Finding an opportunity in the current real estate market may seem challenging, but by focusing on specific aspects, it is possible to discover promising deals. Here are some strategies to help you spot these opportunities:
– Owner who has owned the property for more than 10-20 years: Look for owners who have held their property for a long time. They might be more inclined to sell at a competitive price or be open to negotiation, as their motivation could differ from more recent property owners.
– Off-market property: Explore different sources to find properties not yet listed on the traditional market. Platforms like JLR or Monprospecteur, specialized brokers, or groups may offer exclusive opportunities.
– Foreclosure properties: Keep an eye out for properties in foreclosure, available off-market or on platforms like Centris. These properties may be sold at prices below their actual value, providing an advantageous buying opportunity.
– Estate sales: Properties from estate sales can be sold quickly for various reasons, offering attractive opportunities for buyers. Check off-market channels or consult listings on Centris.
– Below-median sector price: Target properties priced approximately 20% below that of a “fully renovated property” in the same area. While these properties may require renovations, they present a chance to make a good deal and increase the property’s value afterward.
– Property on the market for 30 days or more: Keep an eye on properties that have been listed for some time, as sellers might be more open to negotiation to expedite the sale.
– Properties in the suburbs of Laval and Montreal: Expand your search to the suburbs of Laval and Montreal, where prices may be more affordable than in the city center, while offering good long-term appreciation potential.
– Income-generating property with vacant units: Look for properties that generate income but currently have vacant units. You could benefit from a cash flow right from the purchase and leverage the vacant units to increase your earnings.
– Property with the potential for adding units or extensions: Consider properties that offer the possibility of adding additional units or extensions. This could enhance the property’s value and allow you to diversify your income sources.
In conclusion, by exploring various search channels and focusing on off-market properties, attractive real estate purchasing opportunities can be found in the current market. Be persistent, conduct thorough research, and don’t hesitate to negotiate to secure the best possible deal.
