The stories we read in the local papers, and the news we hear on TV and radio most often relates to the national housing market – and the news isn’t always very positive.
Ottawa tends to have a protected market based on the fact that, for the most part, the economy here is pretty stable compared to other parts of the country. Federal, provincial and municipal governments, hospitals and education make up a large part of the workforce here.
While the market may be slightly slower than it was this time last year, houses are selling. I have always said that a well-priced home (priced to be competitive in today’s market) and that shows well will sell in a reasonable amount of time. I recently had two listings that sold in less than a week (one a good-sized family detached home and the other a lovely condo apartment). Area also plays a role. How quickly a home sells is dependent on how well it shows, how competitively it is priced, where it is, and, of course, finding the right Buyer.
For Buyers, inventory in Ottawa is reasonable – there are choices out there at decent prices. The biggest challenge for Buyers is to be able to see beyond existing cosmetics – to be able to envision different colours on the walls and different furniture in the rooms….maybe even different flooring. If somebody has lived in a home for a number of years, it tends to take on their personality. Buyers have to be able to see beyond this and think of how they could make the home THEIR own. It’s a skill and a good real estate agent can help with this.
All in all – don’t be afraid because of what you read or hear. Talk to me – I know what is happening in Ottawa and can help you with your real estate decisions – both immediate and future.