The Key to Selling Your Home!

Real Estate Pivots in the Age of Covid-19


May 5, 2020

Members of the Ottawa Real Estate Board sold 913 residential properties in April through the Board’s Multiple Listing Service® System, compared with 2,025 in April 2019, a decrease of 55 per cent. April’s sales included 700 in the residential-property class, down 56 per cent from a year ago, and 213 in the condominium-property category, a decrease of 51 per cent from April 2019. The five-year average for April unit sales is 1,692.

“While the Ottawa real estate market statistics for April come as no surprise, they are a stark contrast to the previous month and the year-over-year figures for April 2019,” states Ottawa Real Estate Board President Deb Burgoyne. “I am proud to say, our Members have rapidly adapted to following the “State of Emergency” guidelines and are limiting work activity to assisting those who must sell and/or buy during this pivotal time – while keeping the health risk to all parties to a minimum.”

April’s average sale price for a condominium-class property was $327,813, an increase of 6.3 per cent from this time last year while the average sale price of a residential-class property was $521,694, an increase of 6.8 per cent from a year ago. Year to date figures show a 15.1 per cent and an 18.5 per cent increase in average sale prices for residential and condominiums, respectively.*

“While the number of unit sales has decreased substantially, residential prices are still holding their own and are up over last year’s figures, with properties often selling above the asking price,” Burgoyne reports. “There is still a holdover of pent-up demand in our marketplace. We believe that when the market opens up again, although it won’t be business as usual, sales will rebound and make up for the decline the spring market has experienced,” she adds.

“Our Members have been adjusting and retooling the way real estate is conducted. They are finding new ways to market properties and provide options for viewings using technology such as live streaming open houses, posting virtual tours, and holding virtual showings, etc. These adaptations are key in mitigating risk for all parties and will certainly continue to be necessary as things normalize in the city and our working environment.”

“If you are a potential home buyer or seller, and in a situation where it is essential that you buy or sell a property right now, there are means to do this in a safe and prudent manner. Do not hesitate to contact a REALTOR® to discuss, plan and protect you through this unique period,” recommends Burgoyne.

In addition to residential and condominium sales, OREB Members assisted clients with renting 947 properties since the beginning of the year compared to 778 at this time last year.

* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.


Healthy Lighting for Your Home

 
 
 
Recently, researchers discovered that the lighting in your home can have a much greater impact on your health and well-being than originally thought. Better lighting can boost your energy, help you sleep better, and even enhance healing.

So, it pays to make sure the lighting in your home has a positive impact on the health of your family.

Start by enhancing sources of natural light, such as windows and skylights. Study each room of your home and replace as much of the artificial light as possible with sunlight. For example, reposition a favourite reading chair next to a window.

Consider dimming the lighting in your home during the evenings. If your home is very bright when it’s dark outside, it can affect your body’s natural rhythms, resulting in disturbed sleep.

Avoid over-lighting, which is common in rooms where there are few windows. Over time, excessive light can cause headaches and even mood changes. Lighting that is sufficient to see everything clearly is all you need.

 

Estimating Your Selling Costs

 
 
 
When the time comes to sell your house, you’ll want to determine roughly how much you can expect to net after the sale. To figure that out, you’ll not only need to know how much your house will likely sell for, but also the selling costs you are likely to incur in the process.

The costs of selling vary depending on a number of factors. Here’s a general rundown of what to consider:

  • Repairs. You will want your house to look its best to buyers. That may require you to get any needed repairs done before listing. You don’t want a buyer to see a dent in the wall or a dripping faucet.
  • Renovations. It might make sense to get a few improvements done to make the house more attractive. For example, you may want to replace old and worn kitchen countertops.
  • Legal fees. Selling a house requires a lot of legal work. You’ll need a good real estate lawyer to take care of that for you.
  • Commissions. This is usually calculated as a percentage of the sale price.
  • Moving costs. Once you sell, you’ll obviously need to move! So, factoring in this expense is a smart idea.

Although this may seem like a long list, selling costs are fairly easy to estimate. Once you have that number, it’s easy to calculate how much money you’ll have available to put towards your next home.

 

How to Quickly Improve Indoor Air Quality

 
 
 
There are many reasons why the air quality in your home may not be at its best. A faulty furnace or an aged carpet are just two potential culprits. Until you get those issues addressed, how can you make your indoor air healthier - today?

Here are some ideas:

Check the furnace filter. This is one of the most overlooked maintenance items in the home. Any furnace repair person can tell you stories about filters they’ve seen caked in dust. Make sure those aren’t yours. Air passes through those filters before circulating throughout your home. Replacing a filter takes less than five minutes.

Clean the drains. Drains are a surprisingly common source of odour in the home. Most people only clean them when they’re clogged, but they should be flushed thoroughly with a good-quality cleaner at least once a season.

Turn on the bathroom fan. Not only do bathroom fans remove odour, they also reduce moisture build-up. About 50% of air pollutants originate from some type of moisture. Mould is the worst of these pollutants. Professionals recommend you keep your bathroom fan on for at least 30 minutes after a shower.

Clean your doormat. Even if your doormat doesn’t smell, it can be a source of air pollutants. When people wipe their shoes, they transfer outside ground pollutants from their shoes to your mat.

Of course, you can always open a window. That’s the most popular and easiest way to freshen the air, and it works.

 

Notable, Quotable, Quotes!

“If you cannot do great things, do small things in a great way.”
Napoleon Hill

“Logic will get you from A to B. Imagination will take you everywhere.”
Albert Einstein

“Motivation is the art of getting people to do what you want them to do because they want to do it.”
Dwight Eisenhower