March 2024 Newsletter
March was an amazing start to the Spring season for the team - with plenty of learning, growth, and exciting changes to the market!
International Women’s Day
The amazing women on our team took International Women’s Day to enjoy a lovely lunch together. We are so grateful for the strong, independent, talented women that make up New Purveyors.
Spark 2024
Spark 2024 was an amazing conference held by our team lead, Matt, and Bill Meyer, for members of real estate teams in Ontario. The premise was simple - create an event tailored to real estate agents on teams who are looking to continue their growth and education. Amazing speakers took the stage to teach attendees about discipline, health, creativity, and more. What an amazing experience!
Ottawa’s Home and Garden Show
Charlene and Chanelle had an amazing time at the RE/MAX Hallmark booth at the Home and Garden show!
Micro Habits for Success
Lauren put on an amazing presentation for the team about building a set of micro habits to achieve larger goals. Real estate is really about small steps that build up to larger achievements over time - and fine-tuning those micro habits is what fosters long-term success.
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:
The Home Buying Process in Ottawa
Buying a home in Ontario can be overwhelming, but understanding the process is key. First, get pre-approved for a mortgage to know your budget and show sellers you're serious. Then, work with an agent to find your dream home quickly in a competitive market. When you've found the right one, submit an offer using the Agreement of Purchase and Sale form, negotiating terms with the seller. Next, inspect the property and finalize mortgage arrangements. Meet any offer conditions within the timeframe. Finally, transfer ownership, pay remaining balances, and receive keys. Congratulations, you're a homeowner!
The Importance of Pricing Right
Setting the right asking price is crucial when selling your home in Ottawa's dynamic real estate market. Understanding the local market dynamics, including neighbourhood diversity and fluctuating demand, is essential. Overpricing can deter buyers, so conducting a comparative market analysis with your real estate agent is key. Pricing competitively increases interest and may lead to multiple offers. Flexibility is important; consider adjustments based on feedback or market changes. Working closely with your agent ensures a successful sale by attracting buyers and achieving your selling goals in Ottawa's real estate market.
First Impressions: Prepping for Sale
Making a positive first impression on potential buyers is crucial when selling your home. Start with key areas like bathrooms, ensuring cleanliness, fresh paint, and updated caulking. Painting with neutral tones throughout the home is cost-effective and appealing. In the kitchen, consider updates like painting cabinets and upgrading fixtures. Attention to detail matters, including cleaning or repainting baseboards and enhancing curb appeal with trimmed landscaping and welcoming touches. Lighting and flooring should be well-maintained, and storage spaces decluttered and organized. Address odours and update fixtures and hardware for a cohesive look. These steps, from cleanliness to curb appeal, contribute to a favourable impression and can help secure a successful sale.
Neighbourhood Monthly Statistics
The Ottawa market is showing promising signs of activity as spring unfolds, with 1,165 homes sold in March 2024, marking a 10% increase from the previous year. While sales were below the five and ten-year averages for March, year-to-date figures indicate a 13.1% surge compared to 2023. President Curtis Fillier of the Ottawa Real Estate Board notes the market's overall health, with increasing listings suggesting growing seller confidence, though buyers may be holding back due to affordability concerns and limited supply. Fillier observes a shift in post-pandemic housing needs, impacting mid-range properties particularly. The MLS® Home Price Index reflects price gains across various property types, with the average home price rising by 5.1% since March 2023. New listings increased by 13.5% compared to the previous year, yet active listings also rose, indicating a balanced market with 2.2 months of inventory by the end of March 2024, slightly higher than the previous year but below the long-term average.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Ruby! Ruby is 7 years old and was rescued by Vineet and his family when she was just a few months old.
Send us your pets for the chance to be featured next month!
