New construction townhome For Sale in Poole Creek, Stittsville

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new construction, quicker occupancy

•  3 bath, 3 bdrm 2 story – $349,952. $10K off or $10K design
MLS® #1042154

– Quality new construction from long time local builder. Built to drywall stage and for a limited time, buyers can choose their own flooring, cabinetry, tile, fixtures and colours. 18 week delivery, so mid-to late summer at time of listing. Call your Realtor to arrange an appointment to view model homes or listed property.
Other models also available, *Interior photos are of model home not listed property

Property information

New construction family home For Sale in Poole Creek, Stittsville

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new construction, quicker occupancy

•  3 bath, 4 bdrm 2 story – $525,940. $15K design centre bonus
MLS® #1044523

– Stittsville beauty! New construction family home from quality builder, is complete to drywall stage and awaits buyer decisions on finishings (limited time only!) 18 week delivery from firm agreement means a mid/late summer delivery at time of listing. $15,000 design centre bonus and terrific standard choices in finishing. Granite for kitchen counters, ceramic and hardwood are standard on main floor, as are 9’smooth ceilings. INTERIOR PHOTOS SHOWN ARE MODEL HOME, NOT LISTED PROPERTY.

Property information

Multiple offers puts additional stress on all parties

lots of twists and turns but ultimately only one across the finish line
lots of twists and turns but ultimately only one buyer gets the prize

Our Ottawa market is showing some strong signals that we may be seeing a return of seller’s market conditions, with stronger demand, rising prices and the increase in the number of multiple offer situations. This can be a stressful experience for all parties, particularly buyers who have not experienced the process.

We recently competed in a multiple offer (representing a buyer) on a detached single home in the south end which attracted 5 offers within 48 hours of being listed on MLS®. We were not successful with our offer and our buyers were very disappointed but we gave it our best shot in the fast paced process surrounding these types of situations.

Here are some of the key challenges in the process:

Compressed timelines:
The listing was just posted on MLS® later on Monday. We alerted our buyers to the new listing that evening and requested a showing directly via the listing agent that night.  We actually viewed the property twice on Tuesday, once with one of our buyers and the 2nd time with both buyers. (one of our buyers was actually able to take the day off  work to get in to see property as early as possible)

We submitted an offer on Tuesday evening that was slightly over asking price, as we expected that demand would be reasonably strong given the amount of showing activity on the listing. We were aware of the fact that another offer was pending and it had been submitted just prior to our own offer.

Our buyers revised their offer price upwards, based on the 2nd offer.

The listing salesperson had now established an offer presentation time for Wednesday later afternoon. By early-mid afternoon Wednesday, we were aware that there were now a total of 4 offers registered on the property.  (there ultimately ended up being 5 offers submitted)

Our buyers revised their offer price upwards a 2nd time to their absolute maximum and we submitted revised documentation to the listing sales person.

Buyer roller coaster:
Buyers are caught on a roller coaster of emotions: from the elation of seeing a property they both really want in their price range and area, to happily submitting an offer which is over the listing price and hoping there are not too many offers, to frustration from waiting around without any control of the situation, to stressing about how much one should offer and avoiding temptation to overpay or remove some important condition from the offer which may help “win” the property bid but prove costly later, to the anticipation of waiting and hoping your offer will make it to the top of the pile, to the disappointment that comes from finding out that it was a good offer but not quite good enough.

Sellers are happier but not stress free:
Sellers are definitely the beneficiaries of the best possible market value in these scenarios but they are certainly not stress free. This young family was pretty much shut out of their home for the better part of 2 days while buyers and their agents toured the property.

These sellers also have a home they are buying, so until their own property sells and firms up, they are not 100% sure of securing their own dream home. Even if it looks pretty good right now, it is still not over until the final paperwork is done with any buyer conditions satisfied.

Buyer representatives have a lot of conflicting pressures:
All buyer representatives want the right property for their buyers and at the right price. While one-on-one negotiations with a listing agent and seller have one set of challenges and variables, multiple offer situations are completely different and the buyer representative has far less control or influence over the outcome.

Price, closing date and conditions are the critical factors and we want our buyers to win but not pay too much or sacrifice important conditions. i.e. like foregoing a home inspection or not including a financing condition.

Add to this the uncertainty of knowing what the “winning” price might be and how to properly advise buyers is a challenging task.

No “cake-walk” for the listing salesperson, either:
The listing sales person has their own set of pressures in professionally representing the seller, co-ordinating access for showings, communicating on a timely basis with all interested parties and running a well-organized and credible multi offer submission, advising sellers on bid selection, negotiations and debriefing all who have submitted offers. This is a pressure packed process for them as well.  In this case, we had a very professional listing salesperson who very ably managed all of these from our vantage point.

Everyone’s life is “on hold”:
All parties to these situations are pretty much “on call” as the dynamics of these situations unfold and the process lurches towards a conclusion. Don’t miss out on a phone call, text or email-as you may lose out on timely information or ability to act upon that information. When the ultimate prize is so important, everything is circumspect and under a microscope.  Did we do everything we could?  Was there more information we should have had?  Should we have been more aggressive?  How much risk should we take?

This is definitely starting to look like a “you snooze…you lose” kind of market:
What about the buyer representative who missed the listing or the buyer who wasn’t quick enough to even get in to see it? What about the buyer representative who wasn’t available to get their buyers in to see the property?  What about the buyer who said: “let’s wait for an Open House”?

Bottom Line:
It is always disappointing to “lose” but our buyers did everything they possibly could and are moving on to the next one. Our job is to find them an even better one than the one that got away and it’ll happen for them!

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
www.oasisrealtyottawa.com   oasisrealty@rogers.com

One of the highest ranked and “liked” real estate pages:  https://www.facebook.com/oasisrealtyottawa/

“all the real estate news that’s fit to tweet”  https://twitter.com/OasisrealtyOTT

One of Ottawa’s best real estate blogs: http://blog.oasisrealtyottawa.com/

A full service, boutique brokerage with lower listing fees

Why “discounter” shouldn’t be a dirty word in real estate

do discount brokerages work?
do discount brokerages work?

We took a different path from most in organized real estate when we started our own independent brokerage. We had previously worked with two large international franchise brokerages and felt we could offer a very viable service at much lower commission than is necessary to support the infrastructure a large franchise brokerage requires.

We have done this successfully for 10 years now and our sellers pay 20-40% less than the typical 5% commissions charged by most of those working for brand name brokerages.  This can add up to thousands in $ commission and HST savings for those who work with us, particularly as house prices continue to rise.

How we can do it:
We have been able to provide excellent service and save our sellers a lot of money because we don’t have the overhead of the corporate franchise structure, so we can afford to provide the same level of service at a much lower price. Sounds like a win for the consumer, right?

So what’s the problem?
The problem is far too many consumers are led to believe that “discounter” is a dirty word (if not even a lower life form!) when used to describe a salesperson/brokerage that does not charge the more typical 5% commissions. Somehow the perception has been created that such brokerages offer lower levels of service and are “not as good” as the higher priced brokerage.

Realtor school 101:
Within the first month or two a new Realtor will attend a seminar or sales meeting on “handling the commission price objection” and they will all be taught the similar FUD (fear-uncertainty-doubt) to explain to a prospective seller why they should pay a much higher fee rather than go with the lower priced service provider.

“These firms don’t last long”

“These firms don’t advertise”

“Other Realtors won’t sell your listing”

“You get what you pay for”

Without going in to detail, these types of statements are simply untrue and disparaging a competitor in this fashion is contrary to Realtor codes of ethics and may be anti-competitive, too-yet it happens every day over kitchen tables, in blogs/websites and on radio shows… “ya gotta watch some of these discounters” might even be a tag line for some 5% Realtors.

Who wouldn’t like lower commissions?
Our experience tells us that most consumers would like to see lower commissions yet many are afraid to embrace the dreaded “discounter” because of continued fear-uncertainty and doubt spread by the higher priced agents.

Shop your local, independent brokerage!
Smaller and independent brokers are more likely to have a viable and lower cost MLS® listing model, since administrative, management and franchise fees are all lower for these firms and there are many good smaller brokerages here in Ottawa.

So if you believe that real estate commissions should be lower then don’t be swayed by corporate FUD and choose a lower commission or discount broker for your real estate needs. Many firms like ours are out there and offer some innovative service models that might work for you….so don’t be afraid to work with a non-name brand firm or affiliated Realtor.

To take advantage of our low cost programs for full service MLS® listings or buyer representation services, give us a call at 613-435-4692 or check us out online at the co-ordinates below. Excellent preseason listing rates of only 3% or 3.5% currently in effect.  The cash you are saving is your own!

(subject to change without notice, some conditions apply, not intended to solicit existing listings)

Gord McCormick, Broker of Record
Dawn Davey, Broker Oasis Realty Brokerage
613-435-4692 or mobile 613-371-9691
oasisrealty@rogers.com oasisrealtyottawa.com

One of the highest ranked and “liked” real estate pages on facebook:  https://www.facebook.com/oasisrealtyottawa/

Follow us on Twitter for “all the real estate news that’s fit to post”  https://twitter.com/OasisrealtyOTT

One of Ottawa’s best real estate blogs: http://blog.oasisrealtyottawa.com/

A full service, boutique brokerage with lower listing fees

Will it be a “balanced” market or a “seller’s” market in 2017?

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Lots of these in Ottawa January 2017
Listing inventory is trending down which may indicate a market favouring sellers
Listing inventory is trending down which may indicate a market favouring sellers

Though January is typically the lowest sales month of the year, (along with December) there are some very positive trends in the current market.

Strong residential sales in January 2017:
Unit sales have been trending up steadily since April 2016 and January continued that trend. Unit residential sales were up a solid 16.6% for the month and overall residential and condo sales were 8.6% higher than the 5 year average for January.  Condo unit sales were flat in January but did sell at a higher price than a year earlier.

Listing inventory trending down:
This is a key category and indicator of overall market activity. We experienced several years (2013-2015) of increasing inventory levels which led to a supply/demand imbalance favouring buyers.  Starting in spring 2016 this indicator started moving in the opposite direction and moved in to a balanced position during 2016. See chart:
https://public.chartblocks.com/c/5895b4b79973d295631e48dc via @chartblocks

January 2015 listing inventory is 15.2% lower for residential listings and 10.7% lower for the number of condo listings, compared to a year ago.
New listings in January were 11% lower than a year ago and condo listings for the month 4.6% lower.

Balanced market or seller’s market?
If we continue the combination of higher unit sales with lower numbers of new listings and total listing inventory, then we may see more pressure on buyers and higher prices and move more towards a seller’s market.  This is what can occur when demand outstrips supply and can be characterized by shorter selling times, higher prices and the existence of more multiple offers on listings.  We have not had sellers market conditions (except perhaps at a neighbourhood level) for 4 or 5 years now, here in Ottawa.

We have also had reports of strong sales from builders on new construction and inventory homes.

Prices:
Overall average prices are not leaping forward, as has been the case for the last number of years but the trend suggests this could change if supply limitations drive prices up.

Bottom Line:
This is a very important time of year for both buyers and sellers, as market activity grows on a daily and weekly basis from now through peak season in May and June, so it is a good idea to get one’s plans in place and existing properties ready to sell.

These overall numbers may not apply to all neighbourhoods, so if you would like to get an analysis done for your own property or area, feel free to give us a call or call your Realtor. 613-435-4692

Gord McCormick, Broker of Record
Dawn Davey, Broker Oasis Realty Brokerage
613-435-4692 or mobile 613-371-9691
oasisrealty@rogers.com oasisrealtyottawa.com

One of the highest ranked and “liked” real estate pages on facebook:  https://www.facebook.com/oasisrealtyottawa/

Follow us on Twitter for “all the real estate news that’s fit to post”  https://twitter.com/OasisrealtyOTT

One of Ottawa’s best real estate blogs: http://blog.oasisrealtyottawa.com/

A full service, boutique brokerage with lower listing fees

When should I list my Ottawa home or condo? (part 2)

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Should I wait until summer to list my house?

This is a question we often hear and the answer depends on the individual homeowner circumstances and objectives. Quite often the “best time to list” discussion is determined by other factors but here are a few items to consider in a listing and timing strategy:

Spring is King:
The April through June period is by far our busiest sales time here in Ottawa and our ratio of new listings to sales is also strongest during these months. Competition is also the heaviest then as well, so sellers with overpriced listings may not realize it until it is too late to react to market feedback.

February-March are great lead in months:
Open houses are full of buyers in February and March, so this can be a good time to be listing also.  If buyer feedback suggests listing tweaks there is time to adjust before peak sales season.

Don’t avoid listing in Summer!
Contrary to real estate myth, the 2nd best selling season is July-September based on monthly sales.  While one often hears that “real estate is dead” in the summer and “things pick up in the Fall/after Labour Day” this is totally inaccurate when one looks at monthly unit sales history.  So don’t avoid listing in July or August, because of this Realtor equivalent of an old wives tale.

Listing timeline most often tied to purchase:
Quite often the listing timelines are dictated by when one can find their “dream home”. This can rarely be preplanned, as it is subject to the whim of what becomes available on the market and a buyer being able to successfully secure a purchase on that property.
A key issue in the purchase of a property is always the sellers’ timeline and desired closing date, so one cannot always pick when their new home will be available.

Resale property vs new construction:
Resale properties are typically available within a 45-60 closing time frame. New construction is typically much longer (except for inventory homes or model home sales) with 4-6 month lead times or longer.  This can especially complicate listing timing for a new built home that is going to close in January-March which means selling an existing home later in the year which is the slower time for the resale market.

How long will it take to sell my existing property?
Most are enthusiastic and assume their palace will sell very quickly and at the price they expect and plan for. This is quite often not the case, unfortunately.  Just over 40% of new listings sold on the Ottawa real estate board during 2016-so a fast sale is by no means guaranteed.  In fact, the average residential property took 56 days on the market to sell in 2016 and the average condo 70 days.

What are the competitive issues that will affect my sale?
The level of competitive listing activity from resale homes and new construction will vary by area and time of year but obviously have a huge effect on when and whether to list. Overall inventory levels have come down quite a bit over the last year, so this may be a pretty good year to list compared to previous years, assuming we continue to see the slightly better demand level we experienced in 2016.

Can I list my property now for a closing in 6 or 8 months?
Most resale properties close within 45-90 days of a sale on average, so by trying to listing for a much longer closing, one is decreasing the number of potential buyers and hence demand and possibly market value.

How do I “time” the market?
If peak sales are April-June, does this mean one should list in April? Or get a head start by listing in March?  Most properties look their best in mid-May or June, once leaves are back on the trees and gardens start to bloom, but is this too late to be listing?
If one thinks in competitive terms: the first person to list has the advantage of being available to buyers in the market at that time but also has the disadvantage that those listing later will be able to price their listings knowing the listing price of the earlier listing.

Do I sell first or buy first?
Age old question which varies with buyer circumstances and both have their pros and cons.  A high % of buyers with existing homes typically find their new dream home first and then put the existing property on the market but it is not unusual for someone to sell first, particularly if planning to buy in a high neighbourhood.

Bottom Line:
There are many factors which affect the timing and marketing of a property and a Realtor is best equipped to consult on all factors specific to an individual property and neighbourhood.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or mobile 613-371-9691
oasisrealty@rogers.com
oasisrealtyottawa.com

One of the highest ranked and “liked” real estate pages on facebook:  https://www.facebook.com/oasisrealtyottawa/

Follow us on Twitter for “all the real estate news that’s fit to post”  https://twitter.com/OasisrealtyOTT

One of Ottawa’s best real estate blogs: http://blog.oasisrealtyottawa.com/

A full service, boutique brokerage with lower listing fees