|
|
|
|
MARKET UPDATE Summer 2016
June 2016 was a busy time in the Ottawa real estate market. The Ottawa Real Estate Board reports 1,985 residential properties were sold compared with 1,691 in June 2015, representing a 17.4% increase in units sold. See "Record-breaking June for Ottawa resales" Ottawa Real Estate Board MLS®, July 6, 2016.
For Ottawa, year to date unit sales (residential and condominium sales) up to June 2016, (8,284 units), increased approximately 5.4% from 7,859 units sold in the same time period 2015.
Residential Ottawa resale units on their own increased 5.5% year to date up to June 2016, while unit sales in the month of June 2016 increased 16.6%. Whereas the Ottawa condominium market saw a 4.9% increase in year to date unit sales up to June 2016 and a 21.2% increase in unit sales in the month of June 2016. The average sale price for condominiums year to date up to June 2016 decreased 1.7%, and the average sale price for Residential properties increased 0.3% year to date up to June 2016.
|
|
|
For Kanata, unit sales year to date up to June 2016 (residential and condominium) are 814 compared to 756 sales in 2016 for the same time period (approximately a 7.7% increase). For Stittsville, unit sales year to date up to June 2016 (residential and condominium) are 405 units compared to 370 units in 2015 for the same time period. In Kanata, the average sale price percentage change year to date June 2016 versus year to date June 2015 has increased 2.0%, for all housing types. For Stittsville, the average sale price percentage change year to date June 2016 versus year to date June 2016, has decreased 1.6%, for all housing types. (Source: Year to Date June 2016 - Sales by District & Area, Residential and Condominium Property Classes, OREB MLS)
|
|
Buying Rural - What to Consider
Tranquility in the country is enticing for many. When it comes to buying rural, from our experience in helping Buyers and Sellers with rural properties, diligence is required on extra items in this type of transaction.
- Septic systems - ask for the permit, receipt for when was it last pumped, do an inspection of the system using a qualified septic inspector, see http://www.rvca.ca/osso/ for more information
- Wells & Water - again, ask for all documentation related to when the well was dug, permits, age of equipment, latest water potability tests. Hire a professional to complete: a well & water system inspection, flow rate test, potability test, and chemical analysis of the water.
- Sump pump & pit - check the age of the equipment, is there an alarm and a battery back up system?
- Type of heating - you may encounter propane, oil and/or electric heating, that you may not be used to if living in the suburbs
- Survey of property - ask for a copy of the survey of the property, check zoning of the property and surrounding area
|
|
Tips for Selling in the Summer
With the snow long gone and the temperature turned up, curb appeal is paramount as are Summer home maintenance items. Buyers can now freely walk around your property, check the foundation, decks and patios, trees and gardens. Below is a checklist of items to review.
- Check the grading of the land around the house, it should have a gradual slope away from the foundation of the home.
- Re-level patio stones, interlock and remove weeds, particularly the front walkway - first impressions count!
- Maintain lawn cutting, watering and gardens. A lawn full of weeds or dried out grass will be viewed as a headache for Buyers.
- Check for overgrown trees / shrubs too close to the house and have branches trimmed or removed.
- Check fencing and decks, are any repairs needed to posts or boards? Pressure washing or staining a wood fence or deck will help to show the property well.
- Check for foundation cracks outside and inside. Call a professional if you have concerns.
- Check windows and doors: note any caulking to be done, clean window screens and window panes.
- A freshly painted front door, garage doors and trim add to curb appeal. A pot of flowers and/or chair on the front porch is a welcoming touch.
- Air conditioner: make sure it is cooling the house sufficiently. On hot Summer days you want clients to be comfortable in the home and stay in the house.
|
|
Should You Sell Your Home?
For many, when posed with the question to stay or sell, they'll know it's time. Specific reasons to sell your home can come quickly, including job changes, divorce, children, health issues and marriage. But for others, the decision to stay or sell will be one of great deliberation.
Few decisions will have bigger impact on your life than selling your home. Often, the decision requires landing on priorities to ensure you are doing the right thing and you are clear about what you will gain if you chose to sell. Three crucial questions can help shape your decision:
1. What do you value about your current property and what do you find lacking?
Make a list of pros and cons considering all features of your home and how it fits with your current lifestyle. If change is needed, see if renovating is a viable option.
2. What are the pros and cons of your current location?
Remember why you moved to your neighbourhood in the first place and consider if those reasons are still valid.
3. How do you sit financially?
Are you looking to reduce expenses by downsizing to a smaller, less expensive home? Or, have your finances improved since you first purchased and it's now time to leave this home behind?
|
|
|
|
|
|
|
|
|
