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Halifax and Dartmouth Fall Market 2020 Update
The unexpected pandemic has shaken the world. It has caused job loss, uprooted businesses and has surely messed with travel plans. We’ve managed to adapt to a new lifestyle here in Nova Scotia, which is slowly becoming our new norm.
But, of all the industries to be negatively affected, real estate is certainly not one of them.
If you’re looking to buy a home this fall, read on to hear our Halifax and Dartmouth fall market update.
Current market trends
The fall market is thriving in Halifax and Dartmouth to say the least. From September 24th to October 1st, there were 295 new and back-to-market listings. Out of those listings, the number of houses sold the very same week was 238. That means the sale to listing ratio was a whopping 81%.
Having said that, the inventory is still not meeting the demand of the current market.
The average listing price of a single-family home is sitting around the $400k mark, and almost always selling over the listing price.
The inventory shortage paired with an increase in demand is expected to prompt a 10% increase in average Halifax and Dartmouth housing prices until the end of 2020.
Whether you’re a buyer or a seller in the Halifax market this fall, there are some things to take note of:
Impact on sellers
Just as summer was, we’re still in a seller’s market. Being in a seller’s market puts you at a huge advantage. Houses are going for significantly over the asking price, and bidding wars have become the new norm. If you’ve been considering selling your home, now would be a good time to get it on the market.
Buyers are more eager than ever. Having said that, don’t set your prices higher than market value. Setting fair, but competitive prices will still drive a lot of traffic to your sale.
If you do have multiple offers on your home, work closely with your realtor to select the best deal for you. A buyer offering you more money may add several contingencies, such as assistance in closing costs, whereas another buyer may offer less but not ask for anything else.
Impact on buyers
Yes, the fall market is in the seller’s favour and has become a competitive battleground, but that doesn’t mean you won’t be able to find a home. Be patient, and work with a trusted realtor.
Strategize with your realtor to optimize your offer. Seller’s are drawn to simple offers that will keep the process easy for them, so don’t assume you need to offer way over market value to get an accepted offer. This may just mean you need to get creative, such as reducing the conditions and having a solid deposit. There are ways to sweeten the deal that will make your offer as attractive as possible.
Alternatively, you could consider building. The drawback is you would have to wait a little longer to move in, but it may be worth it in the long run. Another option is to purchase a home in the lower price range and renovate it. This way, you’ll have a home in the location you want, and you can really make it yours.
Whether you’re a buyer or a seller, it’s key to move quickly in today’s market. Be equipped with the paperwork and resources you need so you don’t miss out on an opportunity. For more information on how a mortgage broker can help you navigate the real estate market in Halifax, give us a call at 902-482-2770 or get in touch with us here!