Buyer Confidence Has Returned In Ottawa
Did buyer confidence just return?
We're in the middle of the year and we've got through a really up and down June, July, and just on Friday, we had two of our really kind of very special products sell.
Then buyers came out of the woods all weekend. Like, is that property still available?
“Can we still put an offer in it where we were interested in it?”
They were sitting on the fence.
My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team.
One thing I know for sure is that in Real Estate, time is evil.
If you see something, jump on it. A lot of buyers are sitting back going.
“Maybe there'll be another rate increase??. Maybe, there'll be another price improvement what's gonna happen. Let's just sit back and watch.”
When those unique properties disappear, they're gone.
The other thing we're finding, we can see the traffic on our listings. We can see the traffic on our website.
We know how many people are actually watching product but buyer confidence is holding people back.
Again, at this time of year, it's probably the best selection of the year. So once the good listings are gone, once the unique property's gone, they're gone.
We also had another situation on Friday where we jumped on a listing that just came on and it spooked the seller.
They were like… whoa… if you're in, we gave my nice offer right off the bat. They said if that's the case, we wanna hold back our offers for five days and let everybody go through that.
Now they're sitting back late - four or five days later, we have the buyers and it'll be interesting to see how that one rolls out.
We are halfway through the year of 2020. It started out like a Slingshot and then there were some major events. Storms, market corrections, interest rates, and then we had a municipal election.
That's come and gone and no one really knows, but those factors do play into things.
We really felt that in the middle of May. And it carried right through till June, July is now if you're gonna move and you want to be we're mid-July.??
90 days from now is Halloween in this part of the world. And I guess in all parts of the world, it's Halloween and that's when the first snowfall starts to appear here in the Ottawa area.
That is only 90 days from now. So all of a sudden the calendar is moving by very quickly. People want to close before the winter months hit and sellers that are looking at those special finds. Whether they're waterfront, their golf course communities or maybe it's got a view that’s absolutely breathtaking.
Don't sit back now is the time to jump on something and get into your forever home and start enjoying it before the snow flies.
My name is Greg Hamre from RE/MAX Affiliates in Ottawa.
We're hard at it, we're really staying on top of things and making sure that our buyers win and our sellers win too.
If you have any comments on Real Estate, any questions or concerns, if this is the right time for you, please reach out to us.
We're here to help all of us hope to see you soon. Take care.