Tough Times for Aspiring Budget Property Buyers in the Vaudreuil-Soulanges Region
The Vaudreuil-Soulanges region is experiencing a boom in its real estate industry. Despite the current pandemic and the uncertainty in the economy, the residential market in the Vaudreuil-Soulanges area has experienced a 62% increase in property transactions. Many real estate professionals believe that the current situation has made the market favorable to property sellers. However, this has significantly affected those who are on a budget but want to acquire property in this region. This is because they will have to dig deeper into their pockets to get the property they want.
The property prices in the region are going up extremely fast since there are not enough properties for sale to meet the current demand. If you are a first-time homebuyer on a budget, you may have challenges getting a home that will suit your budget estimates. You will realize that you may not be able to afford to buy a home in the neighborhood that you desire. You may even get your dream home with everything that you desire and end up losing it in the real estate bidding wars that go on in the region today.
The current real estate situation in Vaudreuil-Soulanges is quite spectacular. Apart from the steep increase in the number of real estate transactions, the average cost of a single-family home has also increased by about 24% from the price in August 2019. In 2019, the median price for a home in the Vaudreuil-Soulanges region was just $335,000 and has jumped to $400,000 in 2020. It is too soon to determine whether the property prices will drop or continue climbing over time. However, what is clear is that budget buyers have very few pickings when buying property in this region.
Currently, the cheapest property for sale is a two-bedroom house in St-Telesphore selling at $65,000 for the price of the land. The best livable and cheapest home is also in St-Telesphore and is a very small two-bedroom old house at $120,900. If you have a budget of about $200,000, you can get a two-bedroom condo in Rigaud, or Polycarpe.
With a price point of $200,000 you can only get a property of either one or two bedrooms. However, you may be lucky to get a few family-sized houses if you are willing to stay as far as Ste-Justine-de-Newton or St-Polycarpe. If you want a home with more than two bedrooms under $400,000 potential properties are very few. The best option is to consider areas such as Les Coteaux, St-Zotique, Les Cèdres or Coteau-du-Lac. You may get a few homes with 3 or more bedrooms at this price in areas like Vaudrefuil-Dorion, Île-Perrot, and Rigaud and a few in Hudson or St-Lazare.
The prices of properties in the Vaudreuil-Soulanges Region are increasingly going up because the demand for properties is higher than the available homes for sale. As a result, buyers are likely to bid above the list price, especially when they know they will be encountering a bidding war. The high demand for property in the Vaudreuil-Soulanges region has fuelled the increase in property value.
The interesting thing is that currently, buyers are competing to buy property in the area. As a result, it is uncommon for property sellers to get more than one offer to buy. Consequently, most property transactions are concluded at a higher price than what was initially entered. To speed up the buying process, most property buyers are offering to complete the transactions without having the property inspected because they believe this will take time and the seller may get a better offer.