Selling a home in Ottawa might feel like losing years of memories and a neighbourhood of friendships. If the sale entails a significant life transition, each twist in the process can feel like salt in the wound. After all, home is where the heart is! A process so close to your heart, no matter how progressive it is, has to hurt a little. An emotional grind, the house selling process  in Ottawa Housing Market may be an unpredictable ride. 

Aside from being an emotional roller coaster, selling property in Canada is not a simple task. It is meticulous and very time consuming. A true grind, indeed! 

If you’re looking to sell your house to home buyers in Ottawa, fret no more! We’ve got you covered! We at Squareyards have curated a list of advice that can make your role of a home seller in the Ottawa Housing Market a little simpler.

Understanding The Dynamic Nature of The Ottawa Housing Market 

Understanding the Dynamic Nature of the Ottawa Housing Market 

Sales activity in the Ottawa Housing Market has slowed significantly as broader uncertainty in the nation’s capital affects everything from single-family houses to condominiums.

According to industry analysts, many prospective homeowners are staying on the sidelines owing to economic uncertainties. Weathering the stormy clouds, properties selling like hot cakes has become a thing of the past now. 

According to new Ottawa Real Estate Board (OREB) data, the median sales value of a residential property increased by 5% year on year in August, Totaling $707,712. The median price for a condo property on sale increased by 4% year on year to little under $422,000.

Year to date, the average sale price for homes and condominiums increased by 10% and 9%, respectively. This is higher than in the rest of the Canadian housing market. In accordance with the Canadian Real Estate Association (CREA), the national average home price dropped 3.9% year on year last month to $637,673. 

Here are some pointers on what you should know before selling your home:

  • Select a Reliable Realtor

In the current market, hiring a reputed full-service real estate Ottawa Housing Market business is more crucial than ever. Why? Because in the end, it is simply your best chance of receiving the best offers and putting the most amount cash in your pocket.

Do you want to sell your house but aren’t sure whether you need a real estate agent? Home sellers are frequently tempted to select the cheapest service available. Don’t. We’ve seen homes increase in value by 50, 60, even 100,000 dollars in a matter of months. You need a team of experienced individuals that can move quickly and employ every method in the book. And, in this market, if you’re not spending a lot of money, how invested will that agent be?

However, many people may like a “For Sale by Owner” strategy. But consider what that entails. We have plenty of eligible buyers eager to purchase a home. Are you able to handle 30-40 showings every day? What if you receive 10-15 bids? How do you determine what the best deal is? 

Navigating through all of this is as easy as getting through life! A trustworthy realtor can even help you see and understand things that you’d otherwise wouldn’t. 

  • Select the Most Effective Pricing Strategy

Select the Most Effective Pricing Strategy
Credits : Team Realty

An expert realtor will be skilled at evaluating the market and advising you on the optimal price approach for your home. Everything will be determined by your specific scenario, including your home, street, lot size and orientation, amenities and upgrades, and, ultimately, what comparable properties are on the market right now.

All of this, and much more, must be considered when selecting the best pricing plan for you. It is difficult to price a cottage, for example, and you will need the assistance of a real estate Ottawa Housing Market professional.

Understanding what is under-priced i.e., if the pricing is slightly below market generates a significant amount of interest and numerous bids. This method will cast the broadest net and attract the most possible bids, but it is not without danger. Or is if it is overpriced, then you might list your home somewhat higher than you believe it will sell for and simply wait. This can also be problematic because it deters a large number of prospective buyers from looking at your house again.

  • Spice Up Your Curb Appeal

Spice Up Your Curb Appeal

Curb appeal is critical since this is what draws folks to your door. Ultimately, acquiring that great photograph from the road for your listing is critical. Potential buyers who are house-looking online will frequently click on the image of the front of your house, and if it isn’t the best shot of your property, they will just skip over the rest of the photos.

So polish your front view. Clear the yard. The front door should be painted. Check the condition of your garage doors. Clean and tidy is excellent, but decorate the entryway with a couple of flower pots (perhaps artificial flowers) and a wreath. And put out a few chairs with attractive cushions—anything to attract the attention of the prospective buyers. 

  • Tidy and Reorder

De-clutter both the indoors and outdoors. Make sure your yard isn’t overrun with overgrown plants and gardens aplenty.

Indoors, go for a simple yet acceptable style. Remove superfluous furniture and personal objects such as family photos. Decluttering is an excellent method to make your home appear larger. Think about hiring a home stager to visit and make your things seem their aboslute  best.

  • Selecting The Best Renovations

Selecting the Best Renovations
Credits : Remodel

If you are a first-time seller, you may be concerned that you will have to renovate your property before placing it up for sale. However, avoid modifications that go beyond the necessities, such as repairs needed, painting, and decluttering.

Avoid big home modifications such as room extensions because they don’t deliver a good return on investment. Most purchasers like a neat, tidy, and meticulously maintained home – a blank slate that they can customise to their liking.

  • Make Certain You Have Excellent Photographs

Make Certain You Have Excellent Photographs

Probably more crucial than when you actually show your house is high-quality images and video. Let’s face it: no one will come through your door if the images are bad. And there are still a few individuals who are concerned and don’t want to personally go inside residences because of the virusor any other reason. Thus, they rely exclusively on your photos.

Make certain that your agent works with a talented photographer. We collaborate with Ottawa’s greatest photographers, who also offer virtual staging.

  • Pre-Inspection Is Critical

Pre-Inspection Is Critical in Ottawa Housing Market
Credits : Arkansas Writers Conference

Buy offers subject to inspection were once normal (just 20 months ago!), but with so much competition amongst buyers now, it’s like offering $50,000 less.

As a result, some sellers prefer to conduct a pre-inspection and disclose such information to buyers. This provides buyers with the assurance that the house has been inspected.

A pre-inspection may be well worth the investment if it generates more and better offers. However, keep in mind that if you hire your own inspection and they discover problems with the house, you will need to rectify them or offer that information to the potential purchasers.

  • Leave For a Few Days

Ottawa Housing Market Leave for a Few Days
Credits : Theo Ottawa

Since you’ll have people visiting your house frequently, it only makes sense to live elsewhere for some time. This constant hassle, can be very well avoided by just living in a nearby hotel, or a  friend or a family’s place for a few days. 

Living in the house can also make your house look less tidy as it is only natural that people will make a little mess. To keep your house looking its absolute best for some time at least, we suggest you move out for a couple of days.

  • Don’t Be Hasty

Ottawa Housing Market Don't Be Hasty
Credits : Trust Analytica

As a home seller, you ought to be conscious that the marketplace has evolved. The real estate Ottawa Housing Market in all Ottawa neighbourhoods is moving in an upswing direction ever so swiftly. So much so that if you aren’t in it every day, you won’t know what’s going on! 

Hearing horror stories about vendors attempting to sell on their own and losing tens of thousands of dollars is nothing new or rare. People simply do not know how much their home is worth. So, don’t be hasty!

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Frequently Asked Question (FAQs)

Are housing prices dropping in Ottawa?

Yes, the average housing prices in Ottawa have seen a significant decrease in the last couple of months.

Where can I get real-time Ottawa Housing market trends?

There are various websites and reports available online which can help you gauge an idea about the Ottawa housing market trends.

What is Ottawa Real Estate Median price vs Sold price?

As of October, the median sold price for a house was $706,658 in Ottawa.

What are the types of houses available in Ottawa?

You’ll be able to find various kinds of houses that are available for sale in Ottawa, such as townhouses, apartments, studio apartments, villas, condos etc.

What will the Ottawa housing market look like in 2023 Canada?

Average housing prices are expected to rise 7.6%in 2022 before falling 1.2% in 2023 in regards to the Ottawa Housing market.