You could soon notice your neighbours in Montreal removing “For Sale” signs and replacing them with Christmas lights. Buyers and sellers often take a break during the holidays to recuperate for the New Year. However, there are several reasons why being active during a winter slowdown might be beneficial.
For a long period, it had been a seller’s market, with many purchaser and little inventories. Purchasers have been vying for available property and competing with many other buyers. Multiple offers by agents flood in on properties marketed at the market, forcing selling prices to rise 20 to 25 per cent over the asking price and many purchasers to waive criteria like reviewing expenditures, inspecting the property, and obtaining financing.
These sorts of proposals put purchasers’ finances at risk, and the process is incredibly stressful for both buyers and sellers, what with competing, hurrying to get offers in, and clearing the barriers between the accepted offer and signing at the notary.
While most people are on vacation, there is a group of buyers out there looking for bargains and taking advantage of the lower competition and stress.
This is why most individuals avoid buying and selling over the holidays. Most, but not all, of them, I believe. Some buyers are still looking for a home, and some sellers are hoping to sell in December and January, especially this year, for the reasons stated above. We are still amid the pandemic, and a new strain of the virus known as Omicron is swiftly spreading over the globe. As a result, a large number of individuals are not travelling, and so there is still a market of prospective purchasers.
There is often less competition for a property on the market in December and January. During the holidays, there are fewer properties on the market, so those that are available stand out even more. Instead of 10 little homes in one ad, there would be one enormous quarter-page ad with one property.
There is often less competition for the property on the market in December and January. During the holidays, there are fewer properties on the market, so those that are available stand out even more.
It is possible to make the procedure more equally paced and less stressful. Sellers who accept offers over the holidays can postpone inspections and financing until later in January. If a seller has no choice but to sell, having one of the few properties on the market has its perks. If a buyer has to buy quickly, buying over the holidays has advantages. So, sellers, make your house comfy and ship-shape, prepare some cookies, and smile. So if you want to sell your house quickly around the holidays, follow these guidelines:
Set a reasonable price: A top real estate agent who is familiar with the local market can assist you in pricing your house in the most lucrative yet sensible range.
Make a special effort with your listing: Virtual tours may also assist keep homebuyers warm in the winter, as well as attract motivated and/or long-distance purchasers.
Make the most of your curb appeal: Keep your yard décor modest, but decorate your house with lights and a colourful front door wreath.
Stay in the city: Making yourself available can help you engage with potential purchasers and get an offer closer to completion.
Preferential treatment for prequalified purchasers: Preapproved buyers who have gone through the underwriting procedure are even better; their financing is ready to go and is similar to a cash offer.