What’s happening in the real estate market in Montreal’s Sud-Ouest, after the lockdown due to Covid-19? Is it a sellers’ market, a buyers’ market, or is it more of a balanced market? Many future buyers and sellers are asking themselves these very questions, since we’ve all experienced radical changes in our daily lives.
First of all, here are brief descriptions of the three types of real estate markets to consider according to Katia Samson, who heads the boutique agency Katia Samson Real Estate Group, and who has seen firsthand the evolution of the Sud-Ouest, St-Henri and Griffintown neighbourhoods over the last 15 years, because she lives and works in the area.
The Three Types of Market
A seller’s market happens when there are few properties for sale compared to a large number of buyers. In this market, it is not uncommon to see multiple purchase offers on one same property. It’s the perfect time to put your house on the market, because the available inventory is low.
When there are more sellers than buyers, it’s known as a buyer’s market. In this situation, buyers can take more time to choose their future property because the choice is wider, and they can even permit themselves to negotiate a lower price.
The market is said to be balanced when buyers and sellers are more or less in equal numbers. Generally, we talk about balance when there are between eight and ten properties for sale for each buyer.
What to Expect for Summer 2020
The drop in available properties due to the pandemic, combined with the relaunch of the local economy through the gradual reopening of neighbourhood businesses, means the current market favours sellers.
Right now, some properties are so much in demand that multiple buyers are making offers on the same property. And it’s not uncommon for a house to be sold in just a few days, at a final price much higher than the original asking price. This means the timing is perfect to put your property up for sale and get very good value for it.
“I think in the next few months we will see strong interest for the Sud-Ouest, which brings together historical neighbourhoods that have undergone a complete revamping and offer a variety of housing types where you can find sleek and chic industrial lofts, as well as pretty cottages with charming gardens for an inspiring life at home,” says Katia Samson.
To maximize your resale value, the best strategy is to team up with a real estate expert who can take the pulse of the market and assess your property to give it the best added value.
Katia Samson Real Estate Group is a one-stop boutique agency offering every service you need when transitioning properties, including home staging and inspection, packers and movers, as well as the very best guidance from a diverse team of dedicated real estate professionals.