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The Real Estate market is always changing. It’s important to stay up-to-date on the latest trends so that you can make the best decisions for your family and your future. Right now, there are a lot of changes happening in the Ottawa market – what does this mean for you? Should you sell now, or wait until things settle down? In this blog post, we will explore the current Real Estate climate and help you make the best decision for your needs.
In the last couple of months, we have seen a change in the Ottawa Real Estate Market. The Bank of Canada increased interest rates as well as the government regulations working together to quell high demand is starting to take effect.
Here is what we are currently seeing.
- Reduction in sold properties
- Less bidding wars, multiple offers, and more conditional offers being accepted
- Increase in days on market
- Increase in inventory compared to month over month
- Sellers are still expecting high prices
- Properties are still priced at record highs
What can we anticipate seeing in the next few months? I believe that homes that are turn-key ready, newer, and have a wow factor will continue to sell very well, and in multiple offers for top dollars. Whereas in January and February, we were seeing average and below-average homes selling for top dollar in multiple offers without conditions, these homes will be sitting on the market longer and will end up selling for less than anticipated. This is a principal reason to hire a professional Real Estate agent to make sure your home is properly organized before listing.
A lot of people are wondering if now is still a good time to sell. Real Estate is cyclical, it always has been and always will be. So, the answer is – it depends. If you need or want to move for work, family reasons, or just because you are ready for a change – then absolutely! Contact me to discuss and help get the process started!
