Is it possible? Is the cold weather finally behind us? The temperature is rising, the snow is melting and Spring seems to be just around the corner!
February, the shortest month of the year, sure took a long time to pass this year! With unusually low temperatures this past month we experienced a small dip in real estate sales. Sales in February 2015 were down 1.7% from the same month last year. Residential sales were up by 1.9% but condominium sales dipped by 14.3% for a combined total of 1.7% less units sold compared to the same time in 2014.
What does this tell us about the upcoming Spring market?
Everything I read and everyone in the industry I talked with are optimistic about the market. Even my colleagues in Alberta are enthusiastic despite a slow last quarter in 2014. Interest rates are still at a record low, consumer confidence is high, our federal government has set their sights on a balanced budget and even economists are revising their early projections (okay, this last point is weak – all economists revise their estimates at the winds of change so they are never proven wrong!).
Real Estate sales will be healthy in 2015. We anticipate a “Balanced Market”, expecting some homes to take longer to sell while some sell fast. This is a true balanced market in that it breeds excitement, uncertainty, stress, defeat but also great triumph.
As a realtor, I am truly excited about the Spring market. It is the time of year that generates the most activity in the marketplace. New home listings flood the market while new and transferring buyers are excited to buy. My role, as a realtor, is to help facilitate transactions so the process is seamless and effortless. When this happens, I feel immense gratification of a job well done.
One of my transactions last month was just that. I had a referral from a colleague in St. John’s, Newfoundland. His contact had been trying to sell a property for several months with no success. I took over the listing and made certain to stay in touch with the sellers on a consistent basis. The stress of owning a vacant property that was not selling was starting to weigh on them and I knew something had to be done. The price was already attractive, but it wasn’t enough. I recommended offering an incentive to appeal to a greater audience. Lo and behold, a buyer came along and purchased the property in good time! The property closed within 21 days and the sellers did not have to change a thing. With a quick close and no more carrying costs, the sellers were free to use their equity however they pleased. Happy clients and a happy realtor!
This begs the question, what are your thoughts on Ottawa’s current real estate market? What are you seeing happening in your neighbourhood?
As always, I am here to help you with your real estate needs. If you have any questions or concerns, please don’t hesitate to ask as I am always happy to hear from you. If you come across someone thinking of selling or buying, please remember to pass my name along. Rest assured they will receive the same level of professional service that you have come to expect from me.
Peter Sardelis, Broker
Century 21 Capital Realty