Ottawa Real Estate News from Ian Campbell October 2018   

 
Selling your home involves many important decisions, one of which is determining the right asking price. This month's article explains why overpricing your home can potentially lead to disaster.

There are also a few tips that'll come in handy if you plan on flying with your kids as well as some great ideas on how to build a bit of community spirit this Halloween.

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

Regards
Ian Campbell

In this issue...
Ottawa Real Estate Market Update 
Autumn leaves may be falling but home prices aren't.

Members of the Ottawa Real Estate Board sold 1,393 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,383 in September 2017, an increase of only 0.7 per cent.

The five-year average for September sales is 1,303. September’s sales included 1,046 in the residential property class, a decrease of 2.5 per cent from a year ago, and 347 in the condominium property class, an increase of 11.9 percent from September 2017.

“We continue to experience supply-side issues going into our fall market. The fact is, the number of residential sales would be much higher had we more robust inventory to draw from,” states Ottawa Real Estate Board President Ralph Shaw. “Condos continue to represent a greater proportion of year-to-date unit sales with a 15 per cent increase from this time in 2017.”

The average sale price of a residential-class property sold in September in the Ottawa area was $449,613, an increase of 7.9 per cent over September 2017. The average sale price for a condominium-class property was $282,781, an increase of 7.6 per cent from this month last year.

“Economic fundamentals are at play in our market with a lack of supply putting an upward pressure on prices in some areas,” Shaw asserts. “Condo price increases on a percentage basis are finally recovering and are catching up to the increases in residential prices which is very encouraging news for condo owners.”

“With the inventory of available apartment condo units also declining month over month; this trend of price improvements may help kick-start some of the mothballed condo projects to date,” he speculates.

The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 46 per cent of home sales while the $500,000 to $750,000 price range represents 22.5 per cent of residential home sales this past month. Between $175,000 to $274,999 was September’s most active price point in the condominium market, accounting for almost 57 per cent of the units sold.

“The low rental vacancy rate is spurring the purchase of condominium units, and first time home buyers wanting to enter the market are having to choose between “driving until they qualify” or purchasing a condominium at a price point they can afford.”

President Ralph Shaw offers one final thought. “Although the millennial generation is comfortable sharing their rides, they are not in the sharing mindset for housing – they want to own,” he contends. “In a recent study commissioned by the Canadian Real Estate Association (CREA), research conducted by Abacus Data shows that Housing Affordability is a key issue  and the homeownership dream is alive and well with this demographic.”

The Ottawa Pet Expo 
Calling all Ottawa area pet lovers, and their furry little friends!

Bring your dogs, cats, birds and rats (and any other furry/feathered friends you may have) out to the Ottawa Pet Expo!

This pet-focused, family-friendly event runs on Saturday, November 10th from 9 a.m. to 6 p.m. and Sunday, November 11th from 10 a.m. to 5 p.m.

You can shop for unique pet products, watch amazing animal competitions and presentations, meet animal rescue groups and learn from expert vets and breeders, all under one roof!

The Ottawa Humane Society will also be on hand to educate visitors on how to reduce the growing number of animals that end up in shelters each year.

The Ottawa Pet Expo will be held at the EY Centre. General admission is $15 per adult while children 12 and under are free but you’ll get a bit of a discount if you buy your tickets online. Hope to see you there!

The Principles of Pricing 
Your asking price can either make or break your sale.

Pricing your home correctly is critical to a successful sale as it will help ensure that your home sells for the most amount of money, in the shortest amount of time.

Determining a home's asking price involves comparing similar homes in nearby areas that have recently sold while also taking past, present and future market trends into account.

Although you may have your own personal opinion of what your home's worth, it's important to be unbiased and realistic. At the end of the day, it’s the market that determines your home's true value.

There's always a huge buzz when a new property hits the market but if the price is too high, it will quickly become stale and there won't be any incentive for buyers to make a swift, strong offer. Worse yet, if it sits on the market too long, it’ll develop a stigma. We’ve all walked past a home that’s sat on the market for ages and wondered, “what’s wrong with it?”

Having your property sit on the market is also very inconvenient as you'll constantly have to keep it in a show-ready state which can be extremely stressful, not to mention exhausting. Furthermore, carrying costs such as mortgage interest, insurance, taxes and utilities will quickly add up if you get stuck carrying two homes at once.

Overpricing your property will actually help your competition as buyers will see other homes in your area as much better deals since they're less expensive. If, on the other hand, your home is priced close to fair market value, those same buyers will consider your home much more seriously.

Pricing a home is part art and part science. Market factors such as the economy, time of the year and interest rates can all make a huge difference. Your home only gets one chance to make a great first impression so it's important to enlist the services of a highly-qualified real estate agent to help you get things done properly from start to finish. Please don’t ever hesitate to ask if you have any questions!

Things to Know when Flying with Kids in Tow 
When you take to the skies with little ones, be prepared for anything!

If you have young children, flying has likely taken on a whole new meaning, and fun probably isn't a word that springs to mind!

Flying with little ones can be somewhat bearable though if you're properly prepared. Here are a few handy tips to keep in mind:

  1. Call Ahead - Get details on seat selection and stroller storage. Reserve the bulkhead section if you're traveling with an infant and ask for a cot.

  2. Supply & Demand - Bring extra snacks, a variety of sticker books, lots of crayons and a few small toys to help hold their interest.



  3. Back-up Pack-up - Pack diapers, wipes and a few extra clothes in a separate, smaller bag so you don't have to lug your entire backpack to the bathroom.

  4. Get a Move On - Keep them on the move before the flight to tire them out so they won’t end up kicking the seat in front of you the whole time.

  5. Fasten Your Seatbelts - Have a few important items on hand in case you’re unable to access the overhead compartment and always have a drink ready to help relieve their ear pressure.

It always takes a little longer to do anything with kids so be sure to allow a bit of extra breathing room. Also, flying definitely isn’t the time to worry about your kids being on their screens so bring along a fully charged device (and a portable charger) to help distract them during the flight. Oh, and don’t forget the headphones!

Halloween in the 'Hood 
Halloween's a great way to get to know the people on your street!

It’s not often that the people on your block are out roaming around in full force so why not use Halloween as an opportunity to build some community spirit! Here are a few fun ideas to consider:

  1. Scariest House on the Block - Hold a competition for the best-decorated house, get everyone involved by voting and have a small prize for the winner.

  2. Open House - Forge new friendships by hosting an open house. Serve a few simple drinks and snacks and invite everyone on your block either before, after or during trick or treating.

  3. Grossest Grub - Have all the families on your street bring a Halloween-themed food item and then vote on the grossest, scariest food to see who wins!

It’s easy to avoid contact with those who live close by, so this Halloween, why not help build up your community with some spooktacular fun and make some new friends!



PS As a thank you for referring me to a friend or family memeber that either Buys or Sells through me you will receive $ 500.00 cash.

 
Are you sick of scouring the paper and MLS sites looking for homes? Tired of playing telephone tag with agents only to hear the home's already sold? Sit back, relax and let me do the work for you! Just visit my website and check off the features you're looking for. Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home. This service is free and there's no obligation! Click here to get started.


Not meant to solicit clients already under contract.