Where is the market in Ottawa at?

The month of May in Ottawa was stronger in real estate sales than April of this year. We expect this to be the case given how the season traditionally unfolds. The real test is, how do we sit in numbers from the same period last year in the re sale market?
The numbers revealed today do support that we are up marginally (0.3%) in residential re sales from May 2013 but these numbers reinforce the notion that we are in an adjusting market and have been for some time. Our inventory continues to grow both in residential housing as well as condominiums. Prices are stable  in the area of single family homes, but we begin to see a much different picture in the condominium category. Many of you who are condo owners in the current market will agree, that the condo market in Ottawa has been tough especially in the upper end of the scale. We have seen this in our market for more than a year and the numbers support what everyone is feeling. There is 19% more inventory out there in the condo re sale market according to the Ottawa Real Estate Board president Randy Oikle, and unit sales in this category are down 7.1% that Oikle revealed in the Ottawa Real Estate Board monthly news release.
What does this mean for Sellers? I believe this means we have to become more conscious of what we are competing with on all levels and become competitive with pricing relative to what we are selling. It is important to be certain that your product is the best in the category and that means working to eliminate Buyers’ objections.
How do we accomplish this? With all of our clients we recommend the use of a stager to assist us in positioning your home to look its best in the current market. Do you want to be the first one to sell in your price range? If so then this means bringing your best foot forward when your home comes to the market. Leave no stone unturned. Paint chips on trim or hardwood should be touched up. Hand prints removed from walls, refrigerators and switch plates. Vents dusted and vacuumed. Spider webs must be removed from ceiling fans, light fixtures and blinds. Organized closets and storage areas convert to “lots of room to put things” to potential buyers. Bathrooms should be sparkling and have a nice set of hand towels to compliment your decor as well as neutral paint and updated faucets. Dark paint colours are best neutralized and light fixtures that you wish to take with you should be packed away and replaced with something you are happy to leave with the house. The more work or money a Buyer sees that they have to spend to make the house theirs after the sale, the more money they are going to want to take off the final purchase price. Carpets should be cleaned and if tired, replaced with a neutral carpet. Update door cabinet hardware and caulk everywhere it is necessary. Ensure your furnace is cleaned and serviced and that the eaves trough is clean. Paint on the exterior should be updated. If you think that leaving such a big expenditure up to a Buyer to let them select their own colour is a wise idea think again. This is perceived to be a major expense and communicates that the house is not well cared for. Everything after this point will be carefully examined by a Buyer and allow them to conclude that the house may be a larger project that they wish to take on. So the expense of painting the exterior when paint is aged and peeling away is a much better option.
What about landscaping or terrace decorating? All of these spaces should look inviting and relaxing. If the garden looks like it is high maintenance because you have weeds growing up through the interlocking pavers, your house may not be chosen over the one down the street that has trimmed grass and gardens and neat pavers. Small things can make all the difference.
When your home comes to the market you want it to shout pride of ownership. Most Buyers find such a home very appealing and are drawn to these properties in their category first.
Give Buyers every reason to say yes. This in the end will create the win/win scenario to get you moving on to your next home.
In the end, remember that you have hired the realtor because they are the expert you have chosen to represent your interests in order to get the job done in the current market. It is the realtor’s job to understand the market conditions and advise you accordingly. That is why you have hired them. You must believe that your realtor is working for your absolute best interests and it is best to heed their advice.
Selling your home in these turbulent times can be an emotional experience. After all, we are talking about your personal space and your money. So be sure you are careful in your choice and select a realtor with whom you feel confident in their abilities and trust what they say.
Every house sells. It is a matter of price and time and a great realtor to guide you through the process.