Knowing when to sell your home can be a tricky thing. Besides meeting your own needs for timing, you want to make sure that your house is put on the market at time when it is likely to sell quickly for the amount you are asking for. Fortunately, right now is just such a time in Ottawa, as I will explain.
An important aspect of the housing market to consider is something known as inventory. Basically, inventory is the number of houses that are currently on the market at a given time, which can affect how quickly houses sell and how many offers each house receives. Ottawa is currently in a period of low inventory, but with a very high number of houses being sold. This means that houses are being sold very quickly, with relatively few being available at any one time. Ottawa’s current low housing inventory means that now is a very good time to sell, with chances being good that your house will sell faster and for more money than at times when the inventory level is higher.
Having a low inventory of houses up for sale means that it is likely that yours will sell quickly. This is important because, besides meaning you have to deal with the hassle of open houses and prep work, a house tends to sell for less money the longer it is on the market. By selling your house at a time when it is likely to sell quickly, you will save yourself time and stress while also maximizing the return on your investment. The reason a low inventory will lead to houses selling faster is simple. Firstly, there being fewer houses for sale means that people are more eager to ensure they get one, and they have less options to choose from. This drives up demand, which makes house shoppers more willing to buy quickly. Secondly, there being fewer houses on the market means that people have fewer potential houses to visit and consider, which speeds up the house hunting process immensely.
Having fewer houses on the market means that demand is higher, and this will lead to you getting more offers on your home. The more offers you receive for your home, the better, since competition between buyers will drive up the price they are willing to offer for your home. Having multiple offers also means that you have more flexibility when it comes to conditions and closing dates. Another, less tangible benefit of having more offers is that it reduces anxiety on your part. If you only received one offer for your home, you would be pressured to accept it since you were unsure when another one would come. Having multiple offers means that you can negotiate with potential buyers, safe in the knowledge that there are other interested parties if one offer does not meet what you are looking for.
The best time to sell a house is when you can be sure that it will sell quickly and at a good price. Fortunately, Ottawa’s current low house inventory means that both of these things are more likely. If you are thinking about selling you may want to act soon though. As time goes on and more people decide to take advantage of the low inventory, the inventory will increase.