June 2020 Market Highlights2020 has been a whirlwind of a year, hasn’t it? In the Ottawa real estate market we went from a normal early spring market to a near stall for the first 6 weeks of the pandemic right back to a mad rush of activity as buyers, sellers and agents became used to our new normal.
Buyers are back!Multiple offers continue as the number of homes available hasn’t kept up by buyer demand. There is plenty of pent up demand and buyers are motivated. First-time home buyers – I feel for these buyers because this market is HARD. They have to be ready to jump. That means being pre-approved, being confident and knowing that inspections and buyer conditions may not be possible in their offers. They need a good realtor by their side who understands their comfort level, has explained the buying process, the documentation and what to expect. Move up buyers – People looking to upgrade have struggled with whether to buy or sell first. Will prices continue to go up or will we see a softening in September or October when the dreaded second wave of the pandemic is predicted to hit? Depending on the kind of home you have, securing a home first may be a better option so you’re not left homeless. Downsizers – You will benefit from the hot sellers market and will need a strategic agent to take you through the process to get the maximum number of buyers through your home with multiple offers as a goal. But as a buyer (if you are buying and buying in Ottawa), expect to be on the flip side of multiple offers like the other types of buyers above. Our process has changed The real estate industry in Ottawa is keeping up with the challenges brought on by the pandemic.
- Private showings requiring masks, hand sanitizer and physical distancing is now the norm.
- Documents declaring that you haven’t travelled, aren’t sick or have come into contact with someone who is.
- Digital document signing
- Virtual meetings with clients
- Virtual closings with lawyers
- Open houses have just been approved by the industry. Expect that some agents will not go back to hosting them. If they do, they will look very different – long line-ups, requests for ID and signed Covid declaration forms.
- No travelling in the same vehicle as your realtor
- No looky-loo house shopping. Homeowners want serious buyers in their homes. Buyers will be qualified by their realtors. That means being pre-approved, understanding the market and the documentation.