As winter comes to an end, the days are getting longer and the weather warmer, and with spring finally here, we begin what in Ottawa (and other cities) is the busiest time of year for selling and buying resale homes and condo units.
If you’re planning to sell, I’d be happy to chat with you about the current market, the price you can expect and how to prepare your home or condo unit.
With more than 30 years of experience as a Realtor in Ottawa, I understand the questions, concerns and expectations sellers have as they begin, and I can tell you about the process and answer any questions.
Having taken buyers through hundreds of properties over the years, I also have a very good sense of what buyers like and don’t like and I can give you suggestions on how to make your property as appealing as possible and eliminate any negatives.
The Current Market
After a market that favoured sellers in 2021 and 2022 due to low inventory and low mortgage rates, real estate was moving at a fast pace. Now the inventory is more balance with the number of buyers who are looking to purchase and the available properties for sale are pretty much equal. The market in Ottawa is now considered a balance market.
If it remains this way over the spring season, it means demand and supply are about equal, and neither sellers nor buyers have the upper hand.
Buyers can take more time looking than they could in 2022, without the pressure of having to make instant decisions.
Sellers need to ensure their properties look their best and are priced correctly for the current market. While some Sellers continue to hope they will get the same price as last year this will not happen due to mortgage rates and general inflation.
Setting an Asking Price
As a Realtor, I have access to recent sales across the city whether they have been sold by fellow Realtors, builders and /or private sales. This means that I can accurately advise you as to the correct price for your property in today’s market. By providing you with direct comparables that appraisal companies will also use (should a buyer require financing) this will help us together to set the correct listing price.
In a market that no longer strongly favours sellers, it’s important to set a price that reflects the current market. Keep in mind that buyers and their Realtors have access to this information as well. They are unlikely to offer you a price above what similar homes have received recently in your neighbourhood.
While it’s true that because of rising interest rates in recent months, average sale prices are down slightly from where they were at their peak in late 2021 and early 2022, keep in mind that Ottawa homeowners who have had their properties for many years, as most of my long-time clients have, are still doing well when they sell.
In 2012, the average sale price for a residential-class property was $374,424 and the average for a condo was $268,108.
In February of 2023, the average sale price in Ottawa was $708,968 for a residential-class property and $410,927 for a condominium-class property.
A fair increase over a 10 year span and for a residential family home, this increase is non taxable.
Clean, Touch-Up and De-Clutter
When I see your property, we can compile a list of improvements I suggest before listing.
This always includes cleaning and de-cluttering, to make your home look as spacious and airy as possible. It could also include touch-ups, such as fresh, neutral paint colours or some new light fixtures or faucets, and any bigger repairs that stand out.
We will also look at the exterior and grounds to see what needs attention and how to make the property look great on the outside, before buyers even enter.
WHERE TO DONATE IN OTTAWA – check out a list of places here…
NEED A HAND WITH DE-CLUTTERING? – www.declutter4good.ca
Professional Staging and Photos
I offer all clients professional staging assistance and professional photography to ensure properties look their best. Today, many buyers use online listings to decide whether to even visit a particular property. My stager will help arrange furniture, art and other accessories to give your home a polished look.
Photographers will then visit to take photos, knowing the lighting and angles that will look best. By this stage, sellers often tell us their home has never looked better – a comment we always love to hear.
From my first visit until we open doors for prospective buyers generally takes just a few days to a week. So the earlier you get in touch to get started, the better and will lessen the stress of the selling process.
You can read more about me and my services at www.nancybenson.com, where you can also view my listings and testimonials from clients.
Feel free to give me a call, at 613-747-4747.