With the market heating up in Ottawa you may be like a number of buyers, asking questions like;
“How can we get a great deal?”
“Can we get a home without competing in multiple offers?”
“Are there any deals that aren’t a dump?”
Today I’m here with the good news, the answer is YES!
While the media loves a good hype, the truth is at the height of our Sellers Market we are still only seeing 1 in 5 homes selling for more than asking, and many that don’t make the headlines are going for a steal.
Strategy #1 | Watch and Wait
This strategy works best if you have a good idea of a neighborhood or are you want to live in. When your clear about the zone, you can start to research the typical properties in the area and learn what each type tend to sell for.
You’ll watch dozens of homes come on the market and sell in the area, visit the open houses, review the photos online and watch to see what price they sell for.
This level of knowledge allows you to MOVE with purpose when the RIGHT home at the RIGHT price becomes available. Knowing the market like you do, it’s obvious when a well priced home becomes available and you can purchase it right away.
This is the leading strategy REALTORS® use when purchasing their own homes.
Strategy #2 | Days on Market
If you’re not the waiting kind, there are great deals on the market right now. We know them in the business by their Days on the Market (DOM).
They have been for sale for a looooooong time.
Often because the seller had an inflated opinion of the value of their home, often attributed to the emotional memories rather than physical value.
There is a sweet spot, about 3-5 weeks before the home comes off the market, before the sellers resign themselves to remaining where they are, that they will most likely entertain final offers that are well below what they had considered selling for.
Strategy #3 | Price Drops
While there are many factors that affect a homes sale, the easiest for sellers to control is the price they are asking. It’s frequently simpler than fixing the issue that most potential buyers have had with the home, and causes a flurry of activity.
If you’re watching the market for price drops, you can time the right property and snap it up when it’s comes down before anyone else.
Strategy #4 | Relists
Like price drops, a common strategy for selling a home is to cancel the listing and then re-list it (often at a lower price).
When you see the same property pop back on the market this is a strong signal that the sellers have done some work to the property or lowered the price and are now highly motivated to get it sold.
Strategy #5 | Fast Closings
Most of the time the closing date on a property for sale is negotiable and flexible, but from time to time a seller is motivated to get the deal done fast and allows their agent to share that information.
It’s such a good indication to real estate deals that we maintain a weekly list of Fast Closing properties like these for our investors to consider.
“Motivated Seller, looking to Close Fast!” = A GREAT DEAL
If you’d like to discover more of the strategies we use to get our buyers great deals give us a call 613-788-2113 and we can arrange a private, no obligation, no commitment consultation to discover the strategies that will realize you real estate dreams.
| Home Team Ottawa ~ Over 1800 Homes Sold
| Direct – 613-788-2113
| Sylvie Bégin* & Bill Meyer**, Team Leads
| Keith Bray**, Reed Allen** & Elizabeth Stokely**, Buyers Team
| Keith Bray**, & J.P. Gauthier**, Listing Team
| Maria Roldan**, & Quinn Goodwin**, Support Team
| RE/MAX Hallmark Realty Group, Brokerage
Independently Owned and Operated
| Office ~ 613-236-5959
| WEBSITE: http://www.HomeTeamOttawa.ca
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