The sudden change in the real estate market has attracted many who are looking to benefit from their homes.

After watching a heated market for years, homeowners like Candice Wall see their homes listed for sale receiving offers at prices lower than the asking price.
 

Explaining, "We put our house on the [market] and nothing moved," says Wall from her home in Arnprior, which has been listed for sale for about a month now. "We really thought it was likely to sell within the first week of listing."
 

Adding, this is not what she expected, given that the homes on either side of her house have sold.

Wall told the local media channel: "We have seen other homes in the area sell for much higher than they would have normally gotten, even two or three years ago."

Explaining, "So we thought we would benefit from that, plus we wanted a bigger space and a larger outdoor yard."

Wall says, "This puts her family in a bind of losing a home they bought under conditions, if they cannot sell their home by July 31, they risk losing their hoped-for new home."

It is worth mentioning that they are not the only ones in this situation, as the Renfrew County Real Estate Board (RCREB) says the number of homes sold in June 2022 dropped by 19.3 percent compared to June 2021.

So far, home sales across the region have dropped by 25.3 percent for the first six months of 2021.

Apparently, some areas of Ottawa seem to be less desirable than they were at the peak of the pandemic.

Patricia Scott, president of RCREB, says, "Those who chose to leave and work from home did so during these two years."

Explaining, "The pressure is not what it was two years ago."

Twin brokers Gina and Brooke Ritchie say more homes now stay on the market longer, creating more competition for new listings.

Gina Ritchie says, "Three months ago we had one or two homes, and we would have another home soon."

Adding, "We are now seeing a summer market, more inventory, thus increased number of homes listed."

Back in April, the two brokers listed a semi-detached home on Friday Street which sold after days at the asking price.

About two weeks later, they listed the adjoining home, which remained unsold for nearly two months before it was taken off the market.

The real estate brokers say this is an indicator of how quickly the housing market can turn.

Brooke Ritchie says, "I think it was just a big shock when homes were selling after five days or a week."

I, Gina, add, "So expecting what sellers had may not be as it was, and the numbers are declining."

Meanwhile, RCREB estimates that about a quarter of the homes currently sold in the area are below the asking price.

Scott says, "We are returning to what it was before the pre-COVID days."

Adding, "Many, many buyers are completely exhausted from the competitive bidding process."