Home sellers, the Ottawa Real Estate Market has changed.
Home sellers, the market has changed.
This is not 2021 or 2020 or even early 2022. ❎
Interest rates have gone up dramatically since the beginning of the year. That has had a major impact on what buyers can afford because it obviously drives their payments higher. ⬆️
We are seeing a big difference in buyer demand on our listings and so on.
You can’t go from the low low interest rates we have seen to pre-Covid rates and expect there not to be some impact. I want to make sure you are all prepared for this.✍
My name is Karen MacDonald from the Hamre Real Estate Team at RE/MAX affiliates and like I said I want to talk to - sellers - this time about the difference in the market.
Now we are not talking about a market crash or anything like that. The sky isn’t falling by any means. ✅
What we are experiencing here is the market shifting down a gear and it may shift a bit more like it normally does in the summer ☀️but this year it will be more because of interest rates going up so much in these spring months.
Now, back in January and February virtually across the country we had dozens of people interested in it. Now that has backed off dramatically because of the increased interest rates and also because of how much prices have gone up.⬆️
We are not seeing a drop in pricing but buyers can now negotiate other categories.
Home inspectors are back in business. Prices have gone up dramatically since the beginning of Covid and that itself drives up the payments.
So when you are listing your home you need to be aware of those things.
Anytime there is a transition in the market you need to adjust with it because if you don’t you end up with your home not selling, then you are not happy and we don’t want that.
So, to be in front of that as a home seller look at the sold comparable properties in your neighbourhood with your realtor - don’t over stretch because you will end up having to make a price adjustment and you will not have as much action on your home.
When you have more action on your home and more people interested you as the seller can dictate more of the terms.
When you have 1 person interested it is a lot harder. Just be aware as you prepare your home for the market.
Karen MacDonald from the Hamre Real Estate Team at RE/MAX Affiliates