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Estimating how long your home will stay on the market is an important part of planning your home’s sale, especially for sellers expecting to move into a new home after selling the old one. There’s no sure-fire formula for knowing exactly how long your home will stay on the market, but knowing the factors that play a role in the equation can help you make an educated guess.
Sellers vary in their preferred pricing strategies- some preferring to start off at a higher price, others pricing the property at market value from the get go. It’s advised to stay as close as possible to market value – for a quick and profitable sale you should keep in mind that buyers do their research- and they won’t be willing to pay a lot more for your unit than they would for other comparable units listed on the market. Pricing a home correctly requires a comparative market analysis, which takes into account size, area, amenities, floor height, and location. Most brokers offer free and non-binding property evaluations as part of their services.
Montreal is currently a buyer’s market, meaning that demand is lower than supply, and therefore average sales times will tend to be longer. Some types of homes or amenities are also more widely in-demand- such as homes with garage spaces, homes with a canal view, and homes closer to the Downtown core.
3. Local Averages
The local average time on the market for detached homes in Montreal is 114 days. This figure varies based on the size, location and caliber of home being offered.
4. The Season
Since Quebec has a singular “Moving Day,” most Montrealers look to buy their starter homes at the same time of year – around July 1st at the ends of their leases. If you list your home in spring or at the beginning of summer, a few months before moving day, you’ll catch the bulk of first time buyers. Sale times tend to be slower in Winter, especially during the holiday seasons, since most people avoid house-hunting in the snow. However, investors remain active year round.
5. The expertise of your broker
Each broker has a difference average time to sell a home, based on the extent of their buyer’s network, their advertising strategies, and their commitment to the sale.