10 May Staying in Touch – May Newsletter

Posted at 07:47h in Blog, Buyer Tips, Homeowner Tips, In the Community, Investment Properties, Market Update, Market Value, Mortgages, Moving Tips, New Build Construction, Newsletter, Press, Renovations, Selling Tips by jsmith

Staying in Touch – May Newsletter

Read the full issue of Staying in Touch – May 2024

Happy May & Mother’s Day!

It is amazing in May how the tulips blooming, trees budding and the grass getting greener gives us a lift and the desire to spend more time outside. The same holds true for the Ottawa real estate market, activity is increasing and the more typical Spring market has returned as confidence increases among buyers and sellers. We are seeing more people attend open houses, look at more homes and the supply of homes is also starting to increase.

Royal LePage believes the market has levelled out and the prices may gradually increase in 2024, see their revised forecast. Remember a lot of the stats we see in the headlines are averages, they give us a gauge but its important to look at what is happening in your neighborhood and surrounding neighborhoods.

The market is gaining strength in sales and more homes are being listed, presenting good opportunities for those looking to purchase. We have found the buyers are expanding their searches in more neighbourhoods to help them understand market value. It isn’t necessary to rush to buy or sell, but if you prepare yourself before hand, i.e. decluttering your home, getting your financing pre-approval, you are ready to act when the time comes. If you need some professional contacts, please feel free to contact us for some suggestions.

The Ottawa market is transitioning into a more balanced market, that being said, it really depends on the neighborhood and type of home. Townhomes are still in shorter supply and as we move to Summer closings, the single family home market is very active.

This month we’ve included: