If there is one thing 2020 has been good for, it has been real estate. Right now, homeowners and buyers are scrambling to either sell their homes or make a purchase, resulting in an insatiable market. Houses get listed then seem to disappear in a matter of moments. That means that you should not wait if you are thinking about relocating. There is no better time than now to sell your Ottawa house.
Snapshot of the Ottawa Real Estate Market
Here are some statistics to consider that may persuade you to sell your Ottawa house:
- The average sale price of a residential property in Ottawa has increased by 28% over the past year (September 2019 to September 2020).
- Over 1,759 properties have been sold during since last September, indicating a 58% increase.
- The average sale price of a condominium has gone up 21% since September 2019, resulting in an average sale price of $373,565.
- Because the demand for property in Ottawa is so high, houses are selling for $100-200K above the original asking price.
Simply put, the need for housing in Ottawa is high, as many families want to sell down close to where they work and attend school. Take advantage of the fact that houses are getting purchased quickly and at or above asking price to walk away with some extra money in your pocket.
Bigger Incomes and Lower Mortgage Rates
Want another reason to sell your Ottawa house? More people are feeling secure. Income has risen in Ottawa for the past few years, even with the global pandemic and some global economic uncertainty. This means that retirees, parents, singles, and young adults are all heading to Ottawa for opportunities. Mortgage rates continue to remain at historic lows, meaning that more people can afford to purchase a house.
Even if you do not anticipate someone having an interest in your home when you put it on the market, be prepared to have earnest prospects lining up.
And for you, this means that you get more money from your listing, whether it’s a starter home or not, so you can relocate to another property that suits your current lifestyle better—without having to bust your moving budget to do so.
Average Days on Market Are Low
If you absolutely cannot wait to sell your home, then now is the time. Right now, the average number of days on the market, according to Zolo, is 36. That is a little over a month before you have an under contract sign on your front lawn. Though there has been a slight decrease in sales because of wintertime, even if you put your house up for sale now, you should have a buyer by spring 2021.
Why? Because spring in Ottawa has historically been the time when real estate sales increase.
Final Thoughts
Waiting for the opportune moment to sell your Ottawa house means you might miss out on the fantastic market we currently have. Team up with an experienced group of realtors to help you get your home on the market, then just wait for the offers to start coming in. With low mortgage rates yet increased prices on residential properties, you are bound to save a lot of time and money right now if you choose to sell.
