Is this a seller’s market?
Ottawa’s real estate market appears to be in what the industry calls a seller’s market. This is a state in the balance of available homes and demand for homes that favours the seller. While it is not a seller’s market everywhere at the same time, the trend can be seen across the city as a whole.
Look around your neighbourhood. Do you see for sale signs? Do they stay there long, or do they become sold signs quickly? If the for sale signs are few and far between and they become sold signs quickly, you could say that this is likely a seller’s market.
This doesn’t mean that the seller can write their own price. The market is still the mechanism that dictates the price of a home. While it might be easier to sell in a seller’s market, there are still things that need to be done to properly reflect your home.
Your REALTOR should be able to provide you with a snapshot of what the market is doing in your area and will likely have suggestions for how to make your home stand out.
Click here for a great example of what I am talking about.
If you are ever looking for some helpful hints, you only have to look as far as your RE/MAX agent.