Ottawa Real Estate Market - Months Of Inventory
The Ottawa Real Estate Board has released some housing market stats, and I want share them with you.
I'm Melanie Giray with the Hamre Real Estate Team and RE/MAX Affiliates here in Ottawa.
Today, I specifically want to talk about months of inventory.
So, months of inventory is a great measure for determining the supply and demand equilibrium in the housing market.⚖
So, the Ottawa Real Estate Board has released that the months of inventory for September of 2022 is up to 3.1% months in comparison to September of 2021, where it was 1.2% months.
This means that if no new listings were to hit the market, it would take about three months for all of the current inventory to sell.
Now, what exactly does this mean if you're a buyer or if you're a seller?
If you're a buyer, you should be really excited.
We now have the ability to slow down that process for you a little bit. You can go see a home twice perhaps before putting in an offer. You can also go in with conditions, whether that's a home inspection, a financing condition, so you can fully protect yourself that way.
Interest rates, they're the hot topic of the media, but we can still get you a five-year fixed interest rate under 5%, which is amazing!
Now, if you're a seller, what does this mean?
You want to work with a professional real estate agent. It's no longer a matter of putting a for sale sign out on your front yard and waiting for people - buyers to knock on your door.
You really want to work with an agent who works with the best photographers, videographers, stagers, and who's really going to showcase your home in the absolute best light.
It really makes a difference. You want to work with an agent who has a strong marketing plan and strong negotiation skills, who's not going to leave any money on the table.
So, if you're a buyer or you're a seller or you're looking to buy, sell, you have any questions about where this leaves you in this current market, send me a message. I love connecting with you guys, and I hope everyone has an amazing day and is enjoying the beautiful fall weather.