Ottawa Real Estate Market 2022 - When Should You List?
⏰Why is this time of year, a good time to list your home for sale?
My name is Greg Hamre from RE/MAX Affiliates in Ottawa.
➡️We're in the fourth quarter here in Ottawa. The fourth quarter is a great time.
There's less distractions, serious buyers, only seasonal holidays are coming upon us.
People love to have friends and family over to see how their house looks the best out of all the 12 months of the year.
And guess what?
✅Buyers like that too.
But we know the economic conditions today.
We know that interest rates are still very affordable.
They've creeped up in the last few weeks to a new level.
➡️We're now seeing a five-year mortgage rate of 2.3. But the rumour is from mortgage brokers in the federal government and the economists are saying that interest rates will rise in 2022 as inflation puts more pressure on, on borrowing money.
➡️And they're saying that the interest rates will double. So we're expecting an interest rate of if we'll use today's number posted number of 2.39.
And if that was to double, that would take us to 4.79. ⬅️
Still very favorable. If you've been in this market for over 20 years, however, how does that affect the purchaser?
Will it limit the amount of buyers that can actually purchase your home?
Well, based on today's numbers on an average price point in the fourth quarter here in Ottawa, a residential home is selling for an average price is just over $702,000.
And the average price for a condominium is just over 425,000.
Now, if we left those numbers alone and assume that there's no increase in price in a home.
Trust me that with the economic pressure on inflation and supplies and demands, toilets, wiring, showers, dry wall everything's going up, it's increasing the cost of a home.
So if that kind of pressure does exist, it will, homes will be more expensive next year.
But will that mean there'll be as many buyers that can afford your home next year?
⭐That's an important question.
✅So based on a 2.39% mortgage over 25 years with 20% down that's down payment, today's purchase interest in purchase price is going to be $2489
If mortgage rates double like to predicting, that'll go to $3215.
That's a difference of $726 per month.
A condominium, the average price of $425,000 today. The purchase price and interest is $1508. That'll go to $1,948 almost $2,000 a month.
For an average price of a condominium. That's a difference of $440 per year.
With no inflation, no increase in the average price points of a home in Ottawa, which is unlikely.
JUST interest rates doubling. We could get to difference in the residential homes of $10,000!
In a condominium a difference of 7,500.
So there is urgency in the market!
There is because the number of buyers that could purchase your home ttoday is a lot wider.
A lot more people can afford your home today.
Then we'll be able to afford your home in six to nine months from now.
And I'm being conservative.
If you'd like to take advantage of the fourth quarter in the fall, the Christmas holiday time period, or even just be prepared for that to get your listing on the market in January, we want to talk to you today.
We know what the market's hot. We know what's happening.
We're actually, the market is very alive in Ottawa.
We're seeing trending of sales increases,
You can see decks, patios, and don't be afraid to decorate your home for Christmas because buyers love it.
✅We have more tips, strategies and marketing plans and visions.
We'd love to talk to you about it.
My name is Greg Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team.
We hope to hear from you soon.