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Elisabeth & Jim Hamilton
THE MARKET INSIDER
Market Trends - Prices on the Rise Again
Best Time to List | Winter Cleaning Checklist
Best Time to List
What does the NHL, tulips and Real Estate all have in common? They are best in the spring. Depending on the year, a house sold in the spring can fetch 10-15% more than the same house sold at other times of the year. Why is this?
Timing - many people want to move into a new home over the summer so as to be ready for a new school year, a new job and other important activities. There is also less competing for our attention in the spring, such as holidays in December and vacations in the summer.
Weather - houses are easier to see when they are not covered in a blanket of snow, the days are longer, and it is more pleasant to be outside.
Psychology - as the weather warms up and the outdoors comes to life, we naturally think about making life changes. Warmer weather makes us feel good, and when we feel good we take action.
Thinking of listing? We can make sure you put your best foot forward this spring.
Winter Cleaning Checklist
Winter weather is on its way (sorry for the reminder). Here is a handy checklist to make your home clean and cozy for the colder months.
Prices on the Rise Again
Ottawa’s housing market continues to be active with strong demand and limited supply driving higher prices and increased rental activity.
The average sale price for a condominium-class property in October was $404,760, an increase of 10 per cent from 2020, while the
average sale price for a residential-class property was $716,378, an increase of 19 per cent from a year ago. It is important to note that while average prices are down from the market high in March of this year ($437,041 and $758,802 respectively), they have been increasing since August.
“While the number of units sold followed the traditional trajectory, the lack of supply continues to put upward pressure on prices, which are holding strong and steadily increasing. Although there were 1,960 new listings in October, falling just under the 5-year average (1,974), it’s simply not enough. Inventory remains at a one-month supply for residential properties and 1.2 months for condominiums. The only way we will find balance in Ottawa’s market is to increase the housing stock exponentially.” said Ottawa Real Estate Board President Debra Wright.
“Low inventory and a lack of suitable housing options restrict movement along the housing spectrum. Move-up buyers and downsizers have nowhere to go, so they stay in place, but we need that exchange of properties in the marketplace to free up supply for entry-level homebuyers,” Wright adds.
“Additionally, we have noticed a substantial increase in the number of rental transactions through the MLS® System, which could suggest that some of the properties have been purchased or held on to for investment purposes. This active rental market may be another contributing factor as to why there aren’t more properties coming onto the market for sale.”
OREB | Rina@oreb.ca
A Note from Us
November brings change from one season to the next. As Realtors, we often work with people during seasons of personal change. We are grateful that you, our clients and friends, entrust us with something so important during both happy and not-so-happy times. Change also reminds us that people are the most important part of what we do. All this is to say, we are never too busy for a phone call or a cup of coffee to chat and catch up.
(613) 276-1675 | Elisabeth@ElisabethHamilton.ca
(613) 867-1675 | Jim@ElisabethHamilton.ca
Our Clients Say the Nicest Things!
"You were able to lead me through the difficult process patiently… You were very understanding in the difficult process of staging and preparing to sell our heritage home.” Mary
Elisabeth & Jim Hamilton
Sutton Group - Ottawa
4-1130 Wellington St W
Ottawa, ON K11
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