Embrun Area Real Estate - 2014

Embrun Area Buyer’s Market and What You Can Do About It

 

There is a lot of inventory on the market right now in the Embrun, Russell, Limoges and Casselman areas. Some houses have been on the market for a few months now, many have dropped their prices. Then, suddenly, a new house will appear and BAM it is sold in less than a week. So, what is going on?

It’s a buyer’s market folks, that’s all there is to it. Buyers who have the time and the budget are biding their time, just waiting for that right property. We’ve been seeing properties go up and create a multiple offer situation, which sometimes results in a bidding war.

We’re nearly at the half-way point for 2014, so let’s look at how the numbers are working out according to the Ottawa Real Estate Board.

 

Area

Jan-May 2013 solds

Avg Price

Jan-May 2014

solds

Avg Price

Embrun

38

320,275

32

321,177

Russell

25

314,462

32

300,917

Casselman

19

247,047

14

250,839

Limoges

29

280,597

23

295,539

 

As you can see, most of the areas are either up in number of sales and down in average sale prices, or the reverse. The professional agents here at EXIT are starting to see more buyers come to the table, but as we stated earlier, many of them are holding out for their dream home that fits into their budget.

 

If you are a seller, what can you do about the current buyer’s market? Talk to your real estate agent about changes you can make to your property to make it more appealing to buyers.

 

Price reduction

Sit down with your real estate agent and crunch the numbers with the realistic comparable properties in your area. What do we mean by realistic? Sometimes, properties can sell way above market value and throw off the average. If you saw one property sell $15,000 higher than some similar ones, it shouldn’t necessarily be counted as a realistic comparable. You can also never be sure of the upgrades that have been put in to a house that from the outside looks the same as yours. For example, a finished basement, a different location or larger lot can add value fast.

 

Upgrades or staging

Sometimes an upgrade can make your home more appealing. A few coats of paint over one weekend can visually transform a house. Our agents can tell you where to start and help you make sure that you are not putting too much money into a house you plan to sell. Staging is also a viable option to consider. EXIT Realty Matrix is more than happy to recommend a stager for your home.

 

Talk to your agent about the feedback your home has been receiving, this can really give you an idea of what you need to work on.

Remember, the professional agents here at EXIT Realty Matrix – Tessier Team are just a phone call away. Whether you are looking to buy, sell or just have some general questions about the market conditions in the area, we are happy to help!

 

To view more information about the current Ottawa real estate market, visit the latest report from the Ottawa Real Estate Board (OREB) by clicking here.

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