Houses for Sale Ottawa Five Ways to Get Buyers Interested

 

OTTAWA – There would be between 3,500 and 4,000 active listings in a normal Ottawa real estate market. However, inventory levels in Ottawa have continuously decreased over the last three years.

There are now over 1,200 active properties on the market, with little availability and high demand creating an extremely competitive market.

Five ways to get buyers interested

Think first, then act quickly:

Property is not only selling for higher prices than ever before, but it is also selling faster. The average time for a sale has decreased by more than 50% for both residential and condo-style properties, which means purchasers must be prepared to act faster than usual.

Sitting down with your preferred real estate expert before entering the market or joining a bidding war is a critical step to ensure you have a strong plan in place so that your emotions don't get the better of you on the big day.

Secure it: 

These figures may surprise you if you haven't recently received or renewed your mortgage. If you bought your first home in the 1990s, you almost certainly got an interest rate comparable to that of a credit card. But, for the second part of last year and so far in 2021, qualifying buyers can get mortgage rates as low as 2% - and you can lock in these rates for three, six, or even twelve months while you browse.

The illusion of the list price: 

Most list prices are no longer based on market value and are instead determined to aid in marketing. Many sellers purposefully list their houses below market value to maximise interest - sometimes even $100,000 or $200,000 below market value - resulting in a significant gap in the list to the sale price.

Reserve it by flipping it: 

When dealing in this market, buyers must almost reserve their whole approach. Buyers used to have considerably more time in earlier years to select a home, acquire financing, and then negotiate a favourable offer with restrictions.

Private estates: 

A seller may choose not to put their home on MLS for a variety of reasons, including privacy, specific selling conditions, health concerns, a unique scenario or property, and construction is done. However, because their homes are normally displayed openly, gaining access to these residences can be tough if you aren't dealing with the right agency. Buyers who work with the brokerage, for example, have unique access to all of the listings before they hit the open market, giving them the best chance of purchasing these houses before anybody else and beating the competition.