Selling A Home In Ottawa FAQ
How do you sell your home in Ontario?
In order for you to sell your home in Ontario you must find a buyer to pay you your desired amount of money in exchange for the title of your property. This requires a lawyer to transfer the title.
To maximize the amount realized on the sale of your home, there are 3 key components:
- Know the market and set a strategic asking price for your home. The real estate market is fluid and constantly changing. It’s best to know current market pricing and trends to set yourself up for the best possible price and terms for the sale of your property.
- Make your home as attractive as possible to potential buyers. This includes cleaning, decluttering, small repairs, and staging.
- Market your home to the largest amount of qualified buyers. Private sales sometimes make sense, but it’s often wisest to advertise your home to as many buyers as possible to attract the highest bid for your house.
A licensed real estate agent can help you with these important steps and help you negotiate the best deal possible.
When selling a house in Ontario what are the costs?
There are a variety of costs when looking to sell your home in Ontario.
Sometimes it makes sense to invest a little bit of $$$ in preparing your home for sale before you list it on the market. At LIFE, we look for opportunities to get the “best bang for your buck” and remove potential buyer objections ultimately getting you a higher net profit post-sale.
Real estate agent costs vary depending on the level of service they provide. For a full-service brokerage to help sell your home, it is common for brokerage fees to charge 4-6%. You also need to budget approximately $2,000 CAD for legal fees.
How long does it take to sell a home in Ottawa?
Provided that you have properly positioned yourself with the 3 key components mentioned above (ask price, property condition, & marketing) in the current market homes are selling in 30-45 days (As of May 2023).
Will Ottawa house prices drop?
If the Bank of Canada decides to further raise interest rates it is possible for home prices to fall even further from their peak in early 2022.
Most industry sources however anticipate that any such price drops will be short lived and prices are expected to resume their steady appreciation mid 2023 and onwards.
Should I sell my house in 2023?
Here at the LIFE Real Estate Group, we believe owning real estate is a fantastic long-term investment decision.
The reality is that every Canadian family and individual needs a safe place to live. We encourage our clients to purchase and hold real estate long-term. For this reason, we generally wouldn’t suggest selling your home unless there is a good reason to sell. In particular, if you have been considering selling and moving to a larger (more expensive) property, then it may be beneficial to take advantage of the reduced prices.
The value of your current home might be a little lower than last year’s price, but the home you would be moving to will likely have gone down in price by an even greater dollar amount.
We encourage you to talk to our team to see if this might be the right timing for a strategic move.
What is the best month to sell a house in Ontario?
The spring months from March to June are historically the busiest months of the year and have the most amount of real estate transactions.
This makes sense because people don’t generally like to move in the winter months. While it is true that there are more buyers in the spring months, the same is true for the number of active sellers.
Other homeowners will choose to list their homes in the same spring months creating greater seller competition. Sometimes it can be advantageous to be among the few sellers in the off-season. As a result, we don’t believe there is a wrong time to sell your home. It is more important to determine what season is right for you and your circumstances. Our team can help you navigate any seasonal market in which you choose to move.
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