by Anthony D’anello | Jun 21, 2021
In the world of real estate, several things occur. First, it is a neutral market. That means that both buyers and sellers have pretty much the same chance of finding a home to purchase and selling one. Second, it is a buyer’s or seller’s market. For this, current market conditions favor one over the other.
For example, when it’s a buyer’s market, potential buyers have better opportunities than those selling. That includes a much larger inventory of existing and new houses. Also, it’s common to find more lenient lenders and competitive interest rates. Because of favorable conditions, this is typically a time when first-time buyers take action.
As for a seller’s market, the opposite is true. The housing inventory in a particular area or region is thin. As a result, sellers have more potential buyers looking at their homes and a higher chance of closing a sale.
In a seller’s market, sellers can ask for a full price for their properties. Often, bidding wars ensue, which results in a seller getting even more than initially requested. In some instances, buyers will even forgo having a seller make non-mandated repairs just so they can close the deal before someone else grabs the home they want.
This part of Canada is currently a seller’s market. There are several reasons for this.
It all comes down to supply and demand. With demand currently high, supply can’t keep up.
If you’re thinking about selling your house in Montreal, you want to keep a few things in mind. For instance, as a seller’s market, you have more control during negotiations. In other words, you have more power to set the terms and conditions of the sale to ensure they favor you.
Also, there’s an excellent chance that the value of your home rose significantly over the past 12 months. So, you can get more for your house now than last year. Experts predict that Montreal will remain a seller’s market for some time. However, if you’re serious about selling, you want to make sure you don’t miss an incredible opportunity.
To gain more information about current market conditions and particularly what you could get from selling your house, be sure to work with a reputable real estate agent.