At this time of the year, just prior to Christmas, is it a good idea to put ones home up for sale and/or to continue on with the current listing?
There are 2 points of view to consider. The first is holding off till early spring hoping that Buyers may be prepared to pay more then that they might now.
The second point of view is one where Sellers do have their home on the Market right through the Christmas season and early on into the New Year. This view holds that there are still buyers out there who are looking for a home now. There are fewer homes on the market during this time of the year and therefore, the Buyers who are looking may very well view your home more favorably when your home is competing with many more homes.
Over the past several years Realtors have recognized that the Real Estate Market is not as predictable as it once was. Given that trends are a moving target, we advise Sellers, or potential Sellers, to seriously consider having their homes listed now.
As the following excerpt from the Ottawa Real Estate Board points out, Buyers looking for a home in 2015 are very probably looking right through the Christmas period.
If you are interested in having a home valuation done for your property don’t hesitate to contact either Sue or I, your Home 2 Home Connection at Royal LePageGale Real Estate. We would be happy to provide that critical piece of information and to help you strategize the optimal sale of your home.
Take a moment and read the following update from the Ottawa Real Estate Board.
November sales up slightly over last year
Members of the Ottawa Real Estate Board sold 893 residential properties in November through the Board’s Multiple Listing Service® system, compared with 888 in November 2013, an increase of 0.6 per cent. The five-year average for November sales is 935.
“Sales have been remarkably similar to last year overall, with units sold for the first eleven months of the year at 13,291, just slightly above the year-to-date sales for 2013,” says Randy Oickle, President of the Ottawa Real Estate Board. “Inventory levels are starting to dip back down, which is normal for this time of year, and average sales prices keep steady with last year. Overall, it has been a typical year so far for the real estate market in Ottawa – steady and fluctuating between a balanced and buyer’s market.”
November’s sales included 170 in the condominium property class, and 723 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
“Properties have taken longer to sell, requiring most sellers to be more patient with the market,” explains Oickle. “Resale condos are slightly behind last year’s volume, likely caused by increased competition with new condo developments. Although the market slows somewhat in December, Sellers should note that many buyers for 2015 will begin their search over the holiday period, statistically the highest property search period.”
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $356,900, an increase of 0.4 per cent over November 2013. The average sale price for a condominium-class property was $250,425, a decrease of three per cent over November 2013. The average sale price of a residential-class property was $381,936, an increase of 0.7 per cent over November 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
“The $300,000 to $349,999 price range had the highest concentration of properties sold in November, followed by the $350,000 to $399,999 range. There were 93 properties sold in the price range between $500,000 to $749,999,” says Oickle. “The rental market continues to be hot in Ottawa, with approximately 175 properties rented in November, and over 2,300 rented since the beginning of the year. Ottawa Real Estate Board members can assist you with a variety of needs, whether you are looking to rent, or wanting to better understand the prices in your area.”