Are you thinking of selling your home this year? Even as the market begins to balance out, as some are predicting, more buyers will be able (and begin) to enter the market. The point is, you can’t go wrong selling in 2023!
All the interest in interest rates
So let’s address the elephant in the room — record high inflation and rising interest rates. It is true that the Bank of Canada has been increasing the interest rate to try to curb inflation. It’s also true that this is having an intended softening on housing prices that had exploded during the pandemic. Even as these interest rate hikes have their intended impacts, Ottawa still remains an incredibly stable and valuable market because Ottawa is a great place to live.
It should also be noted that mortgage interest rates don’t always rise in conjunction with prime. We’ve recently seen fixed rates that are actually starting to come back down. Ottawa continues to grow and the density of government and tech workers also brings economic predictability that informs the housing market. For this reason, and other lifestyle ones, homes in Ottawa will continue to be sought-after. As has always been the case, Ottawa is a market you can rely on!
Some predictions for 2023
When looking at the predictions for 2023, the Canada Mortgage and Housing Corporation (and major brokerages) agree that the Ottawa housing market will continue to grow. There’s agreement that the average price for a home will increase by 2-4%. Where there’s disagreement is whether the number of sales (i.e. unit sales) will increase or decrease by 1-2%. This difference shows the predictions for a more balanced market in the latter half of the year.
Next up, we’ll have the staple busy spring and summer buying seasons. Finally, in the second half of the year, we’ll see a lot more new buyers (e.g. first-time home buyers) who hadn’t otherwise been able to enter the market during the pandemic price boom. The long and short of it is that people want homes in Ottawa in 2023!
What we bring to the table
Selling a home can be stressful. There are showings to work around, offers and conditions to negotiate, and so much more. We help streamline and organize the selling process by handling the work that goes into putting a home on the market and getting it sold for the best price. We know the market and we’re dedicated to results!
From staging to closing, New Door takes the stress of selling away by providing you with:
- A comparative market analysis
- Home valuation and optimal listing price
- Repair and upgrade recommendations
- Home prepping/staging and showings/viewings
- Marketing to help find the perfect buyers
- Negotiations for the best possible sale price
- Helpful guidance and contacts along the way
Competition for homes in Ottawa is a constant and the reliability of the market is highly attractive to buyers. We know that selling your home is one of the biggest decisions you’ll have to make. With our years of experience, New Door Ottawa Real Estate Team will help guide you through the process in a way that empowers you with expert knowledge and compassionate understanding.
Make selling easy and contact New Door Ottawa Real Estate Team today. We’ll help find the right buyer and get the best possible deal for your home!