June 2024 Newsletter
June was a great month for the team, with plenty of time outside enjoying the great weather, team building activities, and some exciting new listings.
RE/MAX Softball Tournament
The team had a great time at the RE/MAX Hallmark Softball tournament. Our team won second place!
Reed’s Ironman
A huge congratulations to Reed for completing his second Ironman! This year’s course was extra difficult, with cold weather and torrential downpour. We were cheering him on watching his race through the online tracker and were so excited to celebrate with him on his return!
Check out some of our new listings!
For Sale - Two Bed Two Bath Spacious Condo
For Sale - Two Bedroom in Heron Gate
Real Estate News
Interested in hearing more from our agents about real estate? Let’s dive into some of our top blog posts this month:
Common Seller Mistakes
Selling a home in Ottawa can be rewarding but challenging. Avoid common pitfalls to ensure a smooth transaction and achieve the best price. First, don’t overprice your home; work with a knowledgeable agent to set a realistic price based on comparable properties. Next, address necessary repairs before listing, as neglect can deter buyers. Invest in professional photos to attract interest. Declutter your home to help buyers envision living there, and enhance curb appeal to make a strong first impression. Avoid being present during showings to make buyers comfortable, and be flexible with showing times. Set realistic timelines, stay objective, and keep your home clean to maintain its appeal. By preparing well and working with a real estate professional, you can enhance your home's appeal, attract more buyers, and achieve a successful sale.
Closing Costs
When selling your home in Ottawa, closing costs are crucial yet often overlooked. Proper budgeting for these expenses is essential to avoid financial surprises and ensure a smooth closing process. Many sellers mistakenly think closing costs are minor and fixed, but they can vary significantly based on factors like sale price and location. Typical closing costs include legal fees, real estate commission, mortgage discharge fees, title insurance, property taxes, and adjustments for utilities or condo fees. If affording these costs is a concern, consider negotiating with the buyer or using sale proceeds to cover them. Accurately estimating closing costs involves consulting with your real estate agent and lawyer to get a detailed breakdown. Being informed and prepared helps ensure a seamless transaction. Regular communication with professionals can help you address any issues promptly.
Commute Accessibility
Ottawa offers diverse commuting options, including robust public transportation, cycling paths, and well-planned infrastructure. Calculate commute times using tools like Google Maps or test the routes during peak hours. For managing longer commutes, consider flexible work hours, varied public transit use, or carpooling. Research neighbourhoods for proximity to downtown and transit hubs. Also, consider the walkability and availability of essential services and amenities. With careful planning, Ottawa’s infrastructure and neighbourhoods provide ample options for manageable commutes and a balanced lifestyle.
Discover the hidden world of off-market real estate with Knokd! Did you know that 1 in 3 properties are shared off the public market as "Coming Soon" or "Exclusive"? Gain access to this exclusive inventory and elevate your home search or listing strategy today!
Knokd offers personalized approaches tailored to your needs, providing targeted and discreet exposure for listings before they hit the open market. Say goodbye to one-size-fits-all listings and hello to a customized real estate experience.
Ourboro
At New Purveyors, we're excited to introduce Ourboro's co-investment partnership—a game-changing solution to expedite your path to homeownership. By co-investing with Ourboro, you can secure a 20% down payment without additional debt, gaining access to expert guidance and a competitive edge in the market. Contact us to learn more and unlock your dream home sooner!
Neighbourhood Monthly Statistics
In June 2024, 1,439 homes were sold through the Ottawa Real Estate Board's MLS® System, showing a slight 0.1% increase from June 2023. Year-to-date home sales reached 7,109, up 4.2% from the first half of 2023.
Despite this growth, June sales were still 7.5% below the five-year average and 13.2% below the 10-year average. OREB President Curtis Fillier highlighted that buyers now have more time to choose properties, leading to longer days on market. The market is recovering from last year's slowdown and gaining stability.
Key price trends included a slight decrease in benchmark prices for single-family homes, townhouses, and apartments. The overall MLS® Home Price Index composite benchmark was $647,700, down 0.5% from June 2023. The average home price in June 2024 was $686,535, up 0.5% from the previous year.
New listings increased by 4.7% to 2,469, while active residential listings surged by 45.5% to 3,585. The months of inventory rose to 2.5 from 1.7 in June 2023, indicating a more balanced market.
Overall, Ottawa’s real estate market shows signs of steady activity and growth, with opportunities for both buyers and sellers as confidence builds.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Leo and Lucy! Leo and Lucy are three years old, and are super lazy - they love to lay around all day!
Send us your pets for the chance to be featured next month!
