You may be looking at the weather and wondering how you could possibly be thinking about real estate in the middle of winter?? It is my job to remind you that the “spring market” in Ottawa starts while the snow is deep on the ground and we have to get ready for the market to take off and get really busy.
So! How is the market? Well, that depends… Are you looking at the real estate market to find out how your equity is growing? Perhaps you are going to re-finance your mortgage. Are you planning to buy in the near future? Perhaps this is the year to sell your home and buy another property?
In the second half of last year we had more buyers than sellers, so it was a great market if you sold your house. For those buying a home, it was more of a challenge and there were many situations where there were multiple offers on the same property. In fact, many good homes sold for more than the asking price, reminding us that real estate is always a good investment.
The hope is that there will be more homes for sale this year, as confidence is high for most Canadians. It will still be a great year for sellers, however more sellers will result in a more balanced market with more choice for buyers. The interest rates are expected to remain low for the remainder of this year, which makes it a great time to think about real estate whether you buy, sell or re-finance your current home. Let me know if, for any reason, you need to find out how homes are selling in your neighbourhood and I will gladly prepare a market evaluation.