Good News for Buyers is Sellers' Woe

Since 2005, demand for housing in many areas of the country has slowed.

And in the last few months, even markets that had withstood the slowdown, have also begun to mirror that trend.

With the slackening demand, home sale prices also sagged.

This is definitely more of a buyers market right now. But a lot of this has been anticipated for some time now.

I'd definitely say we have a correction or an adjustment going on. But this is not a bust or a tanking, by any stretch.

The market climate is not as hospitable to sellers as it was as recently as last year, as the market is replete with "inventory," or unsold houses.

But while not ideal for sellers, the market is strong for buyers.

In general, the Ottawa market is not bad at all. The local market demand figures are deceptive.

We're seeing a lot of inflated figures right now, because these spec homes are just sitting there.

The builders overestimated the demand for housing in the Ottawa area.

They think it's going to be just like the suburbs. Just build it, and people buy it.
But we're not at that point yet.

However, despite the slowdown, observers, the housing market, both locally and statewide, will soon pick up again, trending upward by early 2007.