Real Estate Talk:
Back to sales in September
Why the September real estate market is so exciting for buyers and sellers
By Joseph Marovitch
There are several times in the year when the real estate market perks up and other times when the market is in the doldrums (Doldrums: When there is no wind and the sails of a boat are not filling, causing the boat to go nowhere.)
Selling real estate requires an audience and there are times of the year when the audience is limited, such as Christmas and New Year’s or more accurately December to January. This is a time when most people are going on holiday, spending time with the family and reducing their stress.
Another time the real estate audience is reduced is summer, specifically mid-July to the end of August. Once again people are on holiday, having fun in the sun and finding ways to enjoy a stress-free time.
… though there may be a limited audience, summer is an excellent time to show off your property.
However, discussing the possibility to purchase a new home or sell an old one during a stress-free time, such as summer holidays, can be downright exciting. You’re sitting around the lake or in your back yard enjoying a cold, refreshing drink. Conversation consists of purchasing that new home for the family or downsizing and imagining ways to spend the cash now that the kids have moved out. In an effort to get the ball rolling, you invite all your friends to a backyard cocktail or pool party because, though there may be a limited audience, summer is an excellent time to show off your property. People see, and people talk.
The fun is about to begin. September rolls around and suddenly there are thousands of people back in the city ready to get to business. All the talk of selling and buying becomes action. Granted September is a busy time for everyone. You return from holidays to find a pile of work on your desk and a ton of messages to return. This is when a professional real estate broker comes in handy. In September, properties pop up everywhere for sale. Real estate inventory increases, allowing more options to choose from and competitive prices to negotiate with.
‘September rolls around and suddenly there are thousands of people back in the city ready to get to business. All the talk of selling and buying becomes action.’
Buyers who search for homes in September usually do not want to move when snow arrives, so negotiations tend to move faster, signing and possession dates happen sooner. Sellers in September want to take advantage of the fall season colours and not have to market their home in December when holidays begin again, therefore pricing tends to be reasonable.
I find it is best to place a property on the market near the end of August. This way the seller gets a headstart as do the eager buyers who arrived home from holidays a little earlier. As well, the first wave of buyers and brokers usually pass the word around that a new property has come to market. By marketing in the end of August, come September, buyers come a little sooner and visits escalate as September passes.
Next topic: Preparing the property in August to sell in September
Should you have questions or comments, please refer to the comments section at the bottom of the page. As well, to view past articles, go to the search link and type in Joseph Marovitch.
Have a great week!
State of the market
According to the CMHC (Canadian Mortgage and Housing Corporation), the housing market in Montreal is close to becoming overheated. However, the CMHC also states that the risk of a bursting market bubble is very low. So, is it close or not?
In favour of a real estate market bubble is that the price of single detached and semi-detached homes has risen for the seventh straight quarter as inventory decreases. However, condos have taken over in sales where single homes have left off. This has had the effect of balancing the market in the short term. Many buyers are either looking at condos downtown or houses in the suburbs. For there to be a bubble that would burst, causing the price of homes to suddenly drop, there would suddenly have to be more single homes for sale and no condos to turn to. Hopefully this is not the case. Developers will continue to build condos, buyers will continue to buy condos and yes, inventory of single homes will increase as the summer holidays come to an end.
Image: Andrew Burlone
Read also: Real Estate Talk: Your best offer
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 to, 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 firstname.lastname@example.org