Buyers are out there, but they’re nervous about making an offer because of the confusion surrounding the real estate market. With all the differing opinions and viewpoints on the economy, it’s a little difficult to know which news is the right news. Saying things are better here than south of the border doesn’t necessarily make people feel any better; things are so bad there that there’s really no comparison!
What Buyers need to be aware of is that the spring Real Estate market is traditionally the strongest for activity in Ottawa and this year won’t be any different, in fact, it may be very strong! When you factor in unbelievably low interest rates, strong immigration, realistic housing prices, home buyers credits galore and a strong job market, we’re already seeing the effects of the government stimulus. It’s still a balanced market and perhaps it’s swung towards a little more of a Buyer’s market; but that can change as the First Time Home Buyers start flooding the market, as they’re expected to.
There are many benefits to this balanced Real Estate market but it’s still essential that you do your research and gather knowledge. Working with a local REALTOR®, whose expertise and experience can interpret and guide you through the information, can be essential to your success in buying a home that is right for you in this changed market.
Planning is one of the keys to making the home buying process easier and more understandable. With research and planning, you’ll be able to anticipate requests from lenders, lawyers and other professionals, and you’ll move more easily through the home buying process. You want to also be working with a REALTOR® who will provide you with valuable contacts in the Ottawa real estate market.
Whether or not you are one of those First Time Home Buyers or a person moving up or down the property ladder, you need to ask why you want to buy. Do you need to move, or is buying an option and not a requirement? What property features do you want that you do not have now? Do you have a purchasing time frame? Do you want to live in Kanata or Orleans? With all the tax breaks available, is a property in need of a bit of fixing up a better bargain?
Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define and achieve your real estate goals.
Once you get an idea of what you want in a home, it is very helpful and practical to talk to an experienced REALTOR® who knows the local markets, current market conditions and the many facets of the complex business of real estate. A representative can answer your questions, give you a realistic picture of the market and help you clarify your real estate goals.
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