The Molly & Claude Team

The Molly & Claude Team Realtors Ottawa, Royal LePageTeam Realty

4 Projects That Don’t Increase Resale Value

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Apartment therapy presents a list of 4 projects that don’t improve the resale value of your home.

  • Adding a pool
  • Converting your garage
  • Botched DIY projects
  • Over-improving
Let’s talk about a pool. They take up a lot of space, they require maintenance, and their seasonal use is limited. Those who want one will be thrilled to see it but most buyers will not see one at a house they are considering it as value added – but those are few. Now if we were having this conversation in Florida I’d likely have a different take.

Garage conversion – I can’t say I’ve seen many of these here. Mostly I see garages that have are being used as added storage. A situation that when the current owner moves out can be changed by the buyer.

Botched DIY projects. If I live to be 80 I’ll always remember academic clients who thought they were improving their home by undertaking all sorts of renovations. It was bad! And little did we know they would be turning to us not that long after to resell the house. Had we known we would have provided guidance along the way. This had bad finished, bad colours, bad materials, and bad workmanship.

Over-improving – When I do have clients who consult me with renovation questions before answering I look at the neighbours. Be they in a single family house or a condo: what are the neighbours doing. In a building with a high standing go ahead and throw a quary of marble at the bathroom but don’t do that in a more modest building. What about floor coverings. In a conco are most units hardwood, engineered hardwood, or laminate? All these questions and more. Should you wonder what will and will not be a good improvement do not hesitate the contact the Molly & Claude Team.

Ottawa Real Estate News Release (OREB) – Stabilized July Resale Market Showing Positive Price Gains

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OTTAWA, August 3, 2023 –  Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,102 in July 2022, an increase of 15%. July’s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621.

“Both transactions and average prices are up from last July indicating consumers remain confident in the market notwithstanding the two recent quarter-percent interest rate hikes by the Bank of Canada. We’re only a month into the third quarter, but based on July’s positive indicators, we are likely to see solid year-over-year results in the second half,” says Ottawa Real Estate Board President Ken Dekker.

By the Numbers – Average Prices*:

  • The average sale price for a freehold-class property in July was $754,188, an increase of 5% from 2022, and a 1% increase over June 2023 prices.
  • The average sale price for a condominium-class property was $435,094 an increase of 2% from a year ago, although 3% lower than June 2023 prices.
  • With year-to-date average sale prices at $735,103 for freeholds and $433,447 for condos, these values represent a 9% decrease over 2022 for freehold-class properties and a 6% decrease for condominium-class properties.
“July’s average prices are showing positive gains over last year, and year-to-date numbers, as expected, are still closing the gap from the peak pandemic market activity of early 2022. Additionally, inventory continues to climb steadily as new listings are added to the housing stock, creating more options for homebuyers. August may be a slower month in Ottawa, but I wouldn’t take a vacation from shopping for your home.”

By the Numbers – Inventory & New Listings:

  • July’s new listings (2,234) were 6% lower than July 2022 (2,364) and down 19% from June 2023 (2,755). The 5-year average for new listings in July is 2,336.
  • Months of Inventory for the freehold-class properties has decreased to 2.7 months from 2.9 months in July 2022 but increased from 2.1 months in June 2023.
  • Months of Inventory for condominium-class properties has decreased to 2.3 months from 2.5 months in July 2022, but is up from 1.4 months in June 2023.
  • Days on market (DOM) for freeholds have increased to 26 days from 20 days in July 2022 and 23 days from June 2023.
  • Days on market (DOM) for condos have increased to 28 days from 20 days in July 2023 and 27 days in June 2023.
“Although we are in a sellers’ market again, the pandemic’s frenzy has calmed considerably. Sellers need to manage their expectations with true market activity — not every property will automatically see multiple offers or immediate sales. Ultimately, a property’s price is determined by how much a buyer is willing to pay. Using the marketing and negotiation skills of a professional licensed REALTOR® is instrumental for both buyers and sellers in this fluid market.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 3,921 properties compared to 3,528 last year at this time, an increase of 11%.

* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.

6 Schools that Defined their Architectural Styles

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There are times where an architectural style emerges from an architecture school. Often a smaller school. A school where suddenly something amazing emerges. ArchDaily delves into the style of 6 of those schools.

  • Bauhaus International Style/Bauhaus Style
  • Vkhutemas: Russian Constructivism
  • École des Beaux-Arts: Beaux-Arts Style
  • Glasgow School of Art; Art Nouveau/Glasgow Style
  • Faculty of Architecture and Urbanism, University of São Paulo (FAU-USP): Paulista School/Brazilian Brutalism
  • SCI-Arc: Post-modern Industrialism


About Us

Molly Hoyle Sales Representative
Claude Jobin Représentant des ventes

E-Mail

claude@claudejobin.com




Phone / Address

Phone: 613.804.7979
1723 Carling Avenue
Ottawa, Ontario