Back to the Future: Pricing in Today’s Market

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Published June 23, 2022

Last edited June 27, 2022

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There is no doubt about it, as the economy changes around the world it is also changing in the real estate market in Ottawa. The pricing process of a home has always been our LEAST favourite part of listing a home, yet we realize that it is one of the most important. 

Over the past few years we have assessed the market and adjusted our pricing approach as the economy and real estate market reeled with changes. Downward trends… upward trends….recession….inflation….climate change… 9/11….Ukraine….elections….flooding….drought…..American economic & political instability….all of these have affected our real estate market. Yet in Ottawa we have been fortunate to have had a very stable market with government, hi-tech, and universities holding relatively solid. For many years our housing prices here were below market value. Now that they have worked to catch up it has been a bit of a sticker shock for sure. While it is still an excellent time to sell it is becoming a more balanced market, making it a good time for buyers to get into the market.

We have watched our pricing approach go from pricing a bit above estimated value to allow for negotiations, to pricing way below to encourage action, and NOW…. back to the Future! Into our Delorean we go! 

As Doc says it’s time to go “Back to the Future….” cue theme music here. We are jumping in our Delorean and going back to the days of pricing properties where they should be selling, or at least around where they should be selling so buyers may have a chance to negotiate and sellers still receive what their home is worth. Gone are the days where we will have our sellers expecting multiple offers and high over-asking selling prices. Expectations will be adjusted on both sides so balance can be found. 

Yes…it is an excellent time to sell AND to buy as it becomes a more balanced market. So…into our Delorean we go!  Enjoy the ride!

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