There is no denying it; the real estate market in Ottawa is hot right now.
May 2017 broke the record for the most units sold by members of the Ottawa Real Estate Board, and it happened in a balanced market. If you are thinking about selling your home, you should take advantage of the current market.
What is a Balanced Market?
Most people are familiar with the idea of a buyer’s or seller’s market, but what do we mean when we say a balanced market?
A balanced market means that the sales to active listings ratio is between 14% and 20%. It indicates the levels of supply and demand based on properties for sale and active listings.
Having a balanced market means that the supply of houses and the demand for houses are close to equal. This means that prices are staying consistent, and that it is a good time for both buyers and sellers to enter the real estate market.
Why You Should Sell Now
A balanced market may not sound ideal for sellers, but it has a lot of benefits.
- Short turnaround. In a balanced market, lots of people are looking to buy. According to a report by The Ottawa Real Estate Board, the average time a home spent on the market this May was 68 days. That is three days shorter than April 2017, and 12 days shorter than May 2016.
- Easy to sell, easy to buy. Chances are if you are selling your home, you are also looking to buy one. However, in a seller’s market this could create a ‘homeless seller’ – you sold your house, but haven’t found your new home. In a balanced market, there is plenty of room for everyone. It is important to remember that prices vary depending on neighbourhood, size, and other factors. In some neighbourhoods, there could be a higher demand, even a bidding war. We can help you figure out what your home is worth.
- Lower appraisals mean savings down the road. In a seller’s market, prices can escalate quickly. While at the time of sale the sellers could get more than they expected, if an appraisal comes in lower, they may have to give some of that money back to the buyer.
May 2017 Shattered Sales Records
In May, 2,300 units were sold in Ottawa. That is 315 more than the old monthly record. While it may not seem like much, it is 19.9% higher than the number of house sold in May 2016.
All of this means an even greater chance that your home will sell, and sell quickly.
We’ve Got Your Back – Guaranteed Sale
The best thing about a balanced market is that so many people are looking to both sell their homes and buy new ones, which means a greater chance that your house will sell.
If your house does not sell right away, we can guarantee that your it will before you take possession of your new one. How can we guarantee that? We’ll buy it ourselves.
Selling your home in a balanced market means a strong chance of a successful sale. Let us help with that. Call us at 613-788-2122 or contact us for more information about what we can do to sell your house.