Will Ottawa see another Real Estate Spike? - Hamre Real Estate Team RE/MAX

Is Ottawa just about to see another ⚡surge in real estate?

You need inventory to make that happen.

My name is Greg Hamre from RE/MAX Affiliates and the Hamre Real Estate Team.

And we're seeing a really ❤️ healthy amount of listings coming on late in the Spring market.

Actually, the Spring market usually comes to an end at about the middle of May, where we're seeing more healthy inventory coming on, which gives buyers some selection, and a little less competition, which is really ❤️healthy on its own.

What we're seeing right now, though, is a real need for a really nice product.

A lot of the stuff is not prepared for the market, it's not being merchandised properly, or it just needs too much work and buyers are a little fed up or being pushed around.

Over the last 24 months, it's really been a strong seller's market here in Ottawa.

⚖ And with a more balanced market in our in sight we think that if you were a buyer and you got exhausted by the market, this might be a time to reconsider.

We know that interest rates will be rising and June 1 will be another pretty healthy increase in interest rates.

Still not an obscene amount, but it will reduce the purchasing power, you have 20 days right now to lock in at today's interest rate which will give you 120 days to purchase.

When I say purchase that means to purchase and close.

So you'd have to close within 120 days, which is quite optimal at this time of year when most buyers and sellers are looking at an average of 60 days to close.

So it almost gives you a 60-day window to do your shopping and get things settled in before your close date.

120 days from now is actually in September, believe it or not.

So if if that's on your mind, it'll be a ☀️ quick summer.

Lots of nice product coming along and our website, weknowottawa.com You can see it on our Coming Soon page!

Where the houses are ready for a buyer that is particular on what they're buying and what's and has certain expectations.

✅ And we meet that criteria.

That's the type of product that we, you know, draw attention to. And that's the type of product that we list.

➡️ Again: weknowottawa.com/coming

The interest rates will make affordability a little bit of a challenge and it puts putting pressure on that $750,000 to $500,000 category.

There's the million-dollar price category and the luxury category.

 And the Ottawa luxury price now is probably $1.3 million to $1.5 million Plus

Right now it's really, really hard to find something, something that's gonna really excite you.

Building is always an option as well, we have some estate building lots available in Ottawa.

But more inventory is coming on at this time of year than we've seen in years past.

❤️ Which is again another healthy impact or kind of measurement for us. ➡️ And we're really cool looking at the year 2019 as our base model as to what we should expect.

✅ And if we look back at 2019, it'll tell you that the best inventory of the market as far as variety and selection for buyers will be right now.

✈️ Lots of relocation in the in the city this year, we've had military RCMP DND all kinds of government agencies that really didn't do a lot of relocation in and out of Ottawa in the last 24 months and the pushes on this year.

Those buyers have not arrived yet. They have to sell their homes wherever they are.

And then they'll we know they're coming in in the rest of May. 

☀️And there'll be coming in June and July as well.

So if you're a seller, it's not too late.

☎️We want to talk to you now.

We are already taking pictures for listings that will be coming up in 2023 in the winter of 2023.

⏭ So we are thinking ahead already.

But if you want to move now and you're thinking of a fall move, we want to talk to you right now we want to make that plan let's get our let's get things all settled up.

 Do we need to paint? Do we need to fix anything up? We can do that we have the time.

This is a great planning time of year it's the middle of May.

✈️We're dealing with people that again, a lot of relocations, but also people that are starting to make plans for the fall and next year already.

❤️ Really healthy market.

Ottawa is not normal. ➡️ We're still below our average product price is below a million where Toronto has over 2 million so when I do say affordability, I'm basing that on a Toronto buyer.

The other new category that's happening in Ottawa is the parents that are moving to Ottawa because their kids moved here.

They went to any of our beautiful schools, ✏️ secondary schools or educational schools at being Ottawa U, Carleton and Algonquin, the students have decided to stay here.

⏰And now their parents who are in their 60s Plus are relocating to Ottawa to be to live where their kids are going to grow up and raise their families.

That's a very new category. 

You know, it's part of real estate is helping families move in or move up or move on.

And it's always an exciting career when you can help a family do that.

And that's, that's what we do. ✨Inspiring dreams is our mission.

My name is Greg Hamre from RE/MAX Affiliates and the Hamre Real Estate Team.

❤️We hope to see you soon. Take care

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