If you have been following the Ottawa housing market you’ll know that we are in the middle of an intense Seller’s market. Houses are selling within days of listing, multiple offers are received and many sell over asking price. If you are tempted to take advantage of this market and sell, this is what you need to know.
What is driving the market?
Traditionally the spring market is always busy, but spring 2017 saw faster sales, higher prices, leading to an even hotter 2018 market, and in Ottawa, a strong lack of inventory. Add to that a good dose of ‘buyers panic’ where people are keen to secure a home as interest rates rise and it becomes harder to secure a mortgage, and the market is in the Seller’s favour.
Pricing your home in a Seller’s market
Pricing your home realistically is still the best strategy – you can certainly aim at the top end of its value, but things will only get interesting at the offer stage. Selling at market value or over will depend on the condition of your home, any renovations or repairs needed and the demand in your neighbourhood. To get the best price for your home, you’ll still need to follow the process of repairs, minor renovations and staging. If your home is priced too high or is in poor condition and remains unsold longer than other similar homes, buyers start to wonder what is wrong with the home and become reluctant to view it.
Reviewing multiple offers
Receiving multiple offers is exciting, but the highest is not always the best. We take into consideration the viability of the buyer – is financing in place, do they have a property of their own that they need to sell, or are they a developer just buying for land value? Negotiating on your behalf we can employ a variety of strategies to improve the offers. For one or more buyers a counter–offer is one strategy, in a multiple offer situation we may even go back to all buyers and ask them to resubmit their best offer. This can be a stressful experience, but ultimately we are here to manage this for you.
Tempted? Get a free home evaluation
Whether you are considering listing your home, or have now committed to selling, a home evaluation is a good place to start, meet us and go through your options in this market. We conduct a comparative market analysis to provide a professional evaluation of your home – sales activity overall, average prices, listings, days on the market etc. If you would like to talk to us about selling, buying or for a home evaluation, please contact us.