Best Time To Be A Home Buyer
Best selection of the year in Ottawa real estate!
It's all over the news so much so that it's even overshadowing the NHL draft picks that we've just received.
That's exciting too, but in the next 60 days, we'll see the biggest inventory for buyers!
We've seen record levels at this time of year, which is not traditional to the fall market. Usually, in the fall market, things cool off, less, less inventory, but we're seeing surges of inventory within the last four weeks.
Residential listings are up 32%. Condo listings are up 45%. It's again, not traditional for the fall time period. But could be the best time to be a buyer within the next 60 days.
Interest rates are extremely low.
We've got inventory to choose from now. And what will happen is at the end of November, some of those listings, if they don't sell, they will start to pull them off. They'll get cold feet.
They won't be coached right by the realtor. They'll pull off. There's even less inventory going into 2021. A lot of those people that were thinking of listing next year are pulling their listings forward now.
So the best selection for buyers is now! That is in the next 60 days.
If you're thinking about being a buyer, this is the time of the year that'll have your best selection.
Pricing is strong. Demand is even stronger.
The Ottawa market is not cooling down. A shortage of supply is persistent. We'll have a shortage of inventory into 2021.
Builders are increasing their price and we know one builder in the Ottawa Valley that right across the board increased their price by 70,000 for a new build.
The pricing right now is somewhat stabilized. It's record-setting but it's a comfortable setting. They're more than, more than just surprising is the availability of options.
If you're a buyer that got scared over the market because of fear or you were trying to compete, and you couldn't find that dream home.
Now's the time to jump back into the market. Now the next 60 days are crucial to try and get your pick of the best selection.
Again, inventory will be lower going into the first half of 2021 because those listings are coming on now.
If you need a market update, if you want to want to talk about listing your home or buying in this opportunity in the next 60 days, please reach out to us.
My name is Greg Hamre from the Hamre Team at RE/MAX Affiliates in Ottawa. We hope to see you soon. Take care.