Did the Ottawa real estate market just hit a wall?
Is this a good time to be a buyer or a seller?
My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team and it is an exceptional time to be a buyer or seller.
I say that in all honesty, it is the hottest real estate market in history in the city of Ottawa.
July 2020 unit sales are ⬆️ 19% compared to July 2019.
But, it is a challenging market for buyers and it is a market for sellers that we've just learned you cannot take time for granted.
⚡️ 57% of listings in July 2020 sold over the asking price compared to 33% in 2019
After this pandemic showed up out of nowhere, inventory levels are at a record low, inventory levels just compared to last year are down 54%, Realtor.ca traffic is up substantially.........It is at an ultimate high.
So that means more buyers and more sellers are looking. Buyers are looking for product and sellers are looking to position themselves in the market.
We just had an experience and I'll share with you a quick story on one of our listings.
It was on a beautiful street, in a beautiful little neighborhood, very original home, not a lot of updates.
We did a storytelling video on it. One of our classic storytelling videos that highlight the neighbourhood and the landscape, the feel of the home, the genre of the neighbourhood, and the location as well.
We did high-quality digital imaging and offer exceptional exposure on the internet and we deliver thousands and thousands of eyeballs on that.
Not just our video, but on realtor.ca itself.
We were only on the market a few days and we had over 88 that's 88 buyers looking at one property. Okay. We had 20 offers on that property.
Again, a very original home, 20 offers and we exceeded the seller's expectation and the neighborhood's expectations. We delivered outstanding results.
We delivered a selling price that exceeded anyone's expectations and it's a new record price on the street and the neighborhood and that's what we are known for.
We are not followers, we are leaders.
The traffic and the exposure that we got from there was, is our job.
That's what we do.
We get eyeballs on that listing we get footsteps through the front door and this story was a wonderful story.
The seller who is in retirement, was just delighted and the new family that's moving in there is going to love it and love the neighbourhood and the neighbours are going to love them as well.
But it is just an example of what high end, professional service, professional marketing people, that understand that style of business and do this as a profession can do for you.
The high-end market is a part of the market that we participate in, and it's a story on its own.
The high-end market is the hottest part of the Ottawa real estate market. It's up 41%, which is luxury style product. Luxury is no longer taking years to sell. It's selling in days, short of months.
We are getting lots of exposure on it and the luxury product that's out there right now, well, I've been through a lot of it.
If it's been on the market for a very long time, it is stale.
You need a new approach to that.
Less inventory, high demand, people are now looking for those, luxury products, because they have just gone through a pandemic and they no longer want to be in the same situation they're in today.
If they are stuck in a pandemic situation again, they want that luxury product.
They want it now, and they're looking for it.
So whether you're selling a luxury product or an opening price point, and you're thinking of selling why wait, let's hurry up, get to the market, beat those other listings that are coming.
And when we look at trends and we've talked to an economist and we look at even the trends of realtor.ca, we know people are positioning themselves to go on the market.
We are talking to people that are positioning themselves to go on the market for next year to sell next spring.
But if you're thinking about selling now, or if you're thinking about selling this fall or in the first or second quarter of next year, we want to talk to you now.
We want to meet with you.
We want to put a strategy together.
We want to grab your summertime images of your tree-scape, of your landscape, of your pools and decks and patios and interlock.
We want that so that if we do hit the market in the fall when we do hit the market in early winter, that we can sell the sizzle and the feel of your home itself.
So we're planning ahead, but we're also trying to get a jump on the inventory. So instead of waiting for next year, if it's possible to sell this year, take advantage of the best market in history.
One thing we have learned after this pandemic is you don't know what you don't know, and we don't know what's coming tomorrow.
If you're thinking of selling, now is the time and we would like to talk to you. Exceptional results come from a team of professionals.
And that's what the Hamre Real Estate Team is all about and we have been for three generations. The market itself in Ottawa unit wise is down and our sales are up over last year.
We are showing positive growth.
We are showing exceptional results.
We are winning with our buyers and we are exceeding expectations with our listings. If you're thinking of buying or selling, or if you would like a market update on the real estate market in Ottawa, please reach out to us.
Call us directly (613) 841-2111 or call me, or email me directly on Facebook.
My name is Greg Hamre from the Hamre Real Estate Team in Ottawa at RE/MAX Affiliates. It is my pleasure to serve you.
If we can help you out in any way, please reach out to us. Enjoy your weekend. Take care.