A question that we hear often is “Should I Stay or Should I Move?”
There is no single correct answer – it depends on you and your situation.
However, Ottawa’s home prices have risen dramatically these past couple of years, so you may want to take advantage of that. The Ottawa real estate market has traditionally chugged slowly upwards, with only 4 years of the past 70 where prices decreased. Condo’s did take a hit for a few years from 2012 when the federal government changed the mortgage rules, but they’ve come back into their own and been doing well these past couple of years. The pandemic has slowed the sales and prices of condos somewhat, but current mortgage rates are allowing many first-time buyers to enter the market.
Real estate has been designated an essential service in Ontario during COVID-19. Listings, showings, sales, mortgages, photos, appraisals, lawyers – everything is proceeding. Many of the processes have changed to provide safety for everyone involved. Much more of the process is done electronically – you’ve probably heard of Zoom by now? <grin> There are now virtual home showings but live, in-person showings do still happen. Buying a home is such a major event, and it’s also a very visceral experience. It’s hard to get a good feel for the space and the flow of a home from photos and video. And how can you tell if the basement smells damp or musty electronically?
Perhaps you’re considering sharing a home with friends or family, or perhaps moving to another city to be closer to family or milder weather. Perhaps you’ve considered snowbirding to Florida, Arizona, or Costa Rica, and downsizing would free up the cash to turn that into a reality.
Also, rental vacancies are up significantly in early 2021. Renting can free you from the home maintenance chores in addition to freeing up cash. Of course, the downside is that there is no return on the money you are spending every month.
There are retirement home options that vary from pretty much self-contained apartments that provide additional services to those that provide full assisted living.
The most important thing is to plan ahead. Something dramatic may happen, and coping with it – for you and your loved ones – is so much easier if you’ve laid the groundwork in advance.
Eric Manherz and his team can prepare a free Market Evaluation of your home to give you a better idea of your options. We also have many people and resources that we’d be happy to recommend if you have questions regarding the different aspects and considerations of such a move. We have experience helping people both with selling and buying. You can see more real estate news at www.EricManherz.com.
The first step, before the Market Evaluation, is our 10 minute Initial Consultation “What is Important To You?” Simply contact us to arrange your consultation today.
You might also want to read our article Should I Stay or Should I Move? which includes information from The Council on Aging of Ottawa.