Real Estate for the month of February

We are in the throws of winter and thus far in Ottawa, in contrast to previous years the weather  has not been so bad. The snow is just enough to cover gardens and have minimal damage come spring and it seems to have not diminished the interest in real estate.
Generally, January is the month we use to prepare for the surge of the of up coming spring market. In the last two years however, Ottawa has not experienced much of a spring market. Yet here we are just into February 2015 and there are more than 100 listings coming onto the MLS system almost daily with added benefit of increased buying activity all suggesting spring like conditions.
Why is this happening earlier than expected?
I do not have a crystal ball, but there are several variables that may be having an effect on our market, which has proven to be sensitive to Government decisions in the past.
Interest rates for certain must be influencing buyers. With the sudden and surprising move by the Bank of Canada to make yet another adjustment down to the over night lending rates, mortgage rates seem to follow and this may be spurring many to take action where they have been previously fence sitting.
Of course, oil prices dropping for us in Ontario leaves more disposable income in our pockets at least for the short term. The dropping dollar combined with the downward movement of oil may be just what the Dr. ordered for the sputtering Ontario manufacturing sector.
Ottawa is seeing growth in the high tech industry and the building of the transit has created thousands of jobs for many years to come.
This is all good news on the buying side yet we are seeing increases in inventory in housing on the resale side as well.
There has been some discussion of maybe an early election, could this be spawning early starts out of the gates for sellers who want to avoid what they are anticipating to be a stormy spring in politics?  The federal budget has been postponed and pushed out to the spring and there is meant to be a continuation of the senate inquiry this spring as well. What ever is the case, there is lots going on this January in real estate and it is welcome to our industry in Ottawa.
There certainly was never a better time to buy in the upper end in the condo market. Luxury buildings that in the past have seen big prices are now far more attainable for buyers. Older buildings tend to be in stronger locations, offer more sq footage and an opportunity to re design it the way you want it.
The higher end of the market had been stagnant for some time. Since May 2014 there have been 4 sales over 3M which is fantastic because we had not seen sales over 3M in Ottawa in almost 24 months.
It feels like the dam has broken and the pent up frustration of both buyers and sellers has been released for now.
If you are looking to sell in the spring perhaps now is the time to start meeting realtors and preparing your home for sale.
If you have lived in your home for a long time you have likely accumulated quite a collection of things that you may no longer need. Children’s toys, old sports equipment, monitors that you have not used for years,lots of books, etc. Now is the time to go to the attic or basement and begin the task of sorting. Some items will go to to children, some to grandchildren, some to the garage sale, some to charity and so on.
The next thing to do is to walk around and see what needs to be repaired. Do you have cracked windows, cracked plaster, water damage, tired and worn carpets, flooring etc? If yes, to any of these,  it is advisable to have a professional come and do the repairs. If you are a professional contractor perhaps you may have folks you can call on. Most people opt to “do it themselves” and it unfortunately often looks like it. In the end you do not end up saving any money. In fact, by doing it yourself depending on your day job, it may have ended up costing your self money in the loss that buyers may penalize you for a poor or rough job.
First impressions are the ones that last.Most realtors have the ability too see past some of the roughness but I believe it is always best to try and put your best foot forward where possible.
Have a few agents come in to meet with you. A referral is perhaps the best place to start. Knowing someone who has had a positive experience is a good indicator. Not all agents are for all people and fit is important as it may be a long relationship. Trust, confidence, marketing plans and market conditions, are all considerations. When the market is performing poorly, higher priced commodities are most often the first to be affected.
The two most critical variables in real estate are price and time. All the marketing in the world cannot sell a property that is at the wrong price, so staying well informed, adjusting your expectations are key to getting your home sold.
At Exceptionalproperties.ca we are all committed to getting the most amount of money, in the least amount of time in the current market with the fewest hassles for your home and valued asset. Please call us. We would be pleased to meet with you to offer a free home evaluation.