Your July Market Update

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Another intense month in the Ottawa real estate market! Condos are leading the pack in volume and price increases. And there is a severe lack of inventory in condos - 44% to last year for inventory to sell. NOW is the time to talk to us about your condo investment - it could be the BEST time to sell right now!
The number of days to sell is also less than last year at 50 days on average from listing to selling! 
Multiple offers - yes. Everywhere - no! Only 39% of homes sold aBOVE the asking price. The rest are at or below list price - so don't back out, there are homes to buy and not all of them will be in competitive situations!
We know and we know where to go and how to help!
So call Michael, Martin or myself anytime to discuss your SITUATION!

http://www.homewithlorie.com/hire-us

Your June Market Update

MAY was a hot month for sales volume in Ottawa real estate. +6.7% more homes sold for a total of 2,423.

Days on the market to sell decreased to 28 days for a residential home and 31 days for condos!

CONDO sales are HUGE right now - and an excellent opportunity for first time buyers, those who are downsizing and those who want to invest! At an average price of $298,000 they are beginning to increase in price.

NOTE: 62% of homes are selling AT or BELOW the list price! Don't hesitate because of the headlines, you don't have to be in multiple offers in every case.

There are 15% MORE homes selling above asking than last year - but it is only specific pockets of the city!!

42% of residential homes sold were in the $350-500,000 range.

57% of condos sold were in the $225 - 350,000 range.

Call us today for help in this market! We have the knowledge, experience, strategies and negotiating skills that will get you in to that home!

A big shout out to our Team Administrator, Rebecca!

Its National Administration Professional Day! Our Team Coordinator, Rebecca is the behind the scenes, the glue that keeps it all together for us on a daily basis! Thank you Rebecca for all you do! Our clients have a smooth and pleasant experience because of your professionalism and organisation! Your calm and kind demeanour keeps all the pieces involved working towards the end goal - happy clients with a great service experience from The Lorie Ann Warren Team. Thank you and know you are very appreciated!

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Welcome to the Team Martin!

We have some amazing news to share!

Over the last year, thanks to all of our fabulous clients, your continued support & important referrals, we have realized some serious growth (thank you, thank you!)

With growth comes the need to expand our team, and luckily for us we were able to welcome Martin Oswald to our little family👨‍👨‍👦‍👦!

We have known Martin for a number of years, and trust him to uphold the high standards we have on our team. Martin has been a Realtor for over 13 years, has our strong work ethic and always has a great attitude & ready smile😀. Couple of interesting facts about Martin, he does improv, jams with his electric guitar 🎸and we think his quick wit would make for great stand up comedy😂! Having a great sense of humour, makes 3 of us on the team who love to help, laugh & keep things as stress free as possible in this crazy Spring market!

Please join us in welcoming Martin Oswald to our family, we are so happy to have you!

Ottawa Market Update

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The lack of supply continues, along with properties selling very quickly. 🏠

Rental vacancy rates are at less than 1%! Some renters are being pushed into condo ownership because they simply can't find anything to rent. If you're thinking of becoming an investor, now is a great time. 🔥

In some pockets of the city, buyers are facing multiple offer situations and properties are often selling over list price. These dynamics indicate a sellers market in those areas. It's essential to use the experience and guidance of a Realtor in this market, we can help you determine whether it's a good idea to sell. Or whether to buy based on how the market is doing in the neighbourhood you want to move to. The statistics below are for Ottawa as a whole, but each neighbourhood will differ. 🤓

New First-Time Home Buyer Mortgage Incentive!

A new incentive for first-time home buyers! 😮🤩

You could receive up to 10% for new builds and 5% for existing homes from CMHC, which would go towards your mortgage. Only households with an annual income of under $120,000 can participate.

Basically the incentive will lower your mortgage payments as you'll be borrowing less. You will have to pay back the 10% or 5% at some point but they haven't made it clear when or how you'll do that.

For now we know it will make buying a home that much more affordable for people entering the market. 😀

Want more details? 👇

https://globalnews.ca/news/5069183/budget-2019-canada-housing-affordability/

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Mega Open Houses with us Work!

Congratulations to our lovely sellers who are on to new adventures!

I remember them saying when we initially met, that the other realtors don't believe in open houses...and I explained how we do them, and we believe in our strategy! We only do one 🤓and it works!

Guess what? Our open house strategy SOLD their home on Super Bowl Sunday💪 and during a huge ice storm! Part of the strategy includes our secret weapon, Michael😎!

If you want strategies that work - call us today and lets discuss which one of ours is right for your home!

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Ottawa Market Update - February Stats

“If you are thinking about selling, don’t wait - get a jump on the spring market! Now is the time to have a conversation with your REALTOR® who understands the best way to position your home in the market and has the experience to guide you through its complexities,” Delahunt suggests. “This is the type of market you certainly wouldn’t want to navigate without one.”

We have record low inventory, so houses that are coming up for sale are selling a lot faster than in previous years. They're also selling for more, so if you've thought of selling, give us a call. We're happy to give home evaluations and answer any questions you may have! ☺️

Spring market here we come! 💪

Lorie's Favourite Stuffing Recipe

This recipe is so good I just had to share. It’s the perfect addition to your holiday meals, just try not to eat it all before it hits the table!

Ingredients:

French toast batter:

  • 3/4 cup buttermilk

  • 3/4 cup heavy cream

  • 2 large eggs

  • 1/4 tsp garam masala (plus a pinch for the apples)

Stuffing:

  • 6 cups of day-old sourdough bread, cubed

  • 2 apples (Honey Crisp, Pink Lady or Gala)

  • 7 tbsp unsalted butter, divided

  • 1 bulb fennel

  • 1 spanish onion

  • 2 tbsp chopped tarragon (plus additional to garnish)

  • 1/2 Ib sausage (breakfast or sweet Italian)

  • 1/2 cup toasted pistachios, crushed

  • salt to taste

Method:

  1. For the French toast batter: In a bowl, whisk buttermilk, heavy cream, eggs, and garam masala. Pour over bread cubes, toss, and let rest so the bread can absorb all of the liquid. For the stuffing: Peel, core, and evenly slice the apples. Melt 2 Tbsps butter in a skillet over high heat; add the apples, turn the heat to medium, and cook for 5 minutes. While they apples are cooking, core and thinly slice the fennel and onions so they are the same size. Season apples with a pinch of garam masala, a pinch of salt, then toss, remove from skillet and set aside.

  2. Add 1 tbsp butter to the same skillet and add the fennel and onions, along with the tarragon and a pinch of salt. Cook until just tender, 5 minutes. Remove from the skillet and set aside.

  3. In the same skillet over medium heat, brown the sausage and break it up. After a minute or two, flip to brown on the other side. Remove and set aside. Over medium heat, melt 2 tbsps of butter in the skillet and add half of the bread/french toast mixture in an even layer. Add a pinch of salt and continue cooking until the bread is brown and caramelized in parts; set the browned bread aside. Repeat with the remaining butter and bread/French toast mixture. Add all of the bread to a serving bowl along with the apples, fennel, onion and sausage. Toss, then top with the tarragon and pistachios, serve.

Ottawa is grateful!

This past weekend, Ottawa was struck by 3 tornadoes in different areas of our city! With winds up to 265km/hour, it had a devastating effect!

To half of the Ottawa population, it affected their electricity immediately. To the residents of the communities in Dunrobin, Calabogie and Nepean, it was far worse. There were injuries, loss of roofs, trees and loss of homes.

Electricity has been restored as of last night to the majority of Ottawa, and the sighs of relief and gratefulness are very apparent in our attitudes. It was bad, but it could have been so much worse. We are praying for those who are still in the hospital. We are thinking of those who are in the throes of finding somewhere to live short term, and those who dealing with all the details there must be in rebuilding.

The communities of Ottawa certainly embraced their neighbours during this time. Checking on senior citizens door to door, community meals in Barrhaven set up by local businesses. It has been humbling to see how people can and do react in a crisis. There are many heroes this week, starting with our first responders! Thank you.

On a practical side, many residents were not ready for a natural disaster. We do need to take stock of what our readiness was, and maybe right now, while it is fresh in our mind, set up our homes for the future (not that we ever want this to happen again). The grocery stores were not open, the gas stations ran out of gas….cell phone service to stay in touch with what was happening, was sporadic.

We are all grateful today, breathing a big sigh of relief, and yet, we are still in disbelief. For most families, all returns to normal, but there are a small percentage in the hard hit areas, where life will never be the same, and rebuilding starts this week.

In gratitude.

Lorie

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Multiple Offers and Professionalism

 

One of the things that is important when your listing goes in to multiples....is managing the communication with the other parties, including the other realtors.

I have been on the buying side and seen some interesting situations which were not beneficial to either the buyer or the seller.  Our objective is always clear and transparent communication.  Communication that makes everyone feel fairly treated and that they had as much opportunity to win the house as the next realtor...

The other side of that - is when its our turn and we have buyers in a fight to win their dream home, the respect and courtesy is reciprocated!   Today with 13 offers on the table for our latest sold listing, it was nice to get the realtors positive feedback.  Not only were our sellers ecstatic at their results, we had a family moving in who are happy.  Yes, 12 other buyers were not happy, but at least they didn't feel they were kept in the dark, or didn't have a chance to do their very best.

We will always do our best for our sellers, but we will also do our best to promote fairness and professionalism.  It just makes sense long term.  Thank you to all who put their efforts in today.  We don't win everyday, but everyday we do our best.  That's all you can do in situations such as these!

Now more than ever...#whoyouworkwithmatters

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June's Market Recap

The condo volume numbers are robust

At the lower end of single family resale market, buyers are having to turn to condominium units as a way of achieving ownership at a price they can afford. The over supply in our condo market is no longer an issue, as it's helping to ease our overall inventory shortage.

The price of purchasing a new build is becoming out of reach for many entry level buyers.

Inventory remains low, home prices continue stable and affordable.