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Greater Montreal real estate is now in a Seller’s market.  Properties are selling for over asking and with multiple offers.  Just to give you an example, for the last 12 offers that I wrote up for buyer’s we were in competition with other offers.  Areas like NDG are incredibly hot with houses that are selling in less than 5 days.  One of my clients had to buy a house before April 30th. They were desperate needing to house their 4 kids and 2 big dogs.  Their dream area was NDG. We went to an open house in Monkland Village and there were over 50 groups visiting. Within 24 hours, the listing broker received 16 offers. Ours was accepted, however we went in with a price of $101,000 over asking.


People joke about this, however after 15 years of working intimately with clients, it’s so true. Selling or buying is such a big event financially, emotionally and it’s time consuming. Even though people are trying to stay in their brain, they cannot help but be in their hearts when buying their home. One thing that is constant in the buying process: You don’t pick the house, the house picks you. If your deal falls through, don’t worry, it’s only because you haven’t found that perfect house for you.
It's a sellers market so prepare for multiple offers

Since last April, listings have been down by 13 to 25 percent and sale volume and prices are up across the board. This means that in the Greater Montreal real estate area, we are in a seller’s market with a real lack of choice for buyers. For instance, in February 2017 on the West Island, there were 769 active listings. This past February that number dropped to 511.
 
Times are good for sellers
The good news is that properties are selling faster. In 2016, the average selling time for a single family home on the West Island was 76 days. So far this year, average selling times have decreased to 58 days. Open houses are much busier. It’s common to see a popular home have 30-50 groups go through within two hours.
There is nothing more satisfying then receiving more than one offer when you put your house up for sale. Bidding wars are much more common so your chances of selling for a good price are much higher.

What to do if you are a buyer
Buyers are in a tight position. In this market, it is inevitable that there will be other offers on the table.
 
It’s important to understand an attractive offer isn’t limited to price. Conditions, such as your mortgage down payment and whether or not you include an inspection, your timelines for the conditions, and the date of signing at the notary are also significant.  
When there is a lot of action on the property, it’s the legal duty of the listing broker to keep all interested parties informed of any incoming offers. But details must not to be discussed or shared with anyone. Only the listing broker and the seller are privy to what is in the offers.


...continue reading

Market News


What happened in January Market News – Montreal and surrounding areas

Things heated up big time for January 2018.  Sales are still going up and listings down. This has been the trend since April 2017, which is creating an incredible lack of product on the market for buyers.  We are now full on Seller’s market.

View latest market news clip:

Statistiques de ventes résidentielles Centris® – janvier 2018

Upcoming Events

What's Your Interest in Airbnb?

Tuesday, March 13th, 2018
7:00pm - 9:00pm

 

Our next guest speaker, David Yifie, is an Airbnb property manager. There is a huge trend towards short term rentals now that real estate prices are through the roof. Come and find out more and if this is the business is for you. David has been kind enough to come and teach us all aspects of the business including:

  • Buying a property for Airbnb, what to watch out for.
  • Building restrictions for Airbnb?
  • Are there areas that are better than others?
  • and more!


Cost: $10

Learn more about this month's Meetup here. Would love to see you!!!
If you want to stay on top of the market, become a part of our Meetups here!

Build Your Real Estate Brain

Hidden Cash:  Increasing Your Building's Potential


We all want the get the most out of our investments. But how do we do it? Over the years, I have seen thousands of properties and counselled owners on how to increase their value. In this guide, I’d like to share with you some ideas so you can pick and choose what works best for you and your situation. There are many great ideas that take almost no effort and some that could take a lot of time and money. The outcome could mean the difference between a good investment and a great one.
Buy Now

A little inside info ABOUT ME:

Jennifer Lynn Walker
 
Jennifer Lynn Walker has been active in Montreal Real Estate since 2003. She founded the Montreal Real Estate Investor’s Group, which has more than 1,060 members. She specializes in buying and selling, eco- friendly homes and helping real estate investors.
 
If you know of someone who you think would jive with my teachings, please pass this along   send to a friend
If you are thinking or planning on selling your home or buying more real estate, and/or interested in real estate being part of your retirement portfolio, and would like a free 15 minute phone consultation, please email me your availabilities to book your call.  jenn@montreal-realestate.ca 

"I worked with Jennifer on 2 different transactions in the past 3 months (buying a new condo then renting it out). In one word, Jennifer is AMAZING! She is knowledgeable, efficient and has a great attention to details. She's also very reliable and is beyond patient. She was there for us at every step of the process, from doing the preliminary research, finding our perfect condo, negotiating a good price to signing at the notary. Jennifer is generous with her time and the efforts she put into each of our transactions. I will not hesitate for one second to work with Jennifer again when the time comes to buying our next rental property. Thank you so much, Jennifer! you're the best!”

- Lama Faran
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