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Bidding wars: The new reality in the West Island?

Bidding wars: The new reality in the West Island?

While the demand for properties in the Montreal area has been steady since the beginning of the year, the supply of available homes remains historically low. These factors have combined to create the perfect environment for bidding wars; in fact, it has become common for properties to receive multiple offers shortly after listing, and ultimately sell for above asking price.

Of all property sales in Montreal in 2018, 10% have been above asking by an average of 3.5%. While these statistics are impressive enough for anyone looking to sell their home in the near future, it’s important to note that Deakin properties continued to experience even greater results. Of all Deakin transactions throughout the year thus far, 40% of sales have been above asking price by an average of 4.5%.

“The marketing platform we’ve always used in a more balanced market has proven to be even more effective in the current hot market,” said Jay Deakin, real estate broker and co-owner of Deakin Reality. “We’ve seen a number of our listings sell for much higher and faster than expected this year, due in large part to the systems we have in place for preparing the house for sale and presenting it to the market.”

While sellers definitely have the upper hand given these market conditions, it can be difficult to know how to price your home in order to optimize its sale while still getting top dollar for your property. That’s where expert advice becomes priceless.

“The pricing process has become more complex given the new market conditions,” Deakin said. “Depending on the price point of the house, there can be two to three valid strategies for pricing. In many cases, we are pricing homes to solicit multiple offers, which can often yield a better result than pricing 2-3% above the anticipated sale price as we have traditionally done. Simply looking at sales data is not enough anymore; you have to be aware of homes that are currently under contract with accepted offers and which buyers are still in the market and may have missed a few homes.”

Buyers are also often unsure about how to proceed with making an offer on a property in such a competitive market. In a typical real estate climate, buyers generally decide upon an offer based on the data of comparable properties in the neighbourhood. However, in today’s market, with an abundance of buyers and few properties for sale, the sheer volume of competing buyers is driving up prices often to well beyond recent comparables.

“Seeing a mortgage broker prior to shopping is a very important step, not only for establishing your budget, but also to have a pre-approval letter ready to present to sellers with your offer,” Deakin said. “Also, having a realtor who is a local market expert is more important than ever before because it helps ensure that you can make a competitive bid, while protecting value and not over-paying.”

While it’s impossible to predict exactly how the rest of the year will play out, it appears as though the trend of bidding wars will continue into the fall, as the market factors driving the phenomenon aren’t expected to change in the coming months.

“We have seen inventory levels creep up in the last month or so, but they still remain well below historical averages,” Deakin said. “We’ll be watching this closely as we go into the fall season. All eyes will be watching prices and inventory as we head into mid-August to see how the rest of the year will shape up. It seems as though we could see a slight cooling as the year ends, however it seems highly unlikely that the market will flatten off or give anything back this year.”

We are so very appreciative of all your efforts in selling our home and finding a new one. The Deakin Realty family is truly professional.

Kathy & Brian

Thank you for your sensitivity and kindness. We also appreciated your level of professionalism and knowledge in the handling of our file.

Bruce & Lillian

You are a true angel in disguise. We can never express our appreciation for the knowledge, service and kindness you have shown.

Jane & Larry

Thank you for your prompt advice and help. It was nice to feel welcome to call you and have your support.

Eric & Janice

Thanks again for all your help with everything! You were fantastic, and Stef and I are thrilled that we were able to have you as our broker.

Matt

You are incredibly professional even in the throes of an emotional and stressful decision. Thanks for your patience - we are thrilled with our new purchase!

Namta & Sara

Encore merci pour nous avoir guidés tout au long de ce processus. Vous offrez l'équilibre parfait entre professionnalisme et humanité.

William

You thought of every detail inside and out - a job well done to you and your team!

Maureen

You and Jay did everything we asked for and more, and talked me off the ledge more than once. We were so impressed, and we wouldn't hesitate to recommend you to others.

Pamela & Doug

Thanks for treating us like family!

The Halls

I'm not sure we can ever fully express how much we appreciate all you have helped us with. It has been a stressful time but was made much less so through the referrals you gave us.

Sandee

Jay, I know you did a lot of hard negotiating to arrive at a mutually satisfactory solution and we need to congratulate you for that. Thanks for your very significant effort.

Mike & Anna

Thanks for everything you have done. It has truly been a pleasure selling through you.

Catherine

You are truly awesome. Pointe-Claire is a very lucky place to have you guys at the heart of it.

Katy

We just wanted to thank you so much for all you've done for us over the last year and a half. We always felt like you were sincerely putting our best interests first throughout this entire process.

James & Amanda

Thanks again for all your help... attention to detail... sanity checks... moral support... hand holding... i.e. the usual wonderful Nancy Deakin service!!

Sandra & Larry

Your help & professionalism throughout the buying process, and your ‘words of wisdom’ during our selling process have been greatly appreciated.

Sophie & Mark

The Deakin team made our relocation from Halifax a pleasurable experience. Their professionalism and knowledge of the real estate market helped us find the perfect home.

Jason & Shannon

You have a way of treating your clients as they are you only client. You always responded within hours of a call. That is what I call great customer service.

Dawn

You are a marvel as Mom is so very comfortable with you and John. You are stars and much appreciated.

Cydney & Les

Thanks to you and the Deakin team for everything you did for us. We really appreciate working with knowledgeable and experienced business people.

Fred & Lynn

Thank you so much for all your time, help, advice and patience in getting my house sold. I really appreciate it!

Jan

Deakin Realty provides their clients with total professional, businesslike, and enthusiastic care. They talk to you. They get results. What more could you look for in a real estate firm?

Walter & Pamela

Thanks for finding our perfect house. We were out of town and trusted you to make an offer without actually seeing the house. Serious trust and you never let us down.

Brian

Thanks for understanding our needs and finding our family a great home! We would highly recommend Deakin Realty to anyone who is interested in buying or selling.

The Brown Family

Merci pour tout votre support et votre patience!

Donald

Thanks again for everything you have done to help us through this difficult (more difficult than normal in this case) process, and for your patience with me.

A & M

Thank you very much for all your help in our transactions ... it was a delight working with such a professional!

Patrick Ducharme - Banque Nationale du Canada

Merci pour tout! Ça a été un vrai plaisir de vendre par votre intermédiaire!

Catherine

We appreciate all the efforts, dedication and patience you are putting into finding us a house. Thank you for everything that you are doing for us.

Martin, Natalie & the girls

Nancy, thank you for all your help and invaluable guidance!

Katy & Kevin

Merci beaucoup Nancy pour ton dévouement et ta patience. Nous sommes très heureux d'avoir fait cette très belle acquisition!

Carl

Deakin Realty met all of our objectives and helped make our condo project a success. They are proactive, highly professional and capable of adjusting to changing conditions.

Marc-Andre Legault - Developer - Les Cours Sherbrooke

You were understanding, professional and endlessly patient throughout this sometimes challenging process. You went out of your way to make it work out, both for us and for our "perfect" buyer.

Barbara

Merci d'avoir pris soin de ma mère et ce plus que votre travail ne l'exigeait.

Kim

As a first time buyer, I had a lot of questions and you took the time with me. Not all agents would have done this - I know, since I dealt with others before meeting you.

Dawn

Deakin Realty displayed great professionalism in every aspect of their work and in all cases they made sure the transaction was good for all parties.

Patrick

Hey John, we really wanted to take the time to properly thank you. You were always there for us, and put alot of time into our home with all the advice and visits. We really appreciate it! You'll always come highly recommended by us.

Jason

Thank you for a job well done. We’re both so excited to have clinched the deal of the year in Beaconsfield.

Denise & Gary

Nancy, thank you for all your hard work and patience, and for not giving up on us during this house hunt.

Stefano, Melissa & Zara

We really enjoyed working with Ali... we never felt pressured... He listened and respected our priorities... he also looked out for our best interests... Thank you so much for all your help.

Joy & Richard

You listened and went far and beyond what any other real estate organization could or would do. We are happy to say that we consider you a friend and look forward to working with you again.

The Adrian Family

Thanks again for your good work, Nancy - you were right about the price and the timing for the sale! A celebration is in order.

Louis-Robert

We would like to thank you so much for all your hard work in finding our first home. Your patience, professionalism, friendship and perseverance was greatly appreciated.

Christina & Kevin

This is just a quick thank-you for all of your wonderful help in finding our first home. We really appreciated your patience, honesty and attentiveness. You may all rest assured that we will recommend Team Deakin.

Sonjali & Devi

As a non-profit agency, our survival is linked to those people in our community who have the kind of dedication & commitment shown by Deakin Realty. Keep up the good work.

Amcal Family Services

Thanks for everything, as you can imagine we have every reason to be grateful for your help.

George & Martha

Jay, you truly could not have handled this tricky sale better and we will sing your praises to everyone we know.

Jen & Dave

Ali a été d’une aide précieuse pour nous trouver LA maison qui nous convenait, ainsi que pour nous aider à miser sur les atouts de notre maison pour la vendre au bon prix. Il est à l’écoute des besoins et est d’une grande intégrité.

Andre & Martine

Thanks again for all your help, advice and patience during the purchase process. You really went above and beyond the average real estate broker's duty.

Matt & Anita

I couldn't have imagined this going any smoother than it did. Thanks for a well thought out plan and execution.

Marcel & Liz

Thank you for everything John. You have been so dedicated and helpful throughout our journey!

Amanda

Thank you for taking care of my mother ‘above and beyond the call of duty’

Kim

I just wanted to thank you for making all of this as easy and painless as possible. Your professionalism, initiative, positive attitude and willingness to take time to explain the process made the deal unfold very smoothly.

Bob

Having such a well organized group looking after us made our house hunting trip all the easier…those added touches you do really make all the difference between ‘good’ and ‘the best’.

Laura & Daniel

I was really worried about finding the "right" person to work with my Mom. Your approach, patience and sense of humour won her over right away, and your follow up has given all of us a lot of comfort through this. Jay, I could not imagine a better fit.

Michael

Deakin Realty achieved the best possible result: a lease that pleased both landlord and tenant. We were so impressed with Nancy and her team that we asked them to work on another project for our company.

Richard King - Owner – Elm Plaza

I appreciated your expertise, competence and advice. These confirmed that my insistence on having you as the sole agent for my property was the right decision.

Clara

Thank you once again for guiding us through this process. Your ability to balance professionalism and the human aspect of this process is top drawer.

Bill

We would like to thank you again for helping us find a great home and for all of your advice over the past couple of months. We'll definitely recommend you to our friends...

Christina & Rob

To the Deakin team - thank you for going above and beyond!

Lynda

Thank you for everything you have done. It was a wonderful experience selling my house with your help.

Camille

Jay’s knowledge of the housing market was critical in helping manage the sale of our condo and the purchase of our new home. His practical and helpful recommendations made things easy on both ends.

Rob & Sonia

Jay, the whole experience dealing with you was efficient, seamless and painless. You are a true professional and a good advisor. I felt I was the only client you were dealing with.

Janice

In our business, referrals are important to both the referring party and the receiving side. Thanks so much for a job well done. I hope to refer your family more business.

Peter Blanchard, President - Terramont Real Estate Services

We realized that we were dealing with a real estate “advisor” - who not only knows the local market and homeowners themselves, but an individual that thinks outside the box and brings creativity and enthusiasm to a profession that he truly loves.

Mark & Kelly

Thanks ever so much! It was our lucky day when we met you. You can always count on us as reference for your future clients.

Serguei

I would not consider making a sale or purchase in the West Island without involving Deakin Realty

Gerry