February 2022 Real Estate Newsletter
Tuesday Feb 08th, 2022
Home prices soar to new levels! January started off with a bang as home prices skyrocketed and total number of sales went up compared to December of last year. I’m mostly surprised with the condo market in the suburbs as many have sold in the mid 400-500k range, which is making it very challenging for first time home buyers. The housing crisis continues across Ottawa with a lack of inventory in both resale and new construction with high demand, and low interest rates. I predict more and more first-time buyers will need co-signers and possibly a friend to move in to help supplement their mortgage payments. The average age of a first-time buyer in Canada is 36 years old. If you’re thinking of selling your home or an investment property you have been holding on to, its time to capitalize on this opportunity. Now is it a great time to sell a home!
Selling Your Home in a Sellers Market
It sounds easy; sure, there are loads of buyers looking but you want to be sure to have a plan of action in order to maximize your sale price and get your home sold in a timely manner. Here are a few tips:
Hire an Agent – Don’t try and do this on your own – its not worth the risk and hassle. A professional Realtor has the knowledge, experience, and marketing tools to get your home ready for the market, implement a marketing plan, manage showings, price your home for success and will negotiate to get you top dollar.
Access for Showings – Make sure every potential buyer can view your home with their agent from morning to night. If you can move out for a few days that will help with getting more appointments booked in back-to-back. It may be challenging and stressful but once your home is sold, you can resume your day to day life. Keep in mind – the easier it is to access your home without any restrictions, the more buyers you will get which can increase the amount of offers you’ll receive on presentation day.
Competitive Pricing – In a seller’s market, you will typically have a bidding war with several offers presented to you. In order to achieve this, your price needs to be competitive and below market value to attract more buyers, similar to an auction. Whoever bids the highest wins!
These are just few of the many steps involved in selling your home in a seller’s market. If you are thinking of selling and want to learn more, contact me for a free home evaluation!
Neighbourhood Feature: Manotick
Located 30 minutes south of downtown Ottawa, Manotick is a quaint small town with lots to see and do. Watson’s Mill is a historic building situated on the banks of the Rideau River. Its open to the public and is a great venue for weddings and events. Manotick main street features several local restaurants and shops including Black Dog Bistro, The Vault, Pizza All'Antica – just to name a few. 692 Coffee, Take Another Bite and Morning Owl are some great locally owned coffee shops located within walking distance to each other. Homes in the immediate area are typically bungalows built in the 50’s and 60’s and larger custom homes on estate lots further out in different pockets such as Rideau Forest, Manotick Station, Manotick Estates and along the River. The newest communities are located a few minutes south of Main Street. Minto Mahogany is the site of several medium to large, modern, and contemporary style single homes. Across the road is EQ Homes’ community called Riverwalk which offers both attached and detached bungalows. Manotick has so much to offer, its no surprise its one of Ottawa’s most prestigious communities.