The Ottawa real estate market has seen a huge spike in 2020 that has not been seen for decades. Demand for buying homes in the Ottawa area has increased significantly since the spring in spite of the Covid-19 lockdown.
Houses are selling for way above listing price some as high as 127% over asking. With mortgage rates at historical all-time lows and more people looking for the perfect place to call home, it has created a low supply of properties compared to the high demand to purchase.
This situation has created what is referred to as bidding wars in the real estate market. Home owners are willing to overbid on the asking price as much as possible until it is sold to them. This creates hardships for many first time buyers but creates the perfect scenario for the home seller to capitalize on the current record growth in the Ottawa Real Estate market.
According to CMHC – Canada Mortgage and Housing Corporation the increased growth for home buying, paired with the current low mortgage rates has created the high demand for houses and condos.
If now is the right time for you to put your house up for sale, you will want to make yours the most appealing to potential buyers so that it can sell faster. The following tips will help get your house ready for Ottawa’s real estate market.
How To Sell Your House Faster
Emotional attachment to our homes is common and normal especially after living in it for several years, raising a family and creating many memories. These emotional ties can sometimes make it difficult to let go and move on. The following simple tips and steps will help get you and your home ready to sell.
Make sure now is the right time to list your home for sale by ridding yourself of all emotional ties. It helps to find the right real estate agent to work with.
You want to hire a local Ottawa real estate agent who can sell your house fast, who knows the city, the different neighborhoods, and be able to tell you what schools, parks and other amenities are close so that you can transition into the new community easily. You will also want to go with an experienced and knowledgeable agent who understands the market and the pricing to help you get the most value for your listing.
They should be able to market the heck out of your listing through social media platforms like facebook and instagram, with photos to promote your property. To find the perfect agent that feels like the right fit for you, call them for an interview before deciding on one. It will happen naturally in the middle of the conversation that you will know if this person is the best one for you to work with.
Pick the right time of year to sell your house.
Typically, spring and summer are the most popular and best times to sell a house. Whether it’s just the simple fact that these seasons make everyone feel like getting a new and fresh start, or it’s why some homeowners want to move in to the new neighborhood before the start of a new school year, the inventory for homes is typically higher.
Higher inventory in Ottawa’s home market could be a positive for buyers as it gives you more choices. For the seller it could be a negative, since potential buyers will have more properties to look at on the market.
An experienced real estate agent will be able to help you decide when the right time for you is.
Declutter – Once you have the perfect real estate agent to work with and you are ready to put the house on the market the next step to helping you sell it faster is to declutter.
Home sweet home is all the years and memories created in that house you are now selling. The emotional ties to it can hinder the sale. To avoid any delay in being able to sell it faster, make sure to remove any personal items such as family photographs, trinkets, toys etc.
Declutter any closets, cabinets and storage areas so that the buyers can see the potential of bigger spaces. Donate anything that is no longer required to a local charity such as the Salvation Army Ottawa branch.
Less is more is the popular saying in home décor and with interior designers and will be a huge selling point to potential buyers. Making your home’s best features stand out by decluttering and eliminating all that is not needed will help the new home buyers envision themselves in the space more easily.
Bonus Tip: If you have to many things to be removed in the decluttering space but do not have the room to store them consider renting a temporary storage unit. This will help provide the extra empty space in the home while it is being shown. Added bonus is that since all the stuff will already be in boxes and packed it will be ready to go when you move into your new place.
Making sure everything is fixed, repaired or replaced is key to ensuring a faster and easier sale of a home. Simply by making minor home improvements and small upgrades to the house before listing it can help you reap a higher return for the investment.
Interior Home Improvements That Help Sell A Home
Simple home improvements such as painting the interior and the exterior will add value to the resale. It is also very important to make sure anything that is broken is repaired or replaced especially the obvious ones like peeling paint, or rotting wood on the exterior of your home, patch holes and imperfections on the drywall of any interior walls, replace any broken light switch covers or electrical outlet covers, cracked or broken windows, get rid of any mold or mildew that may be present.
If there is leftover money in the budget splurge on making more upgrades to the kitchen and bathrooms as these are always the most sought-after spaces where upgrades are important to make or break the deal.
Exterior Home Improvements That Help Sell A House
Take your home’s curb appeal up a notch by ensuring it looks its best. Potential buyers will be more likely to want to view a well-maintained home over one that looks like it needs major repairs.
Repair all visible leaks to the foundation, maintain paint on any exterior surface such as trim, shutters and garage doors by ensuring there is no peeling, cracked or flaking paint, and add an inviting paint colour to the front door to make your house the most appealing to the potential buyer. Ensure the lawn is well groomed, flower beds, driveways and pathways are well maintained.
By ensuring all that needs fixing or replacing is done before will avoid any of the headaches after. By taking care of some of the little things ahead can help prevent failing a home inspection that new buyers will use as leverage in a negotiation.
Home staging your house will help it look more attractive, especially when photographs will be taken to list the property.
It can be the simplest and littlest of things to spruce up the home décor such as a fresh coat of paint colour that will not only brighten a room but can actually help make it look bigger. Simply adding a new area rug, changing an outdated light fixture or faucet, or replacing an old shower curtain can all be inexpensive ways to update the look and make your home more inviting.
Tips For Home Staging
If you are working with a professional real estate agent they would typically take care of all the marketing to help sell your property. You can help by following these home staging tips
Paint walls in neutral paint colours, paint any trim, doors, frames, baseboards, crown molding, wainscoting or other wood embellishments in a white. Picking neutral colours will help keep everything looking unified, fresh, crisp and clean, which often is most appealing to potential buyers.
The décor and furniture should also be kept light coloured as lighter tends to help make rooms look like there is more space. Only have what is needed in the space to be functional yet giving it the feel of a larger area. Leave window treatments such as curtains or blinds open to let as much natural sun and daylight into the home during the showings. Ensure a thorough deep cleaning is done of every room before any open house or regular showing.
Once your agent has all the marketing ready to go on your property start sharing it on your own social media accounts and send it to friends and family so they may share it too. You never know who in your own circle or theirs is looking to buy a new home.
Good Luck with getting ready to sell your house and all the best in finding your new home.