Peak season for Ottawa real estate runs from April 1st to the end of June with our 3 most important sales months. Listing inventory and sales both peak in the next 3 to 6 weeks, so both sellers and buyers will want to stay on top of things at this most active time of year. Here are some things to remember:
The military is coming…the military is coming!
April is a key month for government moves for those leaving Ottawa, as these moves are often tied to new government fiscal year budgets. May and June are the two biggest months for out of town government buyers to buy here in Ottawa. A typical year may see as many as 1,000 moves in and 1,000 moves out, mostly by DND and RCMP personnel, although 2014 was a decidedly slow year on this front due to government cutbacks.
Many of these moves are tied to report dates in July/August, as families moving will prefer not disrupting school years for children at either end of their move.
FSBO sellers may miss out on these out of town buyers:
If you have been trying to sell by owner without success, now may be the time to consider an MLS® listing with full listing agency support. See an article here discussing why: http://www.oasisrealtyottawa.com/HomesAuthenticated.aspx?tabid=2543331
Ottawa unit sales drop every month after May:
While it seems like Spring has barely started, sellers especially should be aware of monthly sales metrics, as peak season is fairly limited. See chart at the bottom of this page which shows unit sales by month. When is the best time to sell?) May is typically the #1 sales month, June #2 and April #3 but unit sales decrease progressively every month through the end of the year, so now is the best time to get a sale done.
Properties will either sell in “days” or it may be “100’s of days”
We are facing buyer’s market conditions with excess listing inventory, especially above $500,000. While there can be a sense that one is just “waiting for the right buyer” this is not a good strategy. Well-presented and priced properties in most cases should sell in 30 days or less at this time of the year. If they don’t, doing nothing is not a good strategy, as we see evidence daily of properties languishing on the market for months and months and in some cases, years.
The odds are that if current market buyers don’t see value in the the property at the current listing price, those entering the market in a few weeks/months from now likely won’t either.
Entry level buyers can save $1,500 on mortgage insurance:
CHMC is tacking on $1,500 on to the average mortgage insurance June 1st for buyers with less than 10% down. So now is a good time for these buyers to find that dream home and avoid this extra tax. First time buyers will also want to read up on other tax benefits to help them get in to their first home. We have a first time buyer bonus, too-so those not working with another Realtor via a Buyer Representation Agreement, feel free to give us a call and we’ll get busy to find a great property for you!
Residential properties that have sold this year have averaged 53 days to obtain a sale, with only 70 days left in peak season; it may be time to review your plans!
Not intended to solicit those with existing representation agreements.
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
Full service + lower commissions