Ask The Expert | Realty Insights Part 01

Realty Insights with The Wright Team

Have you heard, it’s a weird real estate market at the moment? We’ve been so used to these fast-flying listings, competitive offers, and scheduled offer dates. As we start 2023 we’re noticing a shift. To help us understand how to approach real estate this year we sat down with some local Real Estate experts to provide some pointers that’ll help.

Our first round of realty expert insights is from The Wright Team. Not only is The Wright Team #1 in Ottawa, Ontario with Royal Lepage Team Realty – they are in the top 1% in Canada with Royal Lepage from coast to coast! So it’s safe to say when it comes to real estate they really know their stuff.

For Buyers:

Commit to a buyer’s agent you like and trust.
They will get to know exactly what you are looking for and who you are as a person. The compatibility will make the process of buying so much more enjoyable and successful!

Get a pre-approval from a reputable mortgage broker or bank.  
This will ensure you know what you can afford and will help mitigate any surprises down the road.  Your trusted buyer’s agent can recommend some options!

Once you have a pre-approval, stay consistent. 

Once you have your pre-approval, do not make any major purchases (i.e. a car), apply for credit/another loan, and don’t change jobs.  Both of these can affect the validity of your pre-approval and if you have already firmed up on a purchase, it can jeopardize your ability to close on the home.

If working through a divorce or separation – a separation agreement is key!

If you are working through a divorce or separation, you lender will need you to have a separation agreement in place before being able to move ahead with a purchase.

Do your research and consider all your options. 
Before you make any decisions, research the market, the property you are interested in, and the potential for future growth. “Look at homes, condos, and townhouses in the area. Compare prices and amenities to make sure you get the best fit for you.”, says Sarah Wright, Sales Representative and partner, The Wright Team.

For Sellers:

Make sure your home is in tip-top shape. 
Before you list your home, take the time to do some minor repairs and spruce up the interior and exterior. “Curb appeal goes a long way in attracting potential buyers.”, says Jessica Wright, Sales Representative and partner, The Wright Team.

Stage your home.
To make a great first impression, consider hiring a professional stager who can help you arrange furniture and decorations to make your home look more inviting.

Availability.

Make your home available for all showings. The more available your home is, the better chance we have of being able to match the perfect Buyer to the home.

Think Beyond the Sale of Your Home.

Have a plan in place for closing – do you have a home to move into?  Do you need interim housing options (i.e renting, or staying with family)? If you have purchased a home already, can you get bridge financing?  We all have ideal closing dates but if a great offer is made with a long or short closing date, have a plan to make that work if need be.

Keep Your Home Comfortable.

“If the house is vacant – keep the heat at a comfortable temperature.”, says Michelle Lang, Sales Representative, The Wright Team.  If you have the thermostat too low, buyers will be distracted by their discomfort and not be able to focus on the home. The same is true for summer – use the a/c to keep the home at a comfortable temperature.

Big thanks to The Wright Team for sharing insights to help our community better understand (and better navigate) the housing marekting in todays new, and evolving, environment. We appreciate your knowledge and insights!