The Key to Selling Your Home!

Are You Ready to Buy Up?

 
 
 
No matter how much you love your current home, you may still be dreaming of the day you can buy up into a better home in a better neighbourhood.

Is that day today or a few years down the road?

Here’s a quick way to make that assessment.

First, make a list of all the practical reasons why it might be time to move up. Those reasons might include features such as: more bedrooms; proximity to work and school; a larger backyard with trees; nearby parks and walking paths; and, better access to things you enjoy, like theatre.

Next, make a list of the emotional reasons for making such a move. Those reasons might include memorable get-togethers with friends on a more spacious deck; an easier and less stressful commute to work; more family time with the kids; and, enjoyable Saturday golf at a nearby course.

Finally, take a financial snapshot to determine if you can afford to move up. You’ll need to get a good idea of what your current property will sell for in today’s market, the average price of homes in your desired neighbourhood, and how much mortgage you can afford.

Once you have all of that down on paper, you’ll have a clear picture of your readiness. If the practical and emotional reasons for buying up are compelling, and you can afford to make the move, then, you have your answer.

The time to move is now!

By the way, if you need help in making this determination - especially figuring out what
your home will likely sell for, call today.

 

Will Your Furniture Fit?

 
 
 
When shopping for a new house or condo, most buyers consider factors such as neighbourhood, proximity to schools, number of bedrooms and bathrooms, size of the kitchen, and more.

These are, of course, all important considerations. But, there’s one question that few buyers ask until it’s too late: “Will our furniture fit?”

This may seem like a trivial concern. But, if you’ve invested thousands of dollars in a new living room set, you’re going to be very disappointed if it looks too crowded in your new home.

Here’s a tip: measure rooms in your current home that contain the furniture you like most. This could be the living room, rec room, master bedroom or even the patio. Then imagine how much smaller - if at all - that room could be while still accommodating the furniture.

When you view properties on the market, take those measurements with you. That way, you’ll be able to quickly determine if room sizes are going to be an issue.

 

Finding the Perfect “Kid-Friendly” Neighbourhood

 
 
 
Fast forward a few years and imagine that your kids have grown up. They’ve come back to the “old neighbourhood” to reminisce. What will they remember? The playground where they hung out with their friends? The quiet cul-de-sac where they learned to ride their bikes? The park where they picnicked and flew kites?

Lasting memories are built in neighbourhoods where amenities match lifestyles. When shopping for a new home, evaluate a prospective new neighbourhood against the following 3 E’s:

Education: What resources are available in the neighbourhood to help with your child’s education? Are there schools and other services, such as libraries or art studios? How do they rate?

Environment: Is it safe? Do your kids need to cross busy streets to go to parks or to school? Are there other families with kids the same age?

Entertainment: Swimmers need pools and soccer players need a field. Are the right facilities, programs, and leagues available for your kids? Where will you play as a family?

Keep the 3 E’s in mind when choosing your next neighbourhood. You’ll start a lifetime of wonderful memories for you - and your kids.

 

January Resales Lose Momentum

 
 
 
Members of the Ottawa Real Estate Board sold 780 residential properties in January through the Board’s Multiple Listing Service® System, compared with 817 in January 2019, a decrease of 4.5 per cent. January’s sales included 558 in the residential-property class, down 8.4 per cent from a year ago, and 222 in the condominium-property category, an increase of 6.7 per cent from January 2019. The five-year average for January unit sales is 713.

“2020 is off to a slower start as the shortage of inventory is now impacting market momentum,” states Ottawa Real Estate Board’s President Deborah Burgoyne. “Although we have higher sales than the five-year average, due to increased condo sales, the persistent supply challenges seem to have finally caught up with us. Furthermore, the number of new listings that came on the market in January (1,082) is well below the average (1,651).”

“We don’t expect this trajectory to change anytime in the foreseeable future,” Burgoyne acknowledges. “The supply chain needs to be buffered at all points along the continuum from first-time and move-up buyers, to downsizing boomers as well as renters. They are all interconnected links in the housing chain.”

January’s average sale price for a condominium-class property was $338,077, an increase of 19.1 per cent from last year while the average sale price of a residential-class property was $516,229, an increase of 19.3 per cent from a year ago. Compared to last month, however, the average price for residential-class properties increased by a modest 3.2 per cent and the average price for condominium-class units was 8.8 per cent higher.*

The Board’s Housing Price Index (HPI), which is another data point of price trends based on the specific housing stock in neighbourhoods, indicates that the overall benchmark price for Ottawa has increased by approximately 13.75% from last year.

The most active price range in the condominium market was $200,000 to $349,999, accounting for 55 per cent of the units sold while $400,000 to $549,999 represented the most prevalent price point in the residential market, accounting for 40 per cent of January’s transactions.

“The fact is Ottawa’s market has always been steadily increasing at a reasonable pace and is sustainable. If buyers are waiting for prices to decline, based on historical trends, it’s not likely,” Burgoyne cautions. “Although supply may pick up eventually—if you need to get into the market, don’t wait. It’s a challenging market for everyone. Hire a trusted professional to ensure you are protected and well informed in your home buying or selling transaction.”

In addition to residential sales, OREB Members assisted clients with renting 243 properties in January 2020 compared with 169 in January 2019.

 

Notable, Quotable, Quotes!

“The few who ‘do’ are the envy of the many who ‘watch’.”
Jim Rohn

“Try to be a rainbow in someone’s cloud.”
Maya Angelou

“One must desire something to be alive.”
Margaret Deland