October Ottawa Real Estate Market Update
✨WHAT IF you could save up to $10,000 next year?
The video above has all of the details on how Chelsea Hamre from the Hamre Team at RE/MAX Affiliates in Ottawa can help you save money next year, by acting now. Inflation is currently low, but the rate has been creeping up slowly for the past few months and is expected to double as early as April 2022. This is because of inflation and the cost of building a home. Right now is the time to act and find that new home. This could mean more square footage, a better location, or closer to amenities. If you are thinking about making amove there is absolutely no reason to wait. You can find your dream home now and save money on interest in the future.
If you are a seller you also want to get on the market sooner rather than later because there will be fewer buyers around in the Spring that can qualify for the home. All of this is only taking into consideration that interest rates will go up. this is neglecting the probability that home prices will go up, which will also eliminate potential buyers from the market.
"✅There are a few things we know for certain....
Interest rates are as low as 1.75%
The average sale price for a residential home in Ottawa YTD is $720k and condos are $420k
Now, what does this mean for you?
They’re talking about rates going up next year, right now they’re saying June but it could be as early as March 2022.
➡️If you were to take what your monthly payments would be today w/ 20% down vs. A doubled interest rate at 20% down. You’re looking at an approx difference of $8000 for residential and $5000 for condos.
That is just if home prices were to remain the same.
I don’t have a crystal ball, but with inflation and market predictions; the average price point will be going up.
If you’re on the fence about buying now vs. next year - ☎️let’s have a conversation to look at these numbers and discuss what’s best for you and set you up with a mortgage broker to lock in a lower interest rate.
If you’re a seller, you want to take into consideration that more people can qualify for your home today!
➕It’s also a great time to be on the market, serious buyers this time of year and don’t be afraid to decorate for the holidays.
It shows warmth, smells delicious and gives it an overall home vibe.
☎️Call me today if you want to look into these numbers together more in detail for what works for you, or if we can help you with your real estate needs.
I’m Chelsea Hamre from the Hamre team - I will see you soon. Take care!"
If you're thinking of making a move in the spring do not wait until then, act now and save yourself in the future! It could mean $10,000 a year or $50,000 over 5 years. That is real money that should stay in your pocket. Reach out via the contact form below to start your home buying journey!
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