October sales set a near record as market heads into buyer's territory. Members of the Ottawa Real Estate Board sold 1,121 residential properties in October through the Board's Multiple Listing Service® system, compared with 1,089 in October 2013, an increase of 2.9 per cent. The five-year average for October sales is 1,076.
"Sales from this past month are the second best on record for October, only comparable to the 1,199 sales in October 2009," explained Randy Oickle, President of the Ottawa Real Estate Board. "Our residential listing inventory is up 12.5 per cent from 2013, with 7,550 active listings at the end of October this year. Year-to-date sales have now slightly surpassed year-to-date numbers from last year, and we are up 0.2 per cent over 2013. Interestingly, although sales volume is slightly ahead of last year - when we were in a balanced market - the higher listing volume this year has moved us into a buyer's market."
October's sales included 194 in the condominium property class, and 927 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $355,813, a decrease of 1.2 per cent over October 2013. The average sale price for a condominium-class property was $290,224, an increase of 7.3 per cent over October 2013. The average sale price of a residential-class property was $369,540, a decrease of 3.2 per cent over October 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
"Again this month, the $300,000 to $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range," says Oickle. "Fifteen properties were sold in the over $1 million range, with six of these properties being condominiums. No condos were sold in this price range last year, which is a possible explanation for the large increase in average sale price for condos this October compared to last."
In addition to residential and condominium sales, OREB members have assisted clients with renting over 2,100 units so far this year. OREB members also assist clients with the sale of building lots, businesses, farms and recreational properties, and the leasing of commercial space
October sales set a near record as market heads into buyer's territory.
Members of the Ottawa Real Estate Board sold 1,121 residential properties in October through the Board's Multiple Listing Service® system, compared with 1,089 in October 2013, an increase of 2.9 per cent. The five-year average for October sales is 1,076.