The April resale market in full bloom

Members of the Ottawa Real Estate Board sold 1,570 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,419 in April 2014, an increase of 10.6 per cent. The five-year average for April sales is 1,531.

"Despite the late departure of the cold weather this April, buyers were out in full swing, propelling the Ottawa resale market into a busy spring selling season," says David Oikle, President of the Ottawa Real Estate Board. "Sales continued their steady pace upwards since the beginning of the year, with 362 more properties sold this April over March."

April's sales included 258 in the condominium property class, and 1,312 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"The average cumulative days on market has improved even more in April, coming in at 74 days, compared to 83 in March," says Oikle. "Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May."

The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 2014. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

"Several price ranges this month saw significant increases in units sold; a possible explanation for the residential average sale price entering the $400,000 range," explains Oikle. "The $400,000 to $450,000 range saw an increase of 37.3 per cent; while the $500,000 to $750,000 range saw a 25.4 per cent increase. Two-storey and bungalow residential properties remain as the top selling property-types in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 283 properties in April, and 876 since the beginning of the year."

This information is provided from the Ottawa Real Estate Board 

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Moving Tips - The Challenges of Moving in Ottawa

Buying a new home in Ottawa is exciting. But, the process of packing up your belongings and moving from one home to another is usually less exciting. Moving can be stressful, but it doesn't have to be.

Real estate professional Marnie Bennett offers some tips on how to make your move to your new home as stress-free as possible.

Pick the Day Wisely

A lot of people choose to move on a weekend, particularly on a Saturday. While a weekend move makes sense, as you'll likely be off from work, it can actually be an inconvenient time to move. A lot of businesses, such as your bank or the post office, are closed on weekends or, if they are open, close early those days. If you have a last minute issue that requires urgent or personal attention, you likely won't be able to get to those businesses during a weekend.

It's also usually less expensive to move on a weekday than on a weekend. If you're using professional movers, they might charge you less to pack up and transport your possessions. If you're renting a van, you might pay a lower flat fee or less per-mile rate on the weekend.

Lists and Labels are Your Friend

If you have ever said "I must have lost it in the move," you have probably learned the hard way that creating a list of your possessions and labeling each box clearly can help you considerably. As you pack the items, record in a notebook or on a spreadsheet what goes into each box. Number the boxes and assign the numbers to each list. It’s also a good idea to write on the outside of the box the room in which the box is to be placed.

Give Yourself Plenty of Time

Even if you have a small home, you will want to give yourself a few weeks to pack up your items. Start packing items you use infrequently and start three or four weeks before the move. You don't want to leave everything for the day before, as things are likely to get lost or broken if you rush to pack.

Gather Supplies

When you're moving to your new Ottawa home, almost invariably you will need more packing supplies that you thought you would need. It is frustrating to run out of boxes or tape or newspaper (for wrapping fragile items) when you're in the midst of packing up a room. Moving supplies are available at an array of places. If you're on a budget, you can find moving boxes for free by asking politely at a liquor store or a supermarket. People who have recently moved will sometimes offer their boxes for free on Craigslist or other classified websites.

Trimming Your Possessions

Moving gives you a great opportunity to trim your clutter. You probably don't want to pay to haul items you'll likely never use again. As you pack, take the time to purge yourself and your new residence of items you don't need, such as toys your children have outgrown, books you know you won't read again, and broken objects which you will probably never get around to repairing. You can either donate or discard these items. What is really important though is that you don't bring junk into your new Ottawa home and start the clutter all over again.  Some folks simply leave what they don’t want behind – BUT this is neither a considerate, polite nor recommended course of action as how would you like it if someone left your new home filled with their old garbage?

Last Minute Packing

There are some things you will want to hold off on packing. Keep any important documents, such as your passport, closing documents, valuables and any personal papers with you while you move.

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Don’t curb the curb appeal!

The importance of landscaping your new home

The first time you pull up in front of your newly completed home in Ottawa, you should be dazzled. Here it is – your carefully selected architectural model, brick, trim colours, front porch – exactly as you wanted. Welcome home, indeed!

The good news is that your home’s curb appeal is only going to get better. How? Well, the one aspect that usually remains to be completed is the landscaping. (The exception here is for condominium properties, which tend to include full landscaping and lawn maintenance.) Most of you will be met with a nice green lawn and, often, the single planted tree that many builders include among their standard features. That’s a great start – but it’s only a start!

Now, I’m not recommending that you go over-the-top in terms of money or style. Gazebos and waterfalls are lovely, but simple gardens can be just as beautiful. Trees in particular are one of the best investments you can make: they increase in value every year until they reach maturity. Trees add beauty, shade and a sense of neighbourliness to your Ottawa home and the whole community – just think how dramatically a streetscape is changed when a big oak or maple is struck down by lightning. As an added benefit, large shady trees can decrease both your air-conditioning costs in summer and, acting as a windbreak, your heating costs in winter.

 

When selecting a tree, talk to an expert at your local nursery. They’ll help you decide on the right tree and the proper location, taking into account such variables as your home’s exposure to sun and wind, the size of a tree’s root system and the amount of upkeep necessary.

Keep in mind, you don’t need to have a green thumb to have gorgeous gardens. Again, rely on your nursery experts to help you choose low-maintenance plants. Planting perennials (plants that return each year) is one way to reduce labour. If you time it right, you can often pick up incredible flowers, shrubs and ornamental grasses for half-price towards the end of summer.

The love you give your lawn will not only increase your enjoyment of your home, it will also pay off years down the road when you put your home in Ottawa on the market. Take it from me: great landscaping can dramatically increase interest from buyers, and can definitely boost your asking price. So get out there and get your hands dirty!

 

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First Time Sellers: Things you need to Know

Did you find the process of buying your first home daunting? Were you are overwhelmed by the end of the whole buying process? Now that you are getting ready to sell your first home, you might be skeptical and not that excited about the whole selling process because of your prior experience. Also, the Ottawa real estate market looks complex and the rules of the market have changed over the past few years. However, by hiring a good realtor and following the tips given below, you can easily sell your home.

Believe in Yourself

Many Ottawa home owners have been involved in the selling process. You might have even bought your home from a family who used to live there. Remember to have faith in yourself. If they can survive the process and live to tell the tale you surely can to.

Set a Goal

What are you looking for at the closing? A bigger check or a higher selling price? Remember they are not the same. Not only do you have to look at the selling price but you also have to look at the terms and have a good realtor on your side.

Changing Times

The real estate market in Ottawa has changed over the past few years. Purchases and Sales through the internet are now common. Along with this you also have to provide disclosure forms to the buyer, get a home inspection and deal with the line of brokers from many potential buyers. It is therefore important that you have decided on all aspects of your sale before you put the house up for sale.

Clean Your Home

Just imagine going to a grocery store and finding fruits and vegetables thrown together in a large box. Not a nice picture right? You like your fruits and vegetables neatly lined along the shelves. This is why you need to keep your home clean and everything should be placed in an organized manner. Buyers will not be happy to see a mess home with clothes falling out of the closets and doors creaking with every move.

Fix instead of Hiding

Home inspections are now very common. It is to help buyers from being duped. As a buyer you expect everything to be perfect therefore it is your duty as a seller to make sure that you have taken care of all the issues in the house that would put you off from buying it. Even if a buyer is not able to see any technical faults, a home inspector will see them easily.

Current Market Trends and Rivals

Contact your local Ottawa real estate agent when you decide to sell your home. Your agent will explain the current trends of the real estate market including what type of homes are in demand these days and how you should price your home according to those trends. The realtor will also help you understand that your property will face competition and how to make the best of the competition and come out on top.

If you are selling your house for the first time there are many things that you need to look at. There are 185 steps in the home selling process. Just putting up a sign and an ad in the real estate section of your local Ottawa newspaper is not enough. Talk you your real estate agent today and sell your home without fast, for top dollar and with the least amount of hassle.

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Mistakes to Avoid When Selling a House

Do you have a house in Ottawa that you’re trying to sell? Are you trying to do it on your own or have you hired your relative for the job? In either case, it would be a good idea that you hire a proper real estate agent to sell your house. At Bennett Property Shop we help you avoid the common mistakes that can decrease your profits from the transaction.

It is important that you keep a close eye on the market at all times. You might get good money when you sell the property when the market is strong, but your profits will be used up in buying the new house. If you sell your house when the real estate market is not that strong, you will see that you can get a better price on your house when you add in some renovations and make it appear better in comparison to what the market has to offer. However, it is better to wait for the market to improve.

Your house should be priced according to current market trends, not according to what you think it is worth. If you have over-priced your house even slightly, people will reject it in favour of bigger houses that are available in the same price. At the same time, people who could afford your house at market rate would not even look at it because you have it priced out of their range.

You do not want to be one of those sellers whose house is on the market for a long time. By charging a bit more than the market, you could be delaying sale and in turn ruining your chances of getting full price. If your house is up for sale for more than a month do something! Talk to your real estate agent and review the price, make repairs or add improvements and incentives for buyers. Do not forget to hold an Open House to announce the changes.

Never ask a relative to sell your home under any circumstances. It is possible that you might end up selling it for less and after a prolonged duration. When you hire a real estate agent, do not forget to sign a contract with them with a guarantee of performance.

You should avoid telling exaggerations that would attract buyers but would disappoint them when they see the house. Try to keep a well maintained yard so that buyers are attracted. Keeping the inside of the house clean is a no brainer and something that should be done at all times. Make sure you are done with all the necessary repairs and that everything is squeaky clean.

You should avoid these costly mistakes and hire a good real estate agent in Ottawa to help you sell your house as soon as possible.

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Moving Costs- Things to Think About

When you buy or rent a property there are a lot of things that you need to consider. Down payment, mortgage costs, and moving costs are all a part of the homebuying process. Moving costs are related directly to the time and money that is required when you move to a new place.

Renting or buying real estate in Ottawa is easy if you have a good real estate agent. The move from one living space to another can be costly. But if you are buying a house, it would be a onetime move as you would not be changing houses that often. If you are renting a new property then you should consider the costs that are involved with the move.

What Do You Own?

It does not matter where you are currently living, even if it is in a studio apartment, there are furniture and appliances and many other things that you will want to take with you to your new house. Most of the things that you own can be boxed easily and transferred to your new place through your car. It is however difficult to fit your bed or the sofa in any standard vehicle that you or your friends own.

For things like these, you will either have to hire a moving company or rent a truck. If you have delicate and breakable pieces of crockery or decoration, you will have to pack them carefully. The extra padding around each piece means that you will have to use a bigger box. In turn, the box will take more space in the car and you will have to make more trips. The best way to avoid this unnecessary hassle is to hire a moving company or rent a truck.

When to Move?

When you are moving from one rental apartment to another or to a new house, you will probably wait till the last day before you leave your rental. If you wait till the last day, you’ll just have that one day to clear the apartment or house out..

This is not enough time to move. If you are moving your belongings on your own, you will have to make frequent trips to the new place making it exhausting and time consuming. Not to mention the amount of money you will spend on gas. The process of moving is stressful and requires time and money. You have to first pack and then unpack everything. The time of packing and unpacking will depend directly on the number of things that you own.

Other costs that can be included in the moving process are miscellaneous costs that you would usually not consider. Boxes, packing tape and bubble wrap will also cost you some money. You will also have to pay different utility companies when they set up equipment in your new place (if your house is brand new).

Be sure that you are ready to cater all these costs when you look for real estate in Ottawa.

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Things to Think About When Building a Custom Home

Most aspiring homeowners or those that are looking to move into a new home are usually limited to already built houses. These houses are generally more affordable because the condition of the house depreciates, however they may not appeal you.

If you’re fed up of searching for the perfect home, then you should consider building your own house. For most, building a custom house may not seem easy.

Here are a few things that need to be considered when building a custom home in Ottawa.

•             The location of the property is very important when building a house. One of the biggest factors to consider is the location of the property because it affects the cost of construction in many different ways. The distance of the house from prime locations, the neighbourhood it is a part of, the monetary value of the land, and the demographics of the neighbourhood are all factors that contribute to the cost of the house.

•             Building regulations is another important factor that affects the construction of the house. Zoning regulations differ from one town to another. It is important that you first collect all the necessary information and check what type of conservation method is used. You should first research these factors and see how they will affect the construction process.

•             Paperwork may seem tedious and time consuming; you might also think that some of it is useless. But, it is very vital that you look through all the paperwork regarding the characteristics of the land, deeds, sales price, and other information about the city or the municipality. You should check Ottawa real estate regulations of the city and municipality.

•             Financing a house can be tricky. Make sure that you check with different lending institutions and see what interest rates suit you the best. Also, plan the entire process before you ask for a loan. You need to know what jobs will be performed to improve the home like roofing, plumbing, electric, foundation and many more. In addition, you can alter construction costs depending on what your requirements are.

•             Once you have evaluated these factors and decided that building a home is feasible, see if you want an architect. You may avoid hiring a separate architect because most home builders have plenty of blueprints to choose from. However, an architect cannot only design the house according to your liking but can also help you understand the costs and engineering techniques involved. Yes, the cost of the architect will have to be included with the other costs and may increase the overall loan that you will apply for, but it is generally a better investment for those that can afford the added cost.

•             Once the architect has designed and given you a complete understanding, you have to hire a builder. There are plenty of talented and well reputed construction companies in Ottawa that specialize in building homes. It is up to you to understand and research the different builders in the market and find a trustworthy company that does quality work.

Building a house or buying one is not an easy task. You have to consider many aspects before you buy a home in Ottawa. It is important that you stay patient because building a house is time consuming. However, the resulting house is usually worth the wait and is exactly what you dreamt of.

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How to Stage Your Home: Choosing the Right Furniture

When you are ready to sell your house, you have to look into certain aspects. Staging a house may seem as simple as decorating or cleaning, but these factors should not be taken lightly because they will help potential buyers see how warm and loving the house is. Ottawa real estate agents may ask you to place furniture in a more strategic manner. Staging a house is all about getting your home ready for the debutant ball. You have to make sure everything is perfect.

The first thing you have to do is get rid of all the clutter you have lying around the house. If you buy new furniture, make it a replacement for existing furniture. Adding furniture and not getting rid of its older counterparts can make the house look smaller and crowded.

You should also try to avoid placing the furniture against the wall. It is a common misconception that placing the furniture against the wall will make a room look bigger. Position couches and chairs in groups so that you can move around the room and converse easily in groups.

Experiment your home’s décor by moving furniture, decorations, and art pieces around different rooms. Your living room and drawing room furniture can be shifted easily from one room to another. That nice coffee table in your living room may look even better with a couple of chairs in the drawing room, library or study room.

If you have a corner or a room that is seldom used and you use it mostly to store things, repurpose it. Adding a few pieces of furniture and organizing the junk that is lying around may go a long way and increase the offers your home generates.

The lighting of a staged home is very important. It gives a very warm and welcoming look. Make sure that the lights are working properly and that there is at least one light every 50 square feet. If you have just one fixture in a big room, add in other types of lights such as lamps.

If you have a small room, paint it in a colour that makes it look bigger. Use light colours, paint the dining room and kitchen the same colour if you can. If you still are not satisfied with the staging you have done, hire a professional home stager with the help of your real estate agent in Ottawa.

A perfectly staged home can be the forum for a successful open house. Ensure that you follow the tips mentioned above to appeal to the home buyers that view your home. Satisfying more than a few of them may even open up a bidding war between the buyers and you may earn more for your home than its appraised property value.

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