Two Things Will happen In The Ottawa Real Estate Market In 2022
Posted by Leif Olson on Tuesday, August 31, 2021 at 1:21 PM By Leif Olson / August 31, 2021 Comment
This just happened........in OTTAWA
29 Showings.......8 Offers and a SOLD price substantially over the asking price.
There are BUYERS taking advantage of the lowest interest rates in history.
There are a number of buyers looking. My name is Greg Hamre from RE/MAX Affiliates and the Hamre Real Estate Team.
And it just shows you how many buyers are out there.
Now, the buyers are out there and they're savvy, but they're listening to the media and they're going, you know, what's really happening are multiple offers still happening are things are, are the good listings disappearing quickly.
I can tell you that we've had a number of showings over the weekend.
We were, we ravaged. 25 showings on our listings, per day, over all of our listings and probably, have about 15 listings at the moment.
So that's, you're probably two showings a day of people going through and some had more, some had less, but there was a lot of activity, and we're talking in a federal city.
Ottawa is a federal city and there's a federal election going on here right now.
Two things you can count:
1. Interest rates will increase next year.
2. Home pricing will increase next year.
There are just simply not enough homes.
And when you look at what's going on, Minto just had that release. They had 17 homes released at their Mahogany Village in Manotick and they had 400 applications for it.
So that just gives you a little bit of a measurement.
But tonight we had eight offers and seven people didn't end up with a home that was all.
We're seeing a lot of traction on some of our other listings in the million-dollar range.
So again, there are buyers out there.
Things are happening. The pulse of the market in Ottawa is still very healthy and especially for a federal election happening right now.
We need more homes.
We absolutely need, more homes in Ottawa and around the country.
This crisis is continuing but now is a great time.
You'll never see interest rates that are 1.85 for set for five years.
I don't know that you'll ever see that again. With the weight of inflation interest rates will be going up.
It's a fabulous time to be a buyer.
I went back to the amount of inventory that's on the market inventory listings are down from this time in 2019 in August and from 2020 in August.
So listings there is a shortage of listings, not enough product on the market.
Buyers are scrounging for good product.
We have some really neat stuff coming on this week and next, that'll appear before Labour Day, weekend, and then right after.
So there's still lots of time to be a buyer and get settled, uh, in your home for Christmas.
I love when I walk into a home and people tell me where they're going to set up the Christmas tree that's that's that gives me a measurement that we found the right place.
There's lots of time to do that.
Lots of time to make a move this year and finish off, uh, and, and set up your holidays in a, in a home, in a different location, in a different lifestyle.
If you're thinking of moving or you want to know the vibe on the market, what's happening, we can give you that info.
That's our website. weknowottawa.com. Please give us a shout, reach out to us.
If you're thinking of moving in the next six months, we really want to get the pictures of the exterior of your home in the next 10 days, let's take advantage.
We're here to help, appreciate everybody following and watching our video tonight.
Thanks very much. Have a great evening. Take care.
My name is Greg Hamre from The Hamre Real Estate Team at RE/MAX Affiliates in Ottawa.
We hope to see you soon. Take care.
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