Multiple offers to purchase in Montreal – 5 winning strategies
With the arrival of the pandemic in early 2020, the price of homes and properties in Montreal has only increased. According to Centris, the price of single-family homes on the Plateau-Mont-Royal has risen by 24%. The median price is now $1,186,250. The average sale time for these properties was less than one month in the last quarter of 2020. If you’re looking to buy a condo in Le Plateau-Mont-Royal, Outremont and other busy neighbourhoods in the Greater Montreal area, you may be faced with multiple offers to buy. In this blog post, I explain 5 winning strategies to help you get the best deal.
How to win a multiple purchase offer in Montreal?
- Understand what a multiple offer to purchase is;
- Get pre-approved for a mortgage;
- Make sure you have a good broker on your side;
- Present yourself well to the seller;
- Improve your price and down payment;
- Be flexible with your terms.
Definition of a multiple bid situation.
In a seller’s market, it is common for properties to receive multiple offers to purchase. This type of situation often occurs for a property that has desirable features and a good price. For example, if you want to buy in Outremont or Le Plateau-Mont-Royal, you may have to deal with competition since these neighborhoods are in high demand.
Always have a pre-approved mortgage.
Would you go car shopping without knowing if you have enough money in your bank account? Probably not. If there is one thing that is essential to distinguish yourself in multiple bidding situations, it is mortgage pre-approval. By contacting a mortgage broker, you are better equipped to build your budget and gain credibility with the seller.
Always be accompanied by a good real estate broker.
Buying a house in the Plateau-Mont-Royal or Outremont can be a real source of stress. Having a good real estate broker by your side will help you keep a cool head and explain the different issues so that you understand everything that is going on.
Take care of your presentation.
A good offer to purchase comes with a cover letter, a presentation of your plans and, ideally, a video. The goal is to present yourself as the best buyer.
Improve the price and your down payment.
Above all, it is important to have a well established budget before making such a decision. In the case of multiple offers, the selling price will generally be higher than the asking price. A good real estate broker will help you estimate the right price within your budget. It may also be a good idea to increase the down payment. Keep in mind that the final decision is not based on price alone.
Be flexible with your terms.
A promise to purchase is much more than a price. It also comes with conditions to respect. By being flexible on these conditions, it will be easier to get out of the deal. For example, you could be more flexible on occupancy terms. However, I don’t recommend that you forego the pre-purchase inspection.
To buy a house in Montreal, I am here.
Since 2001, I have helped thousands of individuals find their dream home in Montreal’s busiest neighborhoods. Whether you want to buy in Outremont, Plateau-Mont-Royal, Rosemont or Mile End, I can help you.
