CategoriesReal Estate Agent, Real Estate Tips

5 Ways for Buying Property in Ottawa’s Hot Sellers’ Market

The provincial government has introduced the first phase of its More Homes For Everyone Act to tackle the housing shortage by implementing measures, including working with municipalities to get homes built faster and increasing the Non-Resident Speculation Tax. This is a good start, and we are hopeful that with the application of these and further measures, Ottawa’s many potential home buyers waiting on the sidelines will finally be able to get a foothold in our local market.

Pre-Approval

It is important to be qualified or pre-approved for financing before you start looking for a home. This lets you and your RE/MAX Hallmark REALTOR® know what you can afford as well as providing a written confirmation or certificate for a fixed interest rate good for a specific period of time. To obtain pre-approval, contact your RE/MAX Hallmark REALTOR® or mortgage broker. The benefit of a mortgage broker is that he or she operates independently of the lender and therefore can assist you in finding the best financial product at the best rate from a variety of sources and usually at no expense to you.

I hear buyers all the time saying “Homes for sale near me are way too expensive! When will I ever be able to afford these ridiculous prices!”.

Let me help you!

Homes for Sale In Ottawa continue to rise in price. Below, I will give you information on how you may be able to purchase a home in Ottawa.

  1. Conventional Mortgages

The maximum amount of conventional mortgage is 80% of the purchase price. The amortization or length of time in which to repay the loan is usually 25-30 years. The term of the mortgage is the number of months or years, usually six months to five years, for which the rate of interest is set.

  1. High Ratio Mortgages

For most people the hardest part of buying a home, especially the first one, is saving for the necessary down payment. With mortgage loan insurance, you can put as little as 5% down payment on homes up to $500,000.

  1. Refinance

If you already have a property you may want to think about refinancing it, this way you can come up with the down payment for your next purchase/investment. Your mortgage broker can help you determine if this is a possibility.

  1. Off Market Listings

It is important to have the right Real Estate Agent and Brokerage working for you. RE/MAX is the top selling Real Estate Brokerage in Ottawa. Selling more than 13,000 homes in 2021. Our biggest competitors sit at 11,380 homes sold in 2021 and all other brokerages are at 2,500 sales and below. RE/MAX Real Estate Agents have a huge advantage, being able to market their Ottawa homes for sale to an exclusive group of top producing agents. If you work with a RE/MAX agent, you will have access to these off market listings.

  1. Using Your RRSP To Purchase

The Home Buyers’ Plan (HBP) allows each RRSP plan holder to borrow up to $25,000 from the plan to use towards the down payment of a home. Couples with separate plans can borrow up to $25,000 each up to a total of $50,000. Home buyers using this program have up to fifteen years to return the borrowed funds, interest free, to their RRSP. Using these funds towards the purchase of a home does not deregister the plan unless the monies are not returned as agreed. This allows participants to retain the tax advantages the RRSP offers.

New homes for sale in Ottawa are perhaps another option for buying. Since these homes take a year or more to close, this may give buyers the time they need to gain a down payment, or become more financially ready for closing costs. New home builders like Minto, Mattamy, Caivan, etc. can’t keep up with demand, selling out within minutes of new community and home releases. It is important to have your real estate agent work for you and help you get a new build home before they sell out.

There are many ways to buy a property in this hot Seller’s market. You need an agent you can trust working on your behalf to guide you through the process and teach you about opportunities you may not be aware of.

Service 4
CategoriesReal Estate Agent, Real Estate Tips

Things to consider when buying a house in Ottawa

Every listed home should meet the basic expectations of any buyer; it should have a sound roof, functioning gutters and downspouts, foundation without cracks, functioning heating and/or air-conditioning system, solid subflooring, and safe and secure electrical wiring. With financer-mandated home inspections, any shortcomings may be require to be remedied to get buyer financing approval.

Houses for sale in Ottawa are sometimes priced lower than market value, which means they have more buyers looking at the house (even buyers who can’t afford it). This is creating bidding wars between buyers and ultimately leading to an over asking sales price. Your real estate agent can help guide you through this elaborate offer process.

It is important to understand that the market value of a home is determined by the prices of comparable homes recently sold in the area. Always ask your real estate professional which areas are more desirable and why. This can help you choose how much you want to spend on your home. Here are other things/costs to keep in mind during the home buying process.

Closing Costs?

Before making a home purchase there are many things to consider, hidden fees are one of them. Here is a list of closing costs you may expect:

  • Appraisal Fees
  • Inspection Fees
  • Lawyer Fees
  • Land Transfer Taxes

Extra Costs?

There are also ongoing costs associated with owning a home. Some of these costs include the following:

  • Property Taxes – These depend on the location and size of the property.
  • Maintenance and Repairs – Things like the roof, furnace, and A/C are more costly repairs for a home, but you also have to keep in mind all the small repairs throughout the year
  • Home Insurance – This is sometimes bundled in with your mortgage payment

Do You Have a Mortgage Broker?

Having a reliable mortgage broker is extremely beneficial when it comes to finding the best rate for your mortgage and can take a lot of the stress out of the buying process.

How Much do Utilities Cost?

Utilities can vary a lot from house to house, do some research on the property you want to purchase so there are no surprising charges. These are some (not all) of the utility costs you may expect:

  • Electricity
  • Gas
  • Water/Sewer
  • Trash/Recycling
  • Telecommunications (internet, cable, phone, etc)

The best way to get an estimate is to ask your real estate agent to ask the Sellers what they pay. Otherwise, you can contact the providers for each cost.

After speaking to your mortgage broker, they will be able to tell you what you can afford to buy. This is when you can start your search! When looking for homes there are the basics that you want to know about each home. Your real estate agent will be able to give you information to any questions you may have.

Buying a home is more than simply entering a google search for “Homes for sale near me. Listed below are all questions you and your agent should ask for any homes of interest:

Are there any problems currently with the house? Have there been any in the past?

Leaks, foundation cracks, roofing issues, etc. should all be relayed to a serious buyer.

How old is the roof, A/C, furnace, windows?

These three things are the most costly to replace, having them recently updated would mean that you don’t have to worry about that extra cost for a while.

Have there been any improvements to the home?

Additions and improvements usually bring value to the home. Sometimes it brings more value to the Sellers than Buyers.

What is the heating system?

A modern heating system is more appealing to buyers, natural gas and forced air.

Are there any safety hazards?

Mold, pests, poor air quality, etc., can all devalue a home, and are certainly not a selling feature.

Is the home still under Tarion Warranty?

Tarion Warranty is a new build home warranty program. You can expect to be covered (for certain things) up until a certain number of years.

Is the home stigmatized?

Has someone passed away in the home? Has someone grown marijuana in the house? These are both examples of stigmas of a house, things that devalue a house.

How is the neighbourhood? Crime rates?

Always look online and ask your agent about the neighbourhood and crime rates.

A real estate professional can help you navigate the purchase of your home, answer any questions, and alleviate some of the stress that comes with this investment.

Homes For Sale In Ottawa
CategoriesCompany insights, Industry Insights, Real Estate Agent, Real Estate Tips

How can a real estate agent in Ottawa make your home buying process easier by finding the top homes for sale in Ottawa?

Homes for sale in Ottawa are selling at a fast pace. Top real estate agents in Ottawa can help you in the home buying or selling process.

There are a limited number of new homes for sale in Ottawa. Builders such as Minto, Mattamy, EQ homes, and Caivan cannot keep up with demand, this is why their prices are so high, doubling in just 3 years. New build homes used to be cheaper than already existing houses but since 2020 this has not been the case. New builds are the same as, if not exceeding the price of existing houses, since they’ve become so popular. Buyers seeking new construction will benefit from the help of a real estate professional who has the experience to help secure their dream home.

A Real Estate Agent in Ottawa is committed to preparing you to be an educated buyer. The right agent will:

  • Give you the most vital information about available homes
  • Keep you aware of changes in the real estate market
  • Arrange a tour of areas, schools, and key points of interest
  • Provide neighborhood information on municipal services, schools, churches, etc.
  • Check applicable zoning and building restrictions
  • Disclose all known facts about viewed properties
  • Collect pertinent data on values, taxes, utility costs, etc.
  • Point out strengths and weaknesses of all properties of interest
  • Explain and guide clients through forms, contracts, and closing procedures
  • Discuss loan qualification and processing

Your realtor is committed to helping you save time, therefore he/she will:

  • Provide ready access to all MLS listed properties
  • Assist you as needed on all unlisted properties
  • Help you select for viewing only those homes that fit your needs
  • Show you homes only in the price range most suited to your finances
  • Provide a list of qualified lawyers, home inspectors, mortgage and insurance brokers, other service providers
  • Arrange for necessary property inspections

Your realtor is committed to helping you find the best value, therefore he/she will:

  • Prepare studies of property values in chosen areas
  • Perform a Comparative Market Analysis on chosen properties
  • Discuss financing alternatives
  • See that you get a complete estimate of all costs involved
  • Offer advice on the preparation of an offer on properties
  • Write and present your purchase agreement to the seller
  • Negotiate on your behalf to attain the lowest possible price with the best possible terms

Currently, there are a limited number of homes for sale in the Ottawa region. This means that the supply is low in an area where the demand is exceptionally high. There are TONS of buyers looking for homes. This is driving prices way up and causing “bidding wars” for houses. Homes for sale near me are selling within 7 days on the market! Now that is a true seller’s market, and no one knows when it will stop.

A real estate agent is not only at your disposal to supply knowledge and counsel but is also dedicated to providing the easiest and most gratifying home buying/selling experience.

Sell my house
CategoriesCompany insights, Industry Insights, Real Estate Tips

Things To Know Before You Hire a Local Ottawa REALTOR® To Sell Your House In Ottawa

If you’re thinking “I want to sell my house” then you have come to the right spot! This blog post will give you an introduction and tips in the home selling process.

Location! Location! Location! Is the most crucial consideration in real estate and a major factor, if not the predominant one, in real estate pricing. Novice home (and not-so-novice) home sellers alike must know the considerations – such as location – that determine a home’s price. A real estate professional has the resources to sell your home online, market your home to other agents, price your home competitively, and sell your home for top dollar! Selling your house is easier with an agent.

What is your home worth?
The first step in selling your home is knowing the difference between value, worth, and price. There are several ways a home’s value is derived.

Online Home Valuation
Online tools will provide you with a very basic estimate of your home’s current value based on recent comparable home sales in your area using a comprehensive database. Note that the assessment is based on available data with no guarantee of accuracy and often uses an algorithm that simply averages comparable sales in the geographic area. These tools might be quick and easy, but they don’t take into consideration factors like location, current local trends, and the condition of the property. Be aware that the prices arrived upon might be highly inaccurate.

Comparative Market Analysis By a Real Estate Professional
This home valuation is free from real estate professionals and is more helpful than automated online offerings. It provides detailed information on each house sold in your area over the last six months, along with the final sale price. It also includes the specifics of all the houses for sale in your area, including the asking price. These homes are your competition. The real estate professional will also answer any questions and help you price your home realistically.

Selling Your Home For More
The Seller’s time, effort, and investment are the most important parts of the process. The seller’s willingness to adequately prepare the home for presentation by improving, freshening, landscaping, and generally making the home pristine – and to live in that presentation-readiness state for the time it takes to sell the property – will greatly affect both the sale period as well as the price at which the home sells.

A market in which homes normally sell in no more than six months of a listing is considered balanced or neutral, which means a good number of homeowners are selling and buyers are purchasing; therefore, neither has an upper hand. We are currently in a seller’s market, which means there is a low supply of homes and a lot of eager buyers!

Children (and Pets) Should be Unseen, Unheard
Children and pets are distractions for buyers, affecting their experience of your home. You should plan for your children to be elsewhere and your pets crated or leashed, and no toys lying about or dog hair on the sofa. The dishes should always be done and the kitchen sparkling.

You shouldn’t waste your time trying to appeal to uninterested buyers. This is where planning, organizing, and the professional help of a qualified real estate agent enables you to handle even the most intimidating tasks without wasting effort.

If you’re asking yourself,
“Is selling my home easy?”
“how do I sell my home for top dollar?”
“is selling my house with an agent really beneficial?”
“how do I sell my house in the quickest amount of time?”

Start interviewing agents and find someone who can work for you to save you time, energy and money!
Having a good real estate agent really does pay for itself.

Find a Real Estate Agent
CategoriesIndustry Insights, Real Estate Agent, Real Estate Tips

How To Find a Real Estate Agent In Ottawa Who Offers Quality Listing Service To Sell House Fast In Ottawa?

If you have a house to sell in Ottawa, this post is full of information on how to find a real estate agent in Ottawa. You have a basic knowledge of setting a listing price, online marketing, staging and negotiating. Isn’t this enough to do the job yourself? Homeowners wonder if they could buy or sell a home through online or traditional marketing and advertising channels without a real estate agent.

In today’s realty market, the selling and purchasing of a residential property involve more than 100 people with different skills and expertise who participate in the transaction from start to finish. Whether it’s for a home inspection or a title search, it takes more than 20 steps to finalize the sale of your home. This is why it is difficult to sell your own house.

The house selling price is an important factor in selling a home. No matter how long you have lived in your home, an Ottawa REALTOR® will know considerably more about the sale price history and market trends than you do. Since real estate agents are paid a percentage of your selling price, it’s in their best interest to price it perfectly.

Real estate agents network with various contractors and professionals. They can advise on service providers’ reputations and provide references who have previously worked with providers.

If you’re thinking,

“What to ask agents to know if they are the right fit to make the sale of my home?”

“Who can guide me through an Ottawa sale of a house?”

“How do I find realtors?”

“How do I sell house fast in Ottawa?”

“Who is the best agent to assist in the sale of a house in Ottawa?”

Here are some traits to look for when hiring an agent. Is he or she….

  • Current? Is the agent up-to-date with the latest housing trends so he/she can serve you efficiently?
  • Connected? Does the agent have the necessary contacts who can assist in every phase of selling your home? A network of connections includes home inspectors, quality service people, other brokers, and county officials.
  • Knowledgeable? Is the agent familiar with the current market and able to price your home strategically? Does he/she know what is unique about your neighborhood to distinguish your home from the competition? Does he/she know what to highlight in your area to attract buyers?
  • Organized? An agent must pay close attention to your specific needs, communicate well, and be quick to follow leads.
  • Personable? Agents who are sincerely interested in helping you will “go the extra mile with a smile.” They must be able to sell themselves to you as well as sell your home to a buyer.
  • Passionate? Some agents treat their job like a hobby or just a way to earn extra income. Find an agent who is passionate about real estate and loves the job.
  • Honest? Professional real estate agents build their reputation on high standards of business practices.
  • Self-Motivated? Real estate agents are commission-only businesspeople. Successful agents work hard because if it benefits their clients, it benefits them.
  • Creative? Sometimes it takes creativity to properly showcase a home, develop engaging content, and negotiate a sale. An agent who can quickly address any marketing need is an asset to you.
  • Tech-savvy? If you want to sell your home online, Agents well versed in the latest technology for marketing homes should have a website, social media setup, user-friendly home search options, and quality presentations online with high-resolution images of homes, videos, and slideshows.

Selling your house can be made easy with the right agent!