Real estate services were considered to be essential in Ontario throughout the pandemic. As Ottawa continues to have a strong business framework we seem to be insulated from some of the financial repercussions of the COVID-19 business closures. The low interest mortgages, continued hiring by the Federal Government and hi-tech sector, as well as service providers who are assisting business owners to place their business online are all helping to fuel the economy. This helps to explain how the real estate market is BOOMING.
The low inventory also means that there are more buyers than there are Sellers at the moment, creating record-breaking prices for most sales. The low inventory seems to be due to those who are still apprehensive about putting their properties on the market for sale, while those who are comfortable with the new techniques of online virtual tours and COVID-19 related restrictions for visiting homes are able to sell with very little disruption and minimized risk to themselves or their family. At Nancy Benson & Associates, we pride ourselves on showing off homes at their best with interactive virtual tours, virtual open houses, and ensuring that our marketing has an international reach so as to obtain top dollar for our properties without compromising the health of our clients.
For Buyers, many seem to think that the market will turn around and prices will drop as a result of COVID-19. As we are still seeing multiple offers on many properties, homes that are priced accurately continue to sell in very short periods of time. It does not appear that price adjustments will occur in the near future resulting from COVID-19, and prices are not likely to change unless mortgage rates increase substantially.
We present statistics each week to keep our Buyers & Sellers aware of the market. Should you be considering to buy or sell, do feel free to send me a note, a text, or to give me a call. I would be happy to discuss the market with you and to make a plan to achieve the best value possible, whether you are selling your home or purchasing a new property.