Buying a home causes stress no matter what, and it’s even more difficult when choice is limited thanks to the current low inventory of homes for sale in Ottawa. The inventory – or number of homes currently on the market – is a measure of demand. A low inventory usually means greater competition and less choice for Ottawa home buyers.
Housing inventory is measured as a seasonally adjusted number of homes that are available for purchase at month end. The “months of inventory” figure (sometimes called “months of supply”) is based on how long it would take to sell all available properties at the current rate of sales activity. If you’re looking for a certain home type in a certain area, low inventory in this category may be a problem.
Talk to your real estate agent, who can explain more about inventory and suggest ways to broaden your search or change your parameters. During a very competitive market, your agent will need to be very proactive and keep a sharp eye out for new listings, so that they can get you in first. There are also some strategies that Realtors use, to help your offer win, when expecting a home to sell under multiple offers.