Real Estate Talk:
Prepping for fall update
A season with wonderful qualities to capitalize on if you are planning to sell
By Joseph Marovitch
In past years, mid-July to the end of August was usually a quiet time in real estate. This year is completely different. Due to the pandemic, the real estate market was shut down for three months. When the market reopened in June, all the suppressed buyers swarmed to visit the few available properties.
With travel to the U.S. restricted, residential summer camps not operating, and most people remaining at home where it is safer, the market has remained busy over the summer months.
Every little thing to create an inviting atmosphere will assist in both selling the property quicker and acquiring a higher price because we are feeding a want and creating a need.
Even though the September market is not starting up like in the past, fall is still another season with wonderful qualities to capitalize on if you are planning to sell. In September, the winds change direction and blow a little harder and colder. The leaves change into bright colours before falling to the ground. September is a time to make one’s home as warm and inviting as possible. Some wonderful steps to take before listing a property in fall are:
- A thorough cleaning inside and out
. - Fresh paint, if required, in the house or outside
. - Front and back yard maintenance
. - Repairs where needed, i.e. cracked driveway, broken garage door, change a light bulb
. - Comforters, pillows, and teddy bears strategically placed on furniture in the living room and bedrooms
. - Incense and potpourri in the bathrooms
. - Freshly baked goods – the smell of cookies or bread permeating the main floor
. - A fire in the fireplace even if it is only a gas fireplace
Every little thing to create an inviting atmosphere will assist in both selling the property quicker and acquiring a higher price because we are feeding a want and creating a need.
Photos of the property are also an important factor. Sometimes a broker will list a property in February with photos of a winter exterior, but there is nothing less appealing and depressing than listing a property with photos of snow in the summer. The photos must be changed with the seasons.
‘Photos of the property are also an important factor and must be changed with the seasons.’
Autumn is a stunning season that we as Canadians get to enjoy with all the colour and vibrancy it provides. Therefore, the property should have autumn photos to match the atmosphere.
Should you have questions or comments, please refer to the comments section at the bottom of the page. As well, to view past articles, click here.
Next article: The notary – process and pricing
State of the market
The real estate market has been a strong seller’s market for most of June, July and August due to the market being closed three months prior. It has been a seller’s market since the demand for property is high and inventory is low. Many sellers are hesitant to allow strangers into their homes for fear of infection. The lack of inventory has caused what is for sale to receive multiple offers and sell at higher than asking prices.
Another interesting symptom of the pandemic is buyers searching for properties with a workspace to allow an office. Many have decided that working from home is less expensive and less risky than working in a building full of people.
‘Another interesting symptom of the pandemic is buyers searching for properties with a workspace to allow an office.’
Finally, the hot spot for real estate is away from the city. There have never been as many buyers pursuing property in the Laurentians and Townships as there are now. Properties that would usually be considered second homes or retreats from the busy city are now being purchased as primary homes. There is an exodus taking place. The financial markets are assisting in this pursuit as well since interest rates on borrowing are so low.
More than this one cannot say. The infection rate is ebbing and flowing. We are told by experts that the virus mutates. Hopefully, this situation will be under control soon. Until it is, the performance of the market will be questionable. Some buyers are taking the opportunity to purchase investment property now at lower prices with the assumption that the virus will cease and prices will rise. The risk is if infection and hospitalization rates increase instead, investors are stuck with these properties in a possibly static market.
Stay safe and have a great weekend!
Let’s not forget that people with cancer are vulnerable too!
You are invited to keep giving to the following organizations since it’s now more important than ever to support cancer research! Click on the logos below to find out how:
Other articles by Joseph Marovitch
Joseph Marovitch has worked in the service industry for over 30 years. His first career was working with families from Westmount and surrounding areas, hosting children between the ages of 6 to 16 as the owner and director of Camp Maromac, a sports and arts sleep away summer camp established in 1968. Using the same strengths caring for the families, such as reliability, integrity, honesty and a deep sense of protecting the interests of those he is responsible for, Joseph applies this to his present real estate broker career. Should you have questions please feel free to contact Joseph Marovitch at 514 825-8771, or josephmarovitch@gmail.com
There are no comments
Add yours