The real estate market in Halifax and the surrounding areas has changed significantly in the last 18 months. We have gone from a "Balanced" market (equal number of buyers and sellers) to a "Sellers" market (listing inventory is down and prices are up) prompting multiple offer situations, listings selling almost as soon as they are on the market and often for over list price.
So what does that mean for you if you are thinking of buying? There are a few things you need to do to prepare to be an active buyer in this market
1. Get Pre-Approved - Meet with your bank or a Mortgage Specialist and get pre-approved for a mortgage. In this type of market, you need to know exactly how much you can afford before you start looking. Your home search should include homes priced below what you are pre-approved for so you have room for negotiations. In most cases, the listing price is just the starting price. When it comes to a multiple offer situation, you need to know how far you can go.
2. Decide what are your "must haves" vs your "nice to have" in terms of size and style of house, amenities, neighbourhood, etc. With so few houses on the market you may need to compromise on what you want or where you want to live.
3. Know your timeline. When do you absolutely have to move? Depending on what you want/need and how much you can afford your search may take some time. And you may end up writing several offers before getting one accepted.
4. Be prepared to move quickly. When a house comes on the market in your desired area or price range, you need to be prepared to move quickly in terms of a viewing and submitting an offer. Frequently when we list a property for sale, within the first couple of hours we get multiple requests for viewings. Being prepared to move quickly can be the key to being successful in this market.
5. Be prepared to negotiate. When multiple offers are present on a property it can all come down to whose offer is the strongest; not just has the highest price. Things such as conditions of the sale and flexibility on closing dates can make as big a difference as what price you are offering.
Bottom line is this: despite it being in a Sellers Market as we as a worldwide pandemic people are buying and selling real estate every day. The key to being successful in doing it is being prepared and educated and working with a REALTOR® who has the knowledge, experience and understanding of how to deal with this type of market. You need someone who can guide you through all of the ups and downs of buying a home.
Home Buyer's Tools
Search Now! The search tool allows you to browse the wide variety of single-family homes, duplexes, and condominiums on the local real estate market. You can also create saved searches and sign up for updates so you receive an email when homes are listed that meet your criteria.
Register for DAYWATCH Stop searching and let us help. DAYWATCH allows you to choose things like the area, price range, and house style. As soon as a property is listed on the MLS you will receive an email with the information. Let us send the perfect property to you!
Home Buying Process The step-by-step guide on how to get started and what you should be prepared for.
First-Time Home Buyer? Get all the information that will help you if you are new to the home buying process. Let our experience and knowledge work for you!
The Mortgage Calculator can help you determine monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate.
Communities and Neighbourhoods Explore the community where you would like to live. Get information about housing, schools, recreation and more. And with more than 30 years of experience in selling real estate in Halifax, our team can help you decide which community or neighbourhood is right for you.
New to Canada? Valuable information to help you navigate the process if you are planning to relocated to Cananda
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