Is it still a Seller’s market?
Here’s the scoop.
Did the market just “crash”?
No! Interest rates have risen (fairly dramatically) since the beginning of the year. Meaning the buying power of those looking to purchase property has decreased (higher rates = higher monthly payments = change in affordability). However, interest rates are still considered “low”. Buyer’s - it’s more expensive to borrow money today versus last year. Interest rates may raise again in September. My recommendation would be to get pre-approved and lock in a favourable rate now.
Are we in a “buyer’s market”?
Not necessarily. Todays market can be described more accurately as a balanced market. Home prices are still stable, but the difference between July 2021 and July 2022 is there is now a lack of urgency. Buyer’s now have the time to shop around, perform inspections and negotiate their offers to a fuller extent. Exciting!
Sounds great for Buyers, but what about Sellers?
Seller’s can rest assured knowing their property value will still continue to increase. While the number of residential sales in July 2022 was down by 36% (compared to July 2021), the value of homes increased by 5%. Seller’s - your property still holds it’s value. However, it is safe to assume your property may sit on the market a bit longer than it may have in 2021 (selling in one day was great, but a couple more days on the market can’t hurt!
Why should you work with me & The Agency?
I understand the importance of accurate pricing and going above and beyond when it comes to luxury marketing. In a balanced market, you need buyer’s to genuinely fall in love with your home and see themselves living there. When selling your home with me, I will do everything in my power to get you results within your ideal timeframe. Using creative tools such as storytelling, paid advertisements, unique open houses, print collateral and firm negotiating tactics, I will find the perfect buyer for your property and get it sold.
My motto (and The Agency’s) is that luxury Real Estate is more than a price point. It’s an experience. One that offers a higher degree of services and knows how to present all Real Estate to its highest potential (at no extra cost). When working with me, my clients know that they can expect the best. In fact, The Agency is so good at luxury Real Estate that we have a show coming out this fall on Netflix called “Buying Beverly Hills”. We’re bringing the luxury services known in LA & NYC to Ottawa.
If you have any further questions, or are interested in selling your home or buying a new one, I’m your girl!
+1 (613) 285-4737
