Multiple Offers - Ottawa Real Estate is certainly a Sellers' Market. This evening I came in second in a multiple offer situation and I didn't lose by $1K or $2K, there were 3 offers, one came in at asking price with one condition, the 2nd (mine) came in at $14K over asking - no conditions and the winner was $25K over asking no conditions. Was my Buyer dissappointed? You betcha ya. Did I think that he lost - No. Even though the house did meet all his requirements, $25K over asking was just to much for this particular house. Location was great, square footage was good, layout was good, view was excellent, the kitchen was dated, flooring needed updating.
As real estate agents, its our job to protect our clients - not to just sell real estate. The search continues and I know that another one will pop on the market and we will secure the sale. Still it was a frustrating experience for both of us. Back to the drawboard or MLS - we will find another one and I'm sure we will be able to secure it.
Lesson learned: Buyers be cautious but don't overpay.
What Buyers hate about Houses:
1. Odors are the number one on the home selling list. 
2. Dogs that meet buyers at the door (some people are frightened or have allergies).
3. Dirty Bathrooms are an instant turnoff.
4. Dimly lit rooms - replace dim light fixtures, remove heavy drapes, let the light stream in.
5. Busy Wallpaper - wallpaper is something that is so personal not everyone likes it.
6. Damp Basements - throw up a red flag to Buyers.
7. Bugs (Yuck)
8. Poor Curb Appeal - That's the first impression - make it look good.
9. Gutters with plants/grass growing out of them - might be causing #6
10. Sellers who stay in the house during a showing - Buyers feel awkward and leave quickly.
In summary, do the work before you put your house on the market
Ottawa Real Estate - I want a bargain - Yes, you do but a bargain doesn't always mean the same thing to everybody. Yesterday, I was shopping with a Buyer for a condo townhouse and he said "I want to find something cheap but in excellent shape" Well, I replied, that's what you want but cheap and in good shape don't go hand in hand. You might find a TLC at a bargain and even at that - it might not be such a bargain because in today's Ottawa Market it a Sellers Market.
If you want something in good shape with upgrades, you might have to pay fair market value or even a little more because there are so many Buyers out there looking for the same thing and so little inventory. After explaining the different markets i.e. Buyers' Market, Sellers' Market and a Balance Market, my Buyer understood that a bargain in good shape might a little difficult to find.
And Sellers, just because its a Sellers' Market, kindly make your property presentable. Remember the better it looks the more Buyers you will attract and you might get multiple offers. Work with your real estate agent - its a partnership.
Ottawa Real Estate is hot and properties are selling like hot cakes but remember this is not a reason for Buyers to pay more than the fair market value. For sale by owner properties are popping up like weeds and everyone wants to make a huge profit but Buyers, please beware that the only person that will help you in determining whether the FSBO property is worth the asking price is YOUR REAL ESTATE AGENT.
The Sellers are trying to make as much profit as possible and how did they determine the asking price. Were they able to do a Comparative Market Analysis? Probably not, they assumed that because the house down the street sold for $$$ then their house is worth $$$. Each house is as different as people. a Prices are established based on location, condition and upgrades.
FSBO properties are usually overpriced because the sellers do not have all the tools necessary to do an evaluation. Buyers think that because its a FSBO that its a bargain - not so. BUYER BEWARE! Protect your money by using the services of a professional.
Ottawa Housing Market is just booming and if a house stays on the market longer than 10 days - its either overpriced or its condition isn't appealing.
I have a couple of Buyers looking to purchase a townhouse and we missed one by 'THAT MUCH' so we are still looking. On Sunday, we visited a comparable home but even though the layout was good, the house hadn't been cleaned and to look at someone else's laundry is certainly not appealing.
So, we are still looking of if someone was a very nice, clean, 3 bedroom townhouse (freehold) in the Orleans, ON area, please let me know.
Ottawa Housing Market is sizzling!
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Love to work with Buyers and Sellers of all ages. My goal is the give you the best customer service possible. Meet all your needs and end up with a satisfied client and a friend. Did you know that
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