May 2024 Newsletter
May was an exciting month filled with awards, events, new listings, and an ever-growing team. We’re so excited to share it with you!
RE/MAX Hallmark Awards
We were excited and honoured to be ranked 10th in the city at RE/MAX Hallmark!
47 Hours
We ran the numbers and found that we've helped a family every 47 hours since the beginning of the year! It’s an absolute honour to be trusted to help so many people with one of the biggest decisions of their lives, and we can’t thank you enough for choosing us.
Reed’s Marathon
A huge congratulations to Reed Allen, who completed a marathon this month and then went straight to an open house he was hosting afterward! We love to see the members of our team flourish both within and outside the realm of real estate.
Check out some of our new listings!
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:
Pet-Friendly Condos in Ottawa
We spoke with Meagan Milloy about condo rules in Ottawa regarding pets, and she compiled a list of the best pet-friendly and no-pet condos in the area. Whether you’re an avid animal lover or very allergic to dogs, there’s a home for you here!
Understanding Closing Costs
Buying a house in Ottawa means you'll have more costs than just the down payment and mortgage. There are other expenses called closing costs. These include taxes, legal fees, home inspection and appraisal fees, insurance, and adjustments for prepaid expenses by the seller. To plan well and avoid surprises, do your research on taxes, get quotes from professionals, and talk to real estate agents and lenders. Understanding these costs helps make buying a home easier.
The Psychology of Home Buying
The process of home buying is intricately influenced by various psychological factors that profoundly impact decision-making. Emotional attachment often drives buyers to favor properties that evoke positive feelings, a phenomenon sellers can strategically leverage through home staging. Social influence, including the opinions of family and friends, also significantly shapes decisions, underscoring the importance for sellers to showcase positive testimonials and community benefits. Moreover, cognitive biases such as anchoring on listing prices and overvaluing potential purchases can impair buyers' rationality, highlighting the necessity for awareness and objectivity in the decision-making process. Financial considerations, encompassing affordability and investment potential, hold significant weight, with sellers needing to underscore the economic advantages of their property. Lastly, decision-making heuristics, such as prioritizing easily accessible information, guide choices, necessitating sellers to highlight key features and buyers to conduct thorough research for informed decision-making.
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 May 2024, the Ottawa Real Estate Board (OREB) reported 1,545 home sales, a 9.2% decrease from May 2023, though year-to-date sales rose by 5.2%. The overall benchmark price increased by 1.2% to $651,300, with single-family homes at $736,000 (up 1.1%), townhouses at $517,500 (up 2.1%), and apartments at $425,000 (up 2.0%). The average home price was $690,683, a 0.8% rise. Inventory saw significant growth with new listings up 26.2% to 3,034 and active listings up 59.4% to 3,552, leading to 2.3 months of inventory, up from 1.3. Despite increased seller confidence, challenges persist with high prices and supply issues, even as interest rates have been cut for the first time in four years.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Harvey! Harvey is 5 years old, and his favourite musicians are The Beatles, Zach Bryan, and Taylor Swift. How do we know this? Because he howls during his favourite songs.
Send us your pets for the chance to be featured next month!
