Halifax Real Estate - A Modern Approach

One thing is for sure, the Halifax Real Estate market is still alive and well. Last week alone, there were as many listings sold as there were new listings. Despite speculation about a housing bubble, likely from negative press on the Toronto and Vancouver housing markets, the Halifax housing market continues to thrive. 

The Halifax Peninsula is the hottest spot on the map. Property from single family homes to condos are being gobbled up within a matter of days. Many of these properties are in such high demand that bidding wars are a common place. Asking prices eventually sit lower than the actual sale price. This is good news for sellers in this area as they are likely to bank on a good return. For buyers, this is equally good as it indicates a healthy market place and a higher chance of incremental growth on the value of their homes. As the city continues its outward expansion, the centre of the city becomes more and more valuable. 

Mainland Halifax has seen nearly the same kind of demand, with homes in former suburban areas lasting no more than a few weeks. Though significantly lower in price, these properties fetch a pretty penny for any seller. 

The biggest spike, in terms of sales increase and price increase, is seen within the Sackville and Dartmouth areas. Properties in this area, formerly undervalued, are now the suburbs that Mainland Halifax used to be. As the core densifies, the outskirts are seeing large spikes. If you’re buying your first home, I highly recommend considering these areas as they are still affordable and have not yet reached their peak of worth. 

Bedford continues to lead with the highest priced homes in municipality. As it continues to grow past the 102, old Bedford is solidifying its grasp on high prices and average turnover. 

So, in essence, the housing market in Halifax is stronger than ever. Rates continue to hover low, making affordability less of an issue for first timers and anyone looking to downsize. 

My only advice for buyers - use an agent. It costs you nothing in the form of commissions and the agent will do all the work and protect you from the other side. The listing agents have their sellers best interests in mind and will only do the paperwork for you, nothing else. 

I’ve knocked on a lot of doors in the last month and the thing I’m hearing the most is “we want to wait so we can get more in a year.” Though this may be true, it’s also a truism. Property goes up in value, within a healthy market at least, between 4-7% each year depending on area. So that is a given.

There is, however, one small issue many potential sellers don’t realize. Whether they are downsizing or upsizing, the cost of real estate they purchase will ALSO cost more money. So any move will be lateral.

Another important factor is that interest rates are at a 50 year low. If they remain static then great! But they’re only going to go back up. Therefore, any extra money made from hanging on to your property another year to maximize your return, could easily be lost by a spike in interest rates.

I just had a client who sold his home, in a healthy market, bought into a new one while locked into a ten year term. The move is lateral, but this person will be clearing off a mortgage that is not sustainable, moving to a home better suited and securing a better rate.

So, with all these factors clearly favouring a move this year, why then would you wait?

If you or anyone you know is considering buying or selling real estate soon, please have them contact me and I will gladly help explain the process to help your referral make the most informed and important decision.

Please visit my website for more information:
http://www.modernapproach.ca
902.880.1490

And the spring real estate market is in full swing! What would normally be the busiest time in the real estate business, 2012 is poised to break even normal records. With the hype from the ship building contract getting buyers off the fence, Halifax has once again become a sellers market.

Properties listed competitively last little more than a few days, and desirable properties are bought up in a matter of hours. Some sellers continue to remain on the fence themselves, hoping to reap the rewards of higher sale prices in a year or more. My advice at this point is, if you’re going to move anyway, whether it be downsizing of upsizing, now is certainly the time. The reasoning is two fold.

Firstly, while the sale of a property will give a seller 5-6% more in a year or two, you can expect that whatever a seller purchases will also cost more money. Therefore, any sale and purchase would be lateral and would not see any net gain.

The difference at this stage in the game is interest rates. They are currently at historic lows. If they don’t stay the same, they will definitely be raised. With major Canadian banks currently lobbying the federal government to put more restrictions on attaining a mortgage, something is going to give.

So, in summation, a seller may be able to sell their home for more money in the next year or two, but the cost of buying another will be marginally the same as their sale, or higher in some cases. But any extra money made on a sale will be lost with higher rates and tighter mortgage terms, which makes waiting to make any move extremely counter productive.

Getting buyers motivated to grab property now, while rates are low and real estate is still modestly priced, is easy. The trick is convincing sellers of the mistakes of waiting, unless apartment living becomes the most desirable, and most practical plan.

Give your clients access to preferred rates.
As your Mortgage Specialist, I have access to virtually every major lender in Canada. But as you can see, I’ve reserved my best rates for your clients. What’s more, once I’ve analyzed your clients’ needs and utilized my seasoned negotiating skills on their behalf, it’s entirely possible their rates may be even more attractive than what’s listed. Please contact me today.Rates as of Monday, March 26, 20122 year fixed3.04%  3 year fixed2.79%  4 year fixed2.99%  5 year fixed3.19%  10 year fixed3.89%  VARIABLEPrime-.2%  Variable OpenP+1%  Please talk to me to see if these rates are still current and applicable to your specific situation. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time.Another great reason to refer to me
I try harder. A real estate deal is worth too much to trust to a financing person who’s chained to a desk, works 9 to 5 and can’t get excited about meeting deadlines. That’s why more and more real estate professionals are introducing their clients to mortgage brokers. I’m an independent professional like you, so I’m just as motivated as you are to close the deal!I still have $0.00 down payment available. 

Today’s prime rate is 3.0%

Think Different!