Thinking of a move!

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As a home owner it is always after a snow storm I ask myself  why I would be here in the winter! Why do I live in a home with rooms I visit occasionally! I also always seem to find that in the winter months that there appears to be so much more junk in my home. Where does it all come from! Winter blues? Maybe!  However, as part of the baby boom generation I spend a lot of time with clients of my generation and most at some point ask themselves the same questions . Sitting on large homes that are usually your largest tax free asset may not make sense.

Ottawa’s housing market has been on a terrific run, helped by low interest rates, low supply of good homes l have pushed up home values.  This may be a good time as any for the downsizing baby boomers to  look to add to their nest egg by cashing out on the real estate market. Financial advisers say the decision to sell the family home isn’t one that can be rushed and requires careful planning before you list your home for sale

As experienced real estate agents we can certainly do that . In some cases planning can take months , others mere weeks but hiring an agent who is skilled at helping you through the process of getting a home ready is hugely important not only in obtaining the price you desire but in the minimalizing the stress sometimes around getting a home ready for sale. We focus in on the important items and provide guidance.

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Last year I wrote a series of articles about some of the aspects of getting your home ready for sale

Here are the links

https://teskey.com/category/expert-advice/staging-and-getting-the-house-ready

 

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Below are the average sale prices in Ottawa since 1969 It has been an amazing run – some years better than others but a steady good news story for most  home owners. An 18 year run of increase prices sometimes in the double digits.

Last year 2015 saw another 1.7 increase in the average sale to bring the average house sale price in Ottawa to $367,632. 00

Of course many of the core areas are more in demand than the suburbs and the average  prices are much, much higher. Regardless a property needs to be priced correctly for what the market will bear and there are times in the last few years that the market has turned sluggish for sometimes 6 months. So that planning and keeping up to date on the market is an  important aspect for  the sale of your home.

1969 $25,652 10.0
1970 $26,532 3.4
1971 $27,808 4.8
1972 $30,576 10.0
1973 $38,305 25.3
1974 $46,661 21.8
1975 $49,633 6.4
1976 $54,623 10.1
1977 $57,032 4.4
1978 $59,134 3.7
1979 $61,896 4.7
1980 $62,748 1.4
1981 $64,896 3.4
1982 $71,080 9.5
1983 $86,245 21.3
1984 $102,084 18.4
1985 $107,306 5.1
1986 $111,643 4.0
1987 $119,612 7.1
1988 $128,434 7.4
1989 $137,455 7.0
1990 $141,438 2.9
1991 $143,361 1.4
1992  $143,868 0.4
1993 $148,129 3.0
1994 $147,543 -0.4
1995 $143,193 -2.9
1996 $140,534 -1.9
1997 $143,873 2.4
1998 $143,953 0.1
1999 $149,650 4.0
2000 $159,511 6.6
2001 $175,971 10.3
2002 $200,711 14.1
2003 $218,692 9.0
2004 $235,678 7.8
2005 $244,532 3.8
2006 $255,889 4.7
2007 $272,618 6.4
2008 $290,366 6.6
2009 $303,888 4.9
2010 $327,225 7.7
2011 $343,284 4.9
2012 $351,792 2.3
2013 $357,348 1.6
2014 $361,707 1.2

Enjoy your dreams.

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Is it the right time to Sell!

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As is my usual habit, I awake at 5 -make a latte and sit down to read my papers, which waken me as they hit my front door- it is my morning ritual. I spend some time on the Globe’s business section- not because I really have a good grasp of the stock market, but I like to keep abreast of the business/economic markets which have their own take and advice on real estate.

This morning there was an article regarding homes, there are lots of these and depending on who you believe either the market is over inflated or is still continuing to grow.  Most of the info about markets are based around the Toronto or Vancouver markets so not as relevant to the Ottawa market.

However, information not to be ignored either by any means.

Part of the article today (again mostly about the TO and Vancouver market) had something I think is worth sharing .

I have been in the business a long time and have been through the up and down markets- interest rates of 21 %,  price and wage control economy’s as well as the boom high teck market and the last 20 years of good growth. I am often asked by older clients about when to sell. I thought this part of the article  summed it up nicely:

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Is it the right time to sell your house? Look at the historical data

part of an article from the Globe and Mail paper written by Robert Champion

For many older Canadians, their home is their single largest asset. As we age, many of us sell our homes and use the proceeds to help fund our retirement. Knowing that we will need to sell our homes at some future date, we look at the rising house prices and assume that they will continue to rise. We believe that we will benefit from deferring the decision to sell. That can be a huge mistake: If you choose not to sell your house in the near term and prices decline, a health or financial crisis could force you to sell at a much lower price.

For older homeowners, here is the key takeaway: The historical data shows that when house prices decline, it takes 10 years or more for them to recover. Younger homeowners have time on their side; they can afford to wait for prices to recover. Older homeowners may not have that luxury.

Buying and selling a home are the biggest financial decisions most of us are likely to make in our lifetimes. Our behavioural biases mean that we tend to make decisions based on recent data that fit our view of events, rather than incorporating long-term historical data. We base our decisions on the fact that house prices have risen significantly in recent years and ignore that fact that they declined by 30 per cent in the 1990s. It’s different this time, right!

Robert  Champion is vice-president of client services for Toronto-based Sprung Investment Management

I am not suggesting that prices are falling, just if you are thinking of a move,  planning a retirement and a new lifestyle you know what you have now and what your home is worth – no one has a crystal ball.

To quote my old friend Michael Provost

“Where do you want to be in 1 year ?- where do you want to be in  5 years?”

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Take a look at our historical data.

Ottawa Real Estate BoardResidential Resale Activity

1980 – 2014- Year Sale Price Change

Residential Resale Activity 1980 – Last Year (Chart) (1)

 

 

 

 

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