So the deal fell through due to lack of financing...back in early June...and the house is still on the market now! Why? I don't get it!
All of the statistics say the Ottawa housing market is still strong. Members of the Ottawa Real Estate Board sold 1,712 residential properties in June 2011 through the Board’s MLS® system compared with 1,543 in June 2010, an increase of 11%. In fact, here is a quote from the Ottawa Real Estate Board's President:
“It’s obvious that the dream of home ownership is alive and well in Ottawa, with solid sales numbers like these. First-time buyers are out in the market in a big way, due to continued low interest rates, and after last year’s HST-affected spring, we’re seeing a return to what the June resale market usually looks like in Ottawa.”
I am not really that worried about it though. After my first offer fell through the buyer came back with a lower price that she could be financed for. I said "no way". I will not sell it at a low price just to get rid of it. I will wait and get the price I want.
So I wait....
There are still quite a few showings and I say as long as there is activity a buyer will come along sooner or later. The place still looks awesome. I have rented staging furniture for $400 per month and I freshen it up with a quick vacuuming and dusting each week.
I have been laying low these days in terms of shopping for my next flip because it's a sellers market right now. Although, someone called me the other day about a Power of Sale on Timberland Terrace. The neighbour said it's "trashed".....to that I say "perfect". I haven't made any calls about it yet or gone to see it but I have it tucked in my agenda and may pursue it this week.
I will keep you posted. Keep your fingers crossed that my house sells before July 24th. If not, I have another rental furniture payment due :(
