Ottawa’s 2018 spring market update
We wanted to update our clients and readers about the situation of the real estate market in Ottawa because it is VERY COMPETITIVE at this time.
The market conditions have changed this year because of low inventory levels and there are more buyers than sellers, which is called a seller’s market.
The effect, in this case, is as follows: Most houses are selling almost immediately and many are receiving multiple offers. There are often several buyers competing for the same house. This causes prices to rise and many houses are being sold above listing price. This is being seen especially in Kanata, Barrhaven and to a lesser extent in Orleans.
If you are buying a house in one of those neighbourhoods, the most important factor in determining what price to offer is to evaluate whether or not you are competing.
When our clients tell us they want to put an offer, we call the real estate agent and ask if there are any other offers.
Then, we do a market analysis (market evaluation or CMA) to see prices of similar sold properties in that neighbourhood to establish what price to offer.
Our best advice is this: If you see a house you like in these aforementioned neighbourhoods at this time, you should not wait to put in an offer since they are selling almost immediately.
You can count on us for our honesty and integrity during the purchase and/or sale of your property in Nation’s Capital.