Understanding a Seller’s Market in Ottawa

Currently, we are in a full-blown Seller’s market. Although Ottawa has seen seller’s markets before, it is pretty safe to say that we have reached new heights when it comes to demand and housing availability. The days of leisurely cruising the market and having the option to pick from a plethora of listings is over.

More than ever, it has become extremely important that expectations are managed properly when navigating the current market. Traditionally, the option to view many homes and take your time to decide if it fits the mold was the general experience. Today it has never been more important that buyers are guided and explained the strategies needed to get the desired house, in an overly competitive market. Once upon a market, we were able to view many homes and have the leisure of taking our time before submitting an offer. What we are seeing now is that homes are selling in a matter of days with multiple offers driving the price over asking price. It should also be noted that properties are being listed lower in order to entice and get the amount of buyer’s out looking and competing.

What does this mean as a buyer?

Being debriefed on the market and having a clear expectation of what can happen in a multiple offer situation has never been more crucial
Understanding the home buying process, and being well-versed in the paperwork before submitting an offer is necessary
Having financing in place
Adjusting your budget expectations to accommodate being competitive
Research and timing play an important role in this market
Confident and market educated buyers will ensure a successful outcome

What does this mean as a seller?

We do not have to wait for the traditional spring market to achieve optimal results.
Scheduling and managing showings appropriately is key
Multiple offers require an incredible amount of efficacy and attention to detail. Having a trusted real estate professional will help you navigate this otherwise overwhelming experience.
You will need to understand the process on the selling side prior to receiving offers in order to make the best decision for your situation
Proper preparations before listing are vital to maximize your return on investment
The right strategy and marketing exposure is crucial
Special attention needs to be paid to coordinate the details of your sale and your next purchase