‘Over-ask’ sales and ‘unconditional sales’ are happening less in Ottawa. You’ve probably heard.
Are you worried?
Keep reading, because we have some tips for you.
The market is headed towards one favouring buyers (and is already the case for certain real estate products, and in certain areas/neighbourhoods).
This shift is because of some or a combination of these factors:
✅ buyer fatigue (few years of dealing with a hot market, and buyers are feeling burnt out)
✅ affordability challenges
✅ uncertainty about changing financial conditions (like inflation, interest rate hikes)
✅ tightening lender criteria
[3 TIPS TO STILL WIN AS A SELLER]
1️⃣ MARKETING: Change property marketing strategy – for example, price property at a price that you would like and instead of holding offers, ask for a 24 hour irrevocable.
2️⃣ UPDATES: If it’s possible to do minor repairs and upgrades to make the home more attractive to a larger buyer pool, do that.
3️⃣ FOLLOW UP: Ensure there is a follow up process to contact buyers that have seen the property. Obtain feedback and follow up on interest. Buyers may need to be assured especially after hearing of or even going through a market that wasn’t forgiving to them.