Spring is finally here!
The days are getting noticeably longer as the snow has slowly melted away, making way for April showers to bring May flowers. It won't be long now until we start spending more time enjoying the outdoors. It was an unusually mild, but snowy winter and for the first time as far back as I can remember, the Canal did not open! With the gradual easing of COVID restrictions, many families, including myself, took the opportunity to travel to warmer climates in March as air travel surged and long lines were encountered at airports coast to coast.
In terms of real estate, the winter was slower than recent years with far fewer transactions occurring as many buyers waited to see what would happen with interest rates and home values. Meanwhile, some sellers were waiting for the market to pick up before listing their properties.
Since early March the housing market has started to pick up. The Bank of Canada has not raised interest rates since March, stimulating greater buyer confidence. With renewed buyer interest and continuing low inventory, a slight rise in multiple offers occurred, but these were still quite subdued compared to the last couple of years. Most offers are at or near asking price and many buyers are including conditions. Conditions are advisable for buyers to protect their interests.
With the low inventory and rising numbers of buyers, all purchasers should be prequalified and ready to act quickly when they see something they like.
In addition, to enable agility and quick response times, I ensure clients are well prepared with an understanding of the current market conditions and the specifics unique to the area/location they are considering. I will also review with them all the documents they will be signing, and the steps required to achieve a successful outcome. This enables them to make informed decisions quickly and avoid missing that perfect opportunity whenever it comes along.
For sellers, understanding where the market is now, instead of where it was last year, last month or last week is key. Working through scenarios with sellers has been a key part of ensuring they are able to position their home in the market in a way that best achieves their desired outcomes. My goal remains to get clients the best price, terms, and conditions possible.
As I enter another year of working in real estate, I have to say: I still love it. I look forward to working with clients every day. And even in this dynamic and demanding market, I love the opportunity of helping clients achieve their goals.
I would also like to announce my move to Coldwell Banker First Ottawa. I have made this jump to join an exceptionally client motivated and growing Brokerage! My availability and access have not changed, and I remain committed to all my clients without interruption.
Please note I also have obtained a new and easy to remember cell number, 613-796-WEST (9378), please save it should you or someone you know is thinking about real estate, please call me
Melanie McTigue, REALTOR®
West Ottawa Homes & Real Estate
+1 (613) 796-9378