What can we expect to see in the Montreal real estate market over the next six months? What is going to happen and how can we make the most of it? Read on to find out.
Right now, we are experiencing a more balanced market in Montreal. That’s a big change from the last three years, which were very much a seller’s market.
More properties are slowly but surely hitting the market, and once they do, they’re spending more time on the market. This is something we haven’t seen in three years. So, a lot of buyers are confused, sellers are confused, and even some brokers are confused,
to be quite honest!
Now, what to expect. We’re going to start seeing average days on the market closer to 45 to 90 days. For the last couple of years, we’ve been sitting around 10 to 15 days, but that was abnormal.
We’re going to shift back into what is considered a “normal” market for the next little while, since people are a little bit scared in light of the recent interest rate hikes.
In our opinion, it’s finally time to seize opportunities that are being presented as a buyer. We can finally go see a property, think about it, and get a couple of evaluations. There’s a better chance now than ever that you’re not going to be competing against anybody else, at least not on the day you make your offer.
We are still seeing some multiple-offer situations and we are still seeing some buyers make an offer after one has been accepted. If you happen to go away for the weekend, you might not miss out on that property.
This is going to be a shift for everyone. People will slowly get used to taking their time while they shop, and as listing agents, we will need to really focus on selling the property, promoting it well, and doing everything we can to get in front of as many people as possible.
Overall, in our opinion, this shift is welcome. And we’re excited to see where it will take us over the next couple of months.