Take 10 Series
Topics : Home Buyers and Sellers, Market Strategy, Ottawa Real Estate
Welcome to the series where we ask 10 real estate agents for their take on the current market challenges and opportunities.
Question #1 - With interest rates rising and the level of uncertainty in the markets, what advice would you provide to those looking to buy or sell a home in the next few months?
Melanie McTigue's Answer: “For buyers, it looks like a friendlier market with less competition, little to no possibility of bidding wars and the opportunity to carry out inspections and address other concerns. On the flip side, buyers can expect to pay slightly higher mortgage rates but for less pricey properties. Sellers should pay attention to details and do the important things to make their house stand out. For example, have a pre-inspection in hand, make those needed repairs, tidy up and paint. If you want to be competitive, follow your agent's advice. An important note to make is that interest rates are still very attractive when you take a historic view. Interest rates in the 80s hit 16%+. For buyers, it looks like a friendlier market with less competition, little to no possibility of bidding wars and the opportunity to carry out inspections and address other concerns.”
Question # 2 – How do you see the house prices changing in the Ottawa market for the remainder of 2022 and into 2023?
My answer: “No one has a crystal ball (who would have predicted the last two years?). I see a return to sensible pricing. This won't be good news for people that recently purchased a home, but it should not present a real problem unless they are trying to sell right now! The market should become more accessible to new, young, first-time home buyers; this should be everybody's goal. This is fundamental to our economy, it is what drives communities, markets, employment, and growth.”
Question 3 – What Ottawa neighborhood do you foresee being the next up-and-coming area and why?
My answer: “Let me plug my own area. In my view, Kanata West/Stittsville offer the most promising neighbourhoods for growth and long-term quality of life. This area is a perfect mix of access to services, amenities, schools, transportation, and much more.”
See full article and see all answers from all 10 agents: