Ottawa Real Estate has been a great success this year and even as I'm writing this people are looking for homes on Christmas Eve. Since the inventory is low here in Ottawa, when a house pops up on the market Buyers want to see it immediately and if its meets their needs - offers are presented and most of the time its multiple offers.
Multiple Offers are great and financially profitable for Sellers but Buyers beware and be sure that you are really in love with the home and it does have value before offering too much. I had a situation the other day where my Buyer wanted to put in an offer on a 1200 sq ft town house near Centre Ottawa asking price was $375K, since there were multiple offers we did a pre-inspection; offered $383,700.00 - no conditions - and we were the second highest offer. We were asked if we could do better and my Buyer offered $393K and still we were in second place. The first offer was unconditional at $425K. WOW!
Was the Buyer dissappointed, of course, he was but as I told him - $393K was an excellent offer for the property and going any higher would be unadvisable since it needed a new roof and needed to have some updates done. Today, we found a better, bigger place, location not as good (proximity to downtown) but he's happy and paying only $319K. So sometimes in the passion of things, people end up paying more than necessary for a property. Buyer Beware!
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