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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.
When you buy or sell real estate through us, in addition to the GREAT service you will recieve a ballot in one of our FREE cruise giveaway draws!!! Odds in winning are 1 in 10 !!!
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.
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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.
SOLD! 91 Olive Avenue sold in 7 hours - that’s the power of my marketing machine and a REALTOR.
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%
Some of you were aware that I spent some time away from Halifax recently. However I was still able to work while I was away thanks to some of the technology that I use in my business. I want to share some of that with you.
The most important piece of technology that I use on a daily basis is my Macbook laptop, it does Windows too but mostly just works when I need it to. Follow up and marketing are easy thanks to a cloud based CRM that I found called Zoho. I am able to stay in touch with everybody thanks to a VOIP phone that I have on my laptop from a local provider called Internetworkig Atlantic. Calls from Hawaii or where ever I have traveled to are always a local Halifax number, also their fax to e-mail service is awesome. Lastly and certainly not least, I use an underwriting service call NEXSYS to make sure that all my files have their t’s crossed and i’s dotted, and they also store all my documents on their encrypted servers, giving me access to all my files where ever I am.
All this technology allowed me to not miss a beat even though I was away. Rate sheets still went out. Finance cut sheets were sent out as requested. Calls were returned, just a few hours later. I told my underwriters that I was not on vacation, I was just working from a better location, and that is the way it will always be when I travel.
If you are doing an open house this weekend and need a finance cut sheet for your property, just send me an e-mail with the MLS# and I will do it up for you. If you have several listings just let me know and I can set up a folder for you on my dropbox ( cloud storage).
Some more info about the types of financing available through us are AAA residential loans all the ll the way to B or Sub Prime. Commercial loan types from multi-residential, commercial development, Franchise FF&E loans to factoring and equipment financing.
As always please feel free to contact me if you have any questions. I look forward to helping you close more business.
‘Dream as if you will live forever. Live as if you will die today.’ James Dean