Real Estate Talk: The Holiday Break
The Holidays are a good time to take it easy before selling in January
By Joseph Marovitch
This column usually consists of real estate concepts and we are about to begin a series of articles explaining the first process of purchasing to the latest process of investing, within the framework of a new normal. There may be a vaccine available but return to normal will not occur immediately, if ever.
However, it is not a bad thing to take a break and enjoy family and friends without the stress of a pandemic or insane world politics. There is good ahead as we overcome the pandemic with vaccines and adjusted social behaviour, and the world will go on with or without us.
Now can be a great time to place property on the market since interest rates are incredibly low and buyers outnumber sellers. However, the last 12 months have been extremely stressful and placing a property on the market, maintaining the house, and allowing strangers to enter while we are trying to have some semblance of holiday spirit may just tip the scale and lead to binge drinking or a stress fracture (hopefully not).
… if we take the rest of December to tone down, take walks, watch movies, and eat well (I still recommend routinely using the home gym), we may find that everything brightens up and January will look very promising.
Prices in real estate will rise, slow or fast, but upwards. It is not expected that interest rates will jump up any time soon since most retail business are having a tough year.
Therefore, if we take the rest of December to tone down, take walks, watch movies, and eat well (I still recommend routinely using the home gym), we may find that everything brightens up and January will look very promising.
Starting in January, we will be discussing the following processes: purchasing, selling, pre-approval, mortgages, inspection, warranty, latent defects, documents, environmental testing, staging, assessing the market campaign, pricing, open houses, visits, resale considerations, working with brokers and why, the OACIQ, certificates of location and much more.
Should you have real estate questions, whether pertinent to this article or not, do not hesitate to contact me via the question section below or via email, text or phone. I can always be found on LinkedIn or Facebook.
Next week we will discuss home gyms, their advantages and resale value in the new normal.
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: Home gyms, the new trend
State of the market
Depending on the age category, there is either excitement or hesitation to purchase real estate. According to a recent study by the APCHQ (Association of Construction and Housing Professionals of Quebec), ages 18 to 34 are hesitant to purchase property at this time since the employment situation has been precarious and income is diminished for now.
However, for those in the older age category, there is an excitement that better times are on the way. For those older individuals who have a nest egg to support them through the pandemic, there has been little to spend on over the past few months and capitol has been accumulating.
‘Interest in retail space has been recently growing. The idea is to rent space for restaurants, bars, and stores because entrepreneurs expect an explosion of repressed wants and needs when the word is given that all is safe.’
The news has spread that there are several vaccines available to combat the virus and inoculation has begun. As time has passed during lock down, suppressed demand to eat, drink, and live has been growing to the point of bursting soon. Therefore, everyone is excited and preparing for the time when all can go back out into the world, socialize, and get the wheels of the economy rolling again.
Interest in retail space has been recently growing. The idea is to rent space for restaurants, bars, and stores because entrepreneurs expect an explosion of repressed wants and needs when the word is given that all is safe. It is expected that this feeling of freedom will move across the board to real estate, and the overall economy. We should see more property on the market, more consumers and more big-ticket purchase items.
Let us hope!
Have a great week and please stay safe!
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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 email@example.com