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Are you in love with your home? This is a question we should all have the answer to coming out of quarantine. Odds are you have spent more time in your home these past few months than ever before and have had the opportunity to get intimate with your home. To really appreciate your home’s great features, or to get really frustrated with her inability to meet your needs. If your experience was the latter, moving is likely a top priority for you this summer. Luckily, we’ve compiled everything you need to know about the current Halifax real estate market so you can spend the rest of COVID-19 in your dream home.
Currently, it is a seller’s market in Halifax. More people are looking to buy a home then there are selling which has increased the average home price. In June, the average home sold for $359,958, which is 10% higher than the average home price in June 2019. It’s a competitive market that isn’t anticipated to cool down any time soon. To optimize during this market and improve your chances of buying your dream home, here are some great tips to follow.
1. Hire an in-the-know real estate agent.
With fewer homes than buyers in the market, you want to know right away when a new listing is posted. Having a connected and knowledgeable real estate agent can help ensure you’re one of the first to know about new and future listings so you have a fair chance at potential homes before it’s too late.
2. Think hard about your non-negotiables.
Before you go house-hunting, it’s a good idea to create a list of the features you want your new home to have. This helps to provide you with some direction when you’re choosing which listings to visit. That being said, with limited options you don’t want your list to deter you from some diamonds in the rough. Picking out a few non-negotiables will help keep your direction without narrowing your mindset. Flexibility and an open mind are key in helping you find a great home this summer.
3. Stand-out by keeping things simple.
Sellers want easy. Not only do they want an offer that satisfies their financial demands, but one that is smooth, simple, and stable. There are a few things you can do to communicate these characteristics to the seller.
First, before putting in an offer get pre-approved for your mortgage and ensure you have proof of funds. This communicates to the seller that you’re stable and are committed to the offer. Secondly, limit the number of contingencies included in your offer. Now is not the time to negotiate over the small details so only include what is necessary. This will indicate to the seller that the buying process will run smoothly and simply and will make them more inclined to accept.
4. Make things personal.
In a hyper-competitive market, you want to do everything you can to give yourself an advantage. While this will often be through offering the highest price, writing a letter to the seller or other personal touches can be an effective way to help your offer stand-out. Being genuine and letting the seller know how much their home means to you will establish a relationship and can improve your odds of closing the deal.
5. Avoid rash decisions.
A sellers-market moves very quickly. To improve your chances of moving into your dream home it’s best to make decisions and take action as soon as possible. That being said, you don’t want the idea of competition to pressure you into decisions you’re not comfortable with. Do your best to stay level-headed throughout the home-buying process to avoid buyers-regret.
Now more than ever before, our homes play a leading role in our daily lives. Not only is it where we live, but it is also our office space, our daycare, our gym, and so many other things. By following these tips, you can effectively navigate the competitive Halifax real estate market and purchase your dream home in no time.
When looking to buy a home in Halifax this summer and need unbiased mortgage advice, give us a call at Clinton Wilkins Mortgage Team! You can give us a call at 902-482-2770 orget in touch with us here!