Today’s Real Estate is Changing
Ottawa’s housing market has slowed down and interest rates are a big part of the reason.
First time home buyers are sitting up and taking notice of the mortgage rates and the number of days that MLS listings are staying on the market. As much as I suggested to my clients that they should wait for a while – some couldn’t wait. The pandemic impacted them in many ways and their lives changed in some cases, forever.
It’s taken two years of exceptional price increases and now (finally) there is a breather and we are looking at a new “normal”. Down payments are harder to achieve and I’ve experienced parents helping out with the cash part. Some are pulling the money out of their own home equity and telling the kids that once they get back on their feet they can start paying back or some parents are gifting the kids and saying “this is part of your inheritance”.
My own parents rented for over 20 years before they could manage to purchase a home in the 1960s. I was 19 and married less than a year when I purchased my first home. I didn’t set my expectations very high at the time. The house needed tons of work but I knew that renting wasn’t a good way to go. Salaries are different now and for those who don’t know how to save for the future or how to compromise – it’s tough. I often meet couples who need a drastic mind set change. I take them down the road called “life”. We spend over an hour talking about debt, spending and setting goals. I walk them through the process by getting them pre-approved for financing and we go through how buying a home is done (we discuss legal costs, home inspections, setting goals and going through the documents needed to make everything go smoothly.) Sometimes we need to wait. I’m not going anywhere so when they’re ready so am I!
I’m looking forward to helping my clients find a home, with a game plan, a goal and tons of knowledge. I don’t want regret on my shoulders or theirs!
Barb (Cell 613-889-5442)