Real Estate – Positive Changes

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What’s new in the real estate market happened in June 2023?

sold agreementThe trend of selling for higher prices than the initial asking price is giving way to a more cooperative real estate bargaining process, in which buyers can bargain and offer a lower price than the initial asking price.

Soaring interest rates have reduced sales, but the number of homes listed for sale has risen marginally. Thus, the number of properties for sale is still significantly below the historical average. At the same time, the number of buyers in the market also decreased. A sign that the market is getting back to normal is the increase in the number of property sales at the asking price. This trend has gained momentum, and now such sales account for 7 out of 10 transactions.

money timeThe average time it takes to sell has also increased. Buyers are now not rushing as before, they make informed decisions. During the excitement, some buyers were afraid to inspect the property in case they didn’t get the deal, now all purchases include a thorough inspection.

Despite the rise in interest rates and the decline in sales, real estate prices have not changed significantly. On average, the decline in prices over the past year, starting from the April 2022 peak, is only 5%. Therefore, we can say that most of the price correction is over. The upcoming months will see the real estate sector continue to settle down in terms of values, owing to the absence of sufficient available property to restore the equilibrium of the market.

thoughtful personCurrently, it is difficult to say what will happen to real estate prices in the near future. Some economists believe that as soon as the growth of interest on mortgages stops, buyers will begin to actively look for houses and prices will go up again. Others believe that the growth of interest on mortgages will continue until the end of the year, which will lead to lower prices.

In any case, I am always prepared to provide you with qualified services in the sale or purchase of residential or commercial real estate.

Êtes-vous intéressés à acheter un bien immobilier rentable??

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Deux immeubles à revenu à vendre à Chambly:

4-plex Chambly
499 000 $

4-plex construit en 1989, revenu 28 400 $ /année. 

DÉTAILS

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6-plex Chambly

549 000 $

6-plex construit en 1987, revenu 42 500 $ / année.

DÉTAILS

Les prix sont inférieurs aux prix du marché, car ces immeubles nécessitent des réparations et il y a des logements sans locataire.
Appelez-moi pour faire une visite (514) 999-9260 courtier immobilier Olga Ouspenskaia

Autumn news of the Montreal real estate market

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I finally got numbers for real estate sales in October 2022, so I can look at what is happening in the Montreal real estate market and the surrounding area.
House prices have been dropping, as they usually do in the autumn, after the end of the spring and summer home buying season.
However, the market is still in favour of the sellers. Unfortunately, the choice of good houses in good areas of Montreal and on the South Shore (Longueuil, St-Hubert, St-Bruno, etc) remains poor. Detached houses no older than 30 years, are sold in Longueuil for more than $600000, in Montreal – $800000 and more.
Compared to October last year, prices for single-family houses in Quebec have increased by 9%, and for 2-plex and 3-plex by 21%. But this is already lower than prices were this spring.
Prices began to decline for “illiquid housing markets”, i.e. badly located or in need of major repairs. Such houses now “hang” and if someone wants to make renovations to his style, he can bargain and buy such a house.
At the present, the buyers have the chance to buy a new, more spacious house by selling the existing one.  In the spring, it was impossible to do this because there were multiple offers on every house, with 20 or 30 buyers for one house.

What to expect in November and December?

November and December are historically 2 of the 3 best months to buy a home if you want a deal.
Economists predict that the Bank of Canada will raise its interest rate again this year before interest rates stabilize. If the Canadian economy falls into recession, we could see mortgage rates drop starting in late 2023.
Of course, life does not stop and, as always, in the spring, a revival in the real estate market will begin. Therefore, buyers would be wise to obtain a pre-approval letter and lock in today’s mortgage rate for 90 days, then attempt to buy a house or condo in January, when prices will be lowered.
I wish to remind you that under the new law of 2022, the buyer is required to have their own real estate agent. The seller’s realtor is not authorized to represent the interests of the buyer and the seller at the same time.
Some proverbs give good advice, like “Luck is what happens when preparation meets opportunity.”
Please contact me, and I will be happy to help you become the owner of a new house or condo.

La fin de la double représentation

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A partir du 10 juin 2022, les agents immobiliers ne pourront plus représenter simultanément les intérêts de l’acheteur et du vendeur de biens immobiliers. Cette mesure vise à réduire l’effet de la surchauffe immobilière, mais surtout à mieux protéger les acheteurs dans le cadre d’une transaction et à éviter les conflits d’intérêts. Désormais, l’acheteur doit avoir son propre agent immobilier qui l’aidera à déterminer le prix d’achat, à préparer une offre (offre) et sera avec lui jusqu’à la réception des clés. L’agent immobilier du vendeur n’aura qu’à représenter ses intérêts et n’aura même pas le droit de montrer la propriété à l’acheteur sans un autre agent immobilier.
Je vous rappelle que mes services pour les acheteurs sont gratuits. Mon travail consiste non seulement à vous aider à trouver la maison ou l’appartement de vos rêves, mais aussi à préparer tous les documents nécessaires à l’achat. Après tout, comme vous le savez, toutes les conditions et exigences de l’acheteur doivent être consignées dans les documents d’achat, comme la vérification du sol pour les bactéries qui se nourrissent de fer et, par conséquent, peuvent endommager les tuyaux de la maison, ou la présence de pyrite dans les fondations, qui peut entraîner de nombreuses fissures dans les murs de la maison.

En utilisant le moteur de recherche immobilier www.Centris.ca, je vous montrerai toutes les maisons/appartements vendus dans le secteur au cours des 4 derniers mois et il vous sera immédiatement clair si vous donnez le bon prix pour une maison ou un appartement avec caractéristiques similaires, telles que l’année de construction, le nombre de chambres, de garages, etc.

Il y a beaucoup de subtilités que vous ne connaissez même pas, mais les manquer dans vos documents d’achat de maison peut vous coûter cher à l’avenir.

Avec mes 20 ans d’expérience en tant qu’agent immobilier, vous serez entre de bonnes mains et l’achat d’une maison restera dans votre mémoire non pas comme une situation stressante avec des nuits blanches, mais comme un événement agréable et significatif dans la vie.

How can a buyer stand out from the competition? 5 tips.

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house soldNow that Covid19 has turned our lives upside down : someone has lost their job, someone has lost a significant portion of their savings due to the fall in stocks on the stock exchange, some homebuyers think that they can buy a house in this situation for much less than the initial price.

I have to disappoint them, the Montreal housing market is currently in a “seller’s market” situation. As you already know, 2020 and 2021 were record-breaking years for property sales in Montreal, and 2022 started with sales at prices above the initial sale price. This means that there are more buyers on the market than properties for sale. This situation occurs when the seller receives several offers to buy his house/condo. This happens when the object is listed at a low or adequate price and / or has good characteristics (location, area, parking, etc.).house multiple offers

There is a situation with several proposals for the purchase (offer) for one house. Are you a buyer and planning to buy a property in the coming months? Here are some tips that will definitely help you find the best strategy for buying property.

How can a buyer stand out from the competition? Here are my 5 tips.

Tip # 1. Have a good professional next to you.

To determine the price, the realtor has statistics of the sold similar houses / condos in the same area in recent months. Usually the buyer is stressed, especially in such a situation. Your realtor will advise you to keep an evenness of mind and not overestimate your abilities. Instead, consider how much you would like to purchase a property for and stick to that amount.

Tip #2: Get Mortgage Pre-Approval.

Choosing from 2 offers with the same price, the seller will give preference to the buyer who has already received a preapproval letter from the bank about the maximum mortgage that he can get. The seller will be sure that he will not lose 2 weeks waiting for the confirmation of the buyer’s creditworthiness.

Tip #3. Consider all the conditions of the purchase.

The offer contains several conditions for the purchase, except for the price. For example, the date of signing the purchase / sale agreement, the condition for the inspection, etc. It is best to ask your real estate agent for advice on what conditions will help you win the auction.

Tip #4: Present yourself in the best light.

Sellers are emotionally attached to the home they are leaving, and they will certainly want to get to know the future people who will live in their home. Your realtor will give you the best recommendation, which can make all the difference when sellers choose a buyer.

Tip #5: Give a bonus or be second in line.

If you know that you are competing with other buyers and the seller has not yet accepted or refused your offer to buy, you can improve it – offer a higher price, change the terms of the purchase, etc. To do this, your realtor will ask you to fill out a special form and send her after your offer. If your offer is still not accepted, your realtor may offer the seller to accept your offer second in line. Thus, if the first offer is canceled (the bank did not give a mortgage, the buyer refused to buy after the inspection), your offer automatically becomes the first.

In conclusion, the best advice I can give you in a multiple offer situation is to be patient and ask all your questions to your real estate broker.