Hello everyone! The second month of spring is coming to an end, and I want to share with you the latest news about what’s happening in the market today.
The market revival began at the end of last year, as we have already discussed here. In November and December, the first buyers appeared, deciding to act more quickly, without waiting for auction times to start, as during the COVID era, when there was a queue for every worthwhile offer.
Those who bought at the end of last year, in my experience, could still calmly choose the house or apartment they were interested in, conduct negotiations, and bargain.
As expected, since the beginning of this year, the number of buyers in the market has begun to increase. And every month, there are more and more of them.
If at the beginning of 2024 it took, on average, one or two losses at auctions to make a good deal, by April, the number of such attempts had grown to two to four losses before we get what we want. Of course, there are still homes and apartments with inflated prices that have no offers, and these must also be considered. It’s important to meet with the seller and try to find a compromise for everyone.
Despite the auctions, real estate prices remain very attractive and are slightly lower than they were at their peak a few years ago. However, it’s becoming increasingly difficult to find such options each month.
In almost every purchase proposal, we need to be inventive, which is what we do with my clients. Yes, in most cases, price plays a major role, but, as practice shows, there are always sellers willing to choose an offer with a lower price but better conditions.
Each purchase could be a separate story. Every transaction is unique simply because there are no template solutions. From the first consultation to the start of the search, the first viewings, the first liked house, discussing the details of the offer with clients, the "offer," negotiations, the disappointment of losing at an auction, or, on the contrary, when the first attempt yields results that would normally take months to achieve.
So, my forecast is that the number of buyers will continue to increase. The reasons are the same: stabilization of interest rates, high rental prices for apartments, and rapid population growth due to immigration.
What should you do?
If you are already a homeowner, you are in luck. Time is on your side; prices are rising, and you are gradually paying off your housing. Everything is good for you. What more can you do? Consider the option of purchasing rental properties, a plex with 2-4 apartments. So that in retirement, you won’t have to sell your paid-off house, but can sell your investment and comfortably spend the funds on your needs. After all, you worked hard your whole life for this, right?
For those who are searching for a home or apartment or are just considering it. If you have a stable income and a down payment, I would recommend not to postpone this endeavor. Time is working against you. Prices are rising, and in the future, you will need to put down more cash for the down payment and have a higher salary.
If you have questions and need advice related to buying or selling real estate, contact me. I would be happy to help new families in Montreal with this important matter.
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Best regards,
Denis (514) 577-0787
Denis Kornienko Real Estate Broker REMAX
