07 Sep Staying in Touch – September 2022
Staying in Touch – September 2022
To read the full issue of Staying in Touch September 2022
Happy September, A Look Ahead!
The beautiful Fall colours are coming for all of us to enjoy and fantastic local fairs have started in the greater Ottawa area! (see a list of the fairs in our newsletter).
As our fall real estate market approaches, listing prices of homes are now closer to market value, making it easier for all to understand. Supply of homes has increased from earlier in the Summer, and there are nearly 3 months of residential inventory on the market and about 2.2 months for condominiums. As we move to a more balanced market, days on market are adjusting to a more traditional market. In August we saw residential and condominium homes on the market for an average of 36 days.* The need for houses/condominiums will continue to increase for many reasons, one being the many new families coming from other places. *(Source: OREB, August 2022 – Sales All Property Classes, OREB, Sept. 6, 2022)
It is a good time of year to plan ahead and make repairs to the exterior and if you’re planning a lifestyle change to start preparing for a sale in 2023. Our Sellers to do list is available in our newsletter and if you need a market evaluation, call us anytime.
Financing for mortgages is changing, buyers are amortizing over 30 years to help them purchase a home and also using different types of lenders. Interest rates may be higher but we all know that there have been years when the rates have been higher. One solution is to buy and sell at the same time if possible (see more in our newsletter). Our experience above all else helps us guide you through changing markets.
Our September newsletter is out, in this issue: Learn more about the latest in the Ottawa real estate market, mortgage news, events, Real Estate Trends Among Canadian Millennials, From “For Sale” to “Sold”, Repurposing Natural Elements in Your Home Décor & more! You can find more details in our newsletter.
Click here to read the full newsletter!
Joan, Victoria and Luc
The Joan Smith Real Estate Family