Buying in a Seller’s Market

You may have heard over the past few months that Ottawa is in a ‘seller’s market.’

In short, a seller’s market means that the current real estate market is more appealing to seller’s than it is to buyers. 

What is a seller’s market?

In more detail, a seller’s market means that there are very few houses for sale, and a lot of interested buyers. This means seller’s can ask for higher prices on their homes, more conditions, and be pickier about who they decide to work with. Buyers, in contrast, will be competing amongst plenty of buyers who may have higher budgets or more room to work with in terms of conditions, closing dates, and more. 

So if you are a buyer in a seller’s market, what do you do? 

First and foremost, you’ll want to make sure that you are aware of what is going on in your specific market. You’ll be able to find this information posted monthly on our website and learn more in our monthly newsletter and on Instagram. We break down the individual neighbourhoods in Ottawa to make things as easy as possible. 

Get pre-approved AND consider your budget.

You don’t only want to know your maximum spending power, you’ll also want to know how much you’re actually willing to spend. Considering closing costs, lawyer fees, moving costs, and more will be a big indicator in how much you’re really happy to spend on your new home. 

Be prepared to act fast.

Because you have so much competition, you’ll want to be ready to act as soon as you find your dream home. Your Realtor should assist you in being totally prepared to make an offer as soon as you find the home that is right for you - because timing is crucial!

Speaking of offers, you’ll also have to be prepared to make a strong one.

In a buyer’s market, sellers may be concerned about being the most appealing, and may choose a flexible closing date, limited conditions, and more. In contrast, because we are in a seller’s market, you will have to be the one who is flexible! Seller’s are traditionally looking for more than just money, they want a smooth process that fits with what they’re looking for - it needs to fit their needs. Seller’s may want a longer or shorter closing time, or certain conditions in place (or not in place). For example, if you want to make it conditional that you sell your current home before the sale on this new one goes through, a seller may be more inclined to go with a more solid offer. All of these things will be dependent on the seller, and your Realtor can help you explore all your options. 

You’ll have to be ready to adapt.

Unfortunately, you may not get your first choice, or even your second choice! You will have to keep looking and be ready to consider all types of homes and perhaps different neighbourhoods. Work with your Realtor to decide what is really non-negotiable in your dream home, and what can be adapted to or changed once you move in. Ideally, you’ll get everything you want. But realistically, you’ll need to be ready to make changes and exceptions.

Our real estate agents at New Purveyors in Ottawa are prepared to fight for you and what you’re looking for in your dream home! Even in a seller’s market, we’ve seen incredible success in finding our clients exactly what they’re looking for. Feel free to email, call, or stop by our office any time to chat and get to know us.