Post Labour Day Update
Wouldn't we all like to read tomorrow's paper ahead of time to know if it's a good time to be a buyer, or is this a good time to sell?
⏰My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre real estate team. I just to give you a feel on what's happening post-Labour Day Weekend!
So we're in the middle of September now, Labour Day was late. We're in it - We're in a market where traditionally after Labour Day, there's about a 10-day pause... It slows down. We never felt that this year, it just kept going!
The market is very active in actual fact, over the last seven days, the average price of a home in Ottawa went up $50,000 in ONE week. The average price of a home in Ottawa over the last seven days went up $50,000!! That's a huge impact on our, our market, but it also tells you where the market is happening and it's the bulk part of the market is in the $750k to the luxury market. I've said that all summer long, I said that that's where we're seeing the rivers running. The quickest is the luxury market product!
When you look at $50,000 on a price point level when you get into $750k + and luxury it's smaller percentage-wise. What happens now? Post-Labour Day is everybody that's on the market or buying a home, wants to close before Thanksgiving, or before the snow falls/before Christmas.
✨So we're looking at very quick closings, 30-60 days. Everybody wants to be in before Christmas being that new house before the winter comes. January, February, March, the pendulum shifts the other way when the closings are May, June, July. So if you're thinking about selling now or buying now, this is the time that you can make a quick change in your lifestyle or your living and, or your comfort zone.
If you're thinking of moving in January, February, or listing in that time period, it's a wonderful time. Because in January, February, a lot of houses aren't on the market. It's a great time to hit the market. the closings are early summer. ☀️
Buyers right now are looking! I have two out of town buyers, separate buyers this week. Both from the Southern Ontario-Toronto areas. One is looking at 1,000,000 and one is looking at 1,500,000. It is very shocking how limited supply there is at those price points. Again, there's limited availability, not only at the opening price once, which we participate in as well but at the high luxury market where we're struggling to find product for these out-of-town purchasers. They're flexible on closing there, looking for a lifestyle change. They see the compliments that Ottawa has and the lifestyle at all offers. They're also looking where the average price is over a million dollars in Toronto, they can come into Ottawa and really have the pick of the litter, in that upper price point, if you can find it.
We are selling estate lots in the 350 to 375 range in Ottawa. It's not shocking when you talk to a Toronto person where that same product is $899k- million in some neighborhoods we're participating in this market. ⚡️
♟That's moving very quickly and there's no slowdown in sight. If you will like a market update or you'd like to talk about selling your home now or in the springtime, we'd like to talk to you now. If you're a buyer and you're frustrated, we have strategies that win for our clients.
Reach out to us directly, let us know how we can assist you. We're here to help stay healthy. Keep wearing your face masks and, and keep that social distancing going. If you're thinking of a lifestyle move, now is a perfect time.