Let’s talk real estate • April 2018

Lynda Cox

Spring market is heating up.

Preparing to sell your home? Here are some key questions to ask yourselves.

What is the development potential of your property? Knowing your lot size and zoning will allow you to determine what can be built on your property. Urban densification is a reality in Sandy Hill and many single family homes are being replaced with more than one dwelling or changed to accommodate more than one family.

What is the condition of your property and anticipated costs for needed improvements? Hire a well-respected building inspector to provide a written report inclusive of photos depicting areas of concern. Provide quotes to buyers for any significant work identified by the inspector, allowing buyers to make informed decisions prior to submitting an offer. Discuss with your lawyer and realtor the history of any problems you are aware of to ensure you are making the disclosures to your buyer as required by law.

What buyer audience is likely to pay the highest price for your home? In Ottawa’s most sought after residential communities, the highest price will be generated from buyers that fall in love and intend to settle long term. In this scenario the time, money and effort improving curb appeal, detailing interiors and enhancing the energy flow may benefit you. “First impressions are lasting impressions.” Owners develop house-blindness over time and may benefit from the advice of a realtor that understands buyers’ preferences within their specific segment of the market. Minor, low-cost suggestions can make a big difference to outcome.

P.S.: If the highest price for your property is for its land value, then you need not spend any time or effort preparing your home for sale, it doesn’t matter. Money spent on improvements will be for naught.

Sandy Hill Update, Jan. 1 – March 16

Residential: a very balanced market, low inventory, plenty of buyers ready and willing to purchase

Active listings: 7 homes ranging from $519,000 for a semi on Russell, on the market since June 2015 to $985,000 for a renovated 3-storey semi on Blackburn with rental unit in basement.

Sold listings: 8: the most recent was a beautiful 3-storey row on Marlborough selling over list price in 8 days; asking price was $719,000.

Conditionally sold listings: 3: a 3-storey row on Somerset listed at $617,500, a single on Goulburn asking $1,650,000 and 120 Blackburn asking $589,000

Condo update: This sector is leading sales at this time!

Active: 31 units: of note in Arthaus, 2 bed + 2 bath with no parking $631,990

Sold: 15 units: two of these units sold over their asking price, 238 Besserer #813 asking $456,000 and 292 Laurier asking $389,900

Conditionally sold: 3 units.