As expected...

As expected, I have not received any offers on my downtown Ottawa home. I think the market is hot in the area, but people do not necessarily want to take the time and money to make the home into its true value. I had two showings last night and there was another appointment this afternoon, but these individuals came to look at the home without seeing any of the interior pictures. I'm not optimistic yet about receiving an offer.

As excited as I am about selling the home, I am pessimistic about my opportunities to sell it at this point in time. This is not necessarily a bad thing as I found out yesterday at lunch it only takes me 4 minutes to go home from work. I really like this feature about my home. The access to the Queensway will be a key component to making the house work for me. It is probably the single biggest reason I purchased the home. This will also be the biggest reason for me to hold firm on my asking price.

The other reason to hold firm on my asking price is the fact that another home has been placed on the market in the same neighborhood as my home. 225 Arlington has been listed at $349,000. This is a single family home in a good condition. This gives me some indication as to the upside potential of my home. Since my home is a semi-detached, I am probably looking at the neighborhood of $320,000 as the upper limit of the market. I'd have to do a lot of work to get that price, but it still leaves me with a lot of wiggle room for improvements.

To further support my argument, there was a home recently listed at $300,000 that sold within a couple of days on Arlington. This was a semi-detached similar to mine and was obviously in decent shape. I have the opportunity to do a nice flip, but at this point, I'm hoping to make the money without sweating.

We'll see what happens.