“How do I find out how much a house sold for in Ottawa?” is a question frequently asked by would-be sellers.
This information is essential to set a realistic asking price for your own home. If you price lower than the going rate for your area, you run a very real risk of losing out on profits. But priced too high, your house will not attract as many buyers – or even the possibility of a bidding war — and could sit on the market for far longer than you’d like.
Here are 5 ways of finding out how much a particular house sold for in the Ottawa real estate market, but be warned… some of them are far from easy!
1. Study Current Listings
Scrutinize house prices in current and upcoming listings. Focus especially on homes in your area which are comparable to yours as regards location, square footage, number of bedrooms and baths, age, condition, and upgrades.
Review the asking prices of these “comps” and you’ll get a rough idea of the average price for a home in your neighbourhood. This method works if you are satisfied with an approximate ballpark figure. However, it’s not the most accurate, since there is often quite a difference between the asking price and the amount that a home actually ends up selling for.
2. Ask Your Neighbours Who Have Recently Sold
Have any of your neighbours just sold their house? Seize the opportunity between the time you see that “Sold” sticker go up and the moment they pull away in a loaded moving van. Just knock on their door and ask casually, “So how much d’ya get?”
One drawback: This technique may prove effective, but it’s definitely not for the faint of heart.
3. Look Around Online
Do you have a few spare hours to invest in searching the Internet? If so, you might be able to find a site that offers sold prices. This type of site may or may not be working at any given time, and could require a registration process.
Consult The Ontario Land Registry
When you turn to the Ontario Land Registry for help, you’ll have two options to find out how much an Ottawa home sold for: 1) visit the Registry’s brick-and-mortar office in Ottawa City Hall OR 2) set up an account to search online. Either way, it’ll cost you. There is a fee for each query.
4. Ask A Real Estate Broker
If none of the above methods sounds good to you, try a different option — one which is fast, hassle-free, and accurate. Ask a real estate broker.
Ottawa is experiencing a very strong rising market with a low real estate inventory right now. In a situation like this, only real estate professionals will have access to price details of the most recent sales through the MLS multiple listing service system.
Not only are agents able to look up selling prices easily, they can tell you which sold properties were comparable to yours. They can also estimate how much a particular Ottawa property would have sold for today.
How does this impact your own home sale? Real estate professionals such as the Paul Rushforth Team will put sold prices in context and give you sound, realistic advice on what your home is worth in the current market. All this is done free of charge and at no obligation.
How Much Is Your House Worth?
So what does all this mean in terms of how much your home is worth? The saying goes, in real estate, that a house is worth whatever a buyer is willing to pay for it.
That’s why it’s vital to get your house out there in front of a large pool of buyers. As proud professionals who are members of the Canadian Real Estate and the Ottawa Real Estate Boards, we at Paul Rushforth Real Estate have the experience and the knowhow to list your home in the most effective way, at the best price.
Ready for a professional opinion about how much your house is worth? Call us in confidence or get started with a free online appraisal.