So in a HOT market, like we are in right now in Ottawa, what do you do?
One thing I have learned in real estate (and in life too) is that nothing is ever 100%. Trends & research are there to guide us along. Experience is the intangible value that realtors bring to the table: good ones have their finger on the pulse of the market.
So in a HOT market, like we are in right now in Ottawa, what do you do? Ride the current wave, even if it means maybe listing when you are less than 100% ready, taking advantage of the trend that many homes are going for asking price or over(!!) OR wait it out, and bank on a vibrant Spring market, as is tradition?
There is no ONE answer. The best answer is to look at your own goals and expectations associated with the sale of your home. Only an honest, frank self-evaluation can answer that, plus the guidance of your realtor.
In this situation, your realtor will show you how fast similar homes are selling, and the % sale price of asking price. If your home is in the 'sweet spot' - that is the highly desirable kinds of homes that many people are seeking right now, namely townhomes between $300,000 - $400,00 and single starter homes under $500,000, then the market is tipped in your favour so far this Fall. If you are in the west end of Ottawa (Kanata-Barrhaven-Stittsville) even better! There is demand no doubt.
If however, your home is upwards of $550,000 plan for a sale to take a while longer. There are fewer buyers in this price point and they may not be as rushed or feel as pressured to buy a home because there generally is less demand and these homes tend to last longer on the market, thus taking away some of that urgency we are seeing in the 'sweet spot' category.
And you are thinking now, "Well that's all well and good, Nancy, but you haven't answered the question." Well, here it is. My take on it is the following: if your home is in the first category of 'sweet spot' homes, and timing isn't really a factor for you, by all means list your home for sale this Fall - October at the latest. Do it and be part of the active sellers market that we are definitely in right now.
My other piece of advice is to speak to your realtor or contact me if you don't already have one. We are in your corner to help create a strategy to leverage current market conditions in your favour, meaning top dollar and a fast, smooth sale and close. If what is best is waiting till Spring, then so be it. A good realtor will put your best interest ahead of their commission. After that essential conversation, you should feel comfortable about your decision because you & your realtor have done what is best for YOU.
Again, there are always exceptions, outlier situations & outcomes that buck the trend. The most important thing is doing what is most likely to bring you to your desired outcome. :-)