By Lynda Cox
This is truly a challenging time. The real estate market in Ottawa is decreasing in activity as COVID numbers ramp up. This is typically a time when new listings are increasing daily as we head into the busy spring market. All real estate offices are now closed to staff and the public. Open houses are forbidden, virtual visits are encouraged and real-home viewings are strictly monitored for social distancing and sanitizing practices. Many home owners do not want strangers in their home at this time and have decided to wait until the threat of COVID-19 is past before listing again.
Sellers that have just sold their home are actively looking for their next home in a market of dwindling new listings. Anxiety levels are high. All transactions are being completed electronically. The few sales that are still happening are often multiple-offer situations, proof that buyers are still out there and willing to offer. How long this will last is anybody’s guess as the number of COVID-19 cases in Ottawa increases.
This epidemic has left Lowertown eerily silent with all the bars and restaurants closed and residents staying at home. But there is a silver lining: I have learned to order groceries and wine on-line. Merchants in the ByWard Market have been fantastic about co-ordinating my requests and organizing home delivery. Try it, you’ll love it.
I am reflecting on the effect of this virus on our families, old and young, near and far. On a personal note, my husband and I were scheduled to visit our new grandson in Italy on March 1t. Of course we cancelled. The anxiety we feel for their safety is great.
How are you coping? I’d love to hear from you. I wish our apartments were closer together so we could have a sing-a-long from our balconies. It’s time to raise each other’s spirits as we safely wait out this crisis. Drop me a line and share your COVID-19 story. I’d love to hear from you. lynda@coxhometeam.ca .
Real Estate Update SOLD SOLD OVER ASKING PRICE
January Sales 9 Condo, 4 Residential 4 range $100 – $95K over
February Sales 10 Condo, 3 Residential 8 range $11K – $90K over
March Sales 4 Condo, 6 Residential 8 range $1K – $71K over
Active Listings 33 Condo, 14 Residential
Conditionally Sold 2
Important Fact
In March the the average days on market was 8.6 days. Wow! If you must sell, oddly enough it looks like a very good time. There are few listings but plenty of buyers. But I wouldn’t I recommend selling now. In this time of social distancing and flattening the curve, I would suggest waiting.
BE SAFE.
Lynda Cox is a realtor with Royal Lepage Performance Realty.