Real Estate Update

Dear Montrealers, as we enter the second half of the Spring Season a lot of sellers are having success with their properties, many of which have been on the market for a long time. This is good news for homeowners waiting for the right time to sell, as well as Investors and Home Buyers. Not only have we turned a new page in our great city in terms of Real Estate but we are also noticing a solid increase in property value almost across the board.

Making the decision to sell your home may not always be an easy one. We could narrow it down to life changes but a large variation of different events can cause someone make that decision. Whether it’s because your family is getting bigger, you are separating from your partner, you are being relocated, or you’re an empty nester a home will always have memories. In some cases you may also simply want a different lifestyle, whatever the situation, it is important to know your market, the market conditions, and who your competition is.

Proper evaluation allows for successful marketing of a home in any market. In my case during an evaluation I supply comparable sold properties, active listings that I would consider competition, a review of recent history and the current trend in the market. Any other factors that could impact the sale of your home must also be taken into consideration such as; politics, time of the year, economy, etc…

It is true we still have relatively high numbers of homes for sale comparable to other years, in most markets buyers are actively looking and making offers, knowing their strengths in this market. This is why a strategic and aggressive promoting of a property is key at the moment. Knowing and understanding the realistic selling price of your home is not always easy to accept, but will often result in selling your home quicker and for more money at the notary.

This month I would like to look at the Westmount Market in depth. As the graph attached shows we are off to a good start in 2015. We have sold 30 properties in the first 3 months versus 31 in 2014. The average selling price is up significantly, however this is also due to a couple key sales, in general properties are selling for more this year than previous years and are selling in less time. With an average absorption rate of 148 days.

Thank you for taking the time to read my article, and please call me if you are thinking of selling your home. I am always available to answer your questions.

Philip Clement