2023-04-26 16:12:02
A man from Saint-Donat lowers the price of his bungalow by $183,000. The one who had difficulty selling his brand new residence made the decision to let his house go for $417,000 instead of $600,000. An expert notes that you have to lower your expectations by adapting to the new realities of the real estate market.
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“It’s on a case-by-case basis. I have rarely seen such significant price drops, in proportion to the original display price. Maybe his house was too expensive for the market at the start, ”says the real estate broker, Mélanie Bergeron, in an interview with TVA Nouvelles.
Change old habits
Since the pandemic, the real estate market has fluctuated. People looking for a house should change their habits by adapting to the new reality. “People look at comparables, rely on the price sold without comparing with the original posted price. We are no longer in the same kind of market, there is negotiation,” explains Ms. Bergeron.
According to the real estate broker, the man should have called on experts to find better strategies, before lowering the price of his house so “drastically”.
Those who initially advertise their house at an excessive price take the risk of disinteresting buyers. “The expression is: we are going to burn the house on the market. People have too high expectations,” says Mélanie Bergeron. For her, the important thing is to adjust to the new reality, the pandemic is over.
No such “drastic” drop
“Prices are holding up. This case is extreme. Yes, there are declines in some sectors, but not as drastic. It’s rare that I’ve seen that! The decline remains around 5%, ”she says.
Proper consideration of the display price for merchandising is the most important part of the sale. “If you drop the price all the time, buyers are going to think you’re going to drop once more and that there may be a problem with the house. We must reduce expectations, it’s more the same as in 2022-2021, ”notes Ms. Bergeron.
The real estate broker would like to remind you that there is a good analysis to be done before putting a house up for sale. “You have to be strategic, not give away your house, but be realistic in the market. You have to be precise,” she concludes.
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