What’s going on in the real estate market in Montreal’s southwest, after the Covid-19 lock-up? Is it a seller’s market, a buyer’s market, or are we looking at a balanced market? Many aspiring buyers and sellers are seriously asking themselves this question, since we’ve all just experienced a profound change in our habits.
Here are some brief definitions of the three types of real estate markets, according to Katia Samson, who runs the Groupe Immobilier Katia Samson boutique agency, and who has experienced first-hand the evolution of the Sud-Ouest, Saint-Henri and Griffintown neighborhoods as they have developed over the past 15 years, as she lives and works there.
The three types of market
A seller’s market occurs when there are few properties for sale compared to the number of buyers. In this market, it’s not uncommon to see several offers on the same property. This is the ideal time to put your home up for sale, as the available inventory is low.
A buyer’s market is characterized by a greater number of property sellers than buyers. In this market, buyers take more time to choose their future property, because there’s more choice, and they can even afford to negotiate the price down.
The market is in equilibrium when buyers and sellers are more or less equal in number. Generally speaking, equilibrium is reached when there are between eight and ten properties for sale for each buyer.
Summer 2020 preview
The decline in available properties due to the pandemic, combined with the revival of the local economy with the gradual reopening of neighborhood businesses, means that the current market favors sellers.
These days, it’s not uncommon for a single property to be so coveted that it’s the subject of multiple offers from different buyers. And it’s not uncommon for a house to sell in just a few days, at a final price higher than the original asking price. This means that now is an excellent time to put your property up for sale and get a very attractive price.
“I believe that the coming months will demonstrate the continuing appeal of Montreal’s South-West, which is home to neighborhoods steeped in history that have given themselves a facelift, and feature a wide variety of homes, from chic, sleek industrial loft apartments to cozy maisonnettes with grassy backyards for the good life at home,” explains Katia Samson.
To maximize resale value, the best strategy is to team up with a real estate expert who can take the pulse of the market and review your property, so as to offer it the best added value.
Groupe Immobilier Katia Samson is an all-in-one boutique agency offering all the services required when changing properties, including home staging and inspection, packers and movers, and expert advice from a diverse team of real estate professionals dedicated to excellence.