Change In The Ottawa Real Estate Market - Greg Hamre

🔄Change is happening and it's not just 🍂the weather, it's the Ottawa real estate market. 🏡📈

My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team. 👋

And you need to know what's happening in the pulse of the market. 💼📊

And here's the latest stats.

We had two increases in interest rates 60 days ago. 💹📈

You could get a mortgage rate at 4.894%, now we're at 5.59% and it's pretty stable there. 💰💱

Pretty shocking, and that affects home buyers. 🏡💔

Buying in the $900,000 price range costs about $40,000 to $50,000 more. 💸💰

So, the affordability of a $900,000 home gets shifted into an $850,000 home. 💲🏠

And that's what we're seeing.

If you look at the suburb, one of the major suburbs in Ottawa, that would be Orleans, in the first half of August, we have 88 detached homes, two stories with two-car garages or more.

88 homes, and in the first half of August, 6 of them have sold. 🏘️🔍

So divide 6 into 88 to tell you how much inventory we have or how many months of inventory we have. That is affecting the market, and it's because of interest rates, it's because of affordability. 📉🔍

And again, that buyer is being shifted down. The average price of a detached two-story, two-plus car garage home in the first half of August has been $888,000. 🏠💲

We were in the nines prior to the interest rate hike. You've seen the shift, the shift is on price points, and we've been through this market before. The $50,000 becomes $100,000, and buyers just go on strike. ⚖️📉

That's exactly what happened in the fall of 2022.

And we're in that same kind of atmosphere for 2023.

If you're a seller, you want to look at your price point.

If you're on the market now, you want to look at your price point and make sure you're priced right. We know how to do that at the Hammer Real Estate Team without losing your shirt. 💼💼

Let's make sure you're priced to the market so that we create buyer emotions and get exposure on your home and get your house sold this fall before Labour Day weekend or before Thanksgiving. 🍂🏠

We can make it happen. Reach out to us today.

🙋‍♂️My name is Greg Hamre from the Hamre Real Estate Team at RE/MAX Affiliates Realty in Ottawa.

Hope to see you soon.

Take care. 👋🏡