It’s no secret — the housing market is off to a slower start this year compared to last year. Recent data released by the Nova Scotia Association of REALTORS® (NSAR) shows a less active market for the first three-months of the year throughout the province in comparison to the same period in 2012.
The result is that homes in Nova Scotia have remained around the same levels, with a slight decrease in price by, on average, two per cent. It also means that, in most regions in Nova Scotia, homes stay on the market for longer periods before deals are finalized.
There are really a number of reasons why, and some of these reasons vary depending on where you live. Your local REALTOR® can help you understand what factors are at play in your area, whether you live in Cape Breton, the central part of the province, or in our Southern-most tip.
The current market creates opportunities for sellers looking to enter a market this spring. Identifying the right price makes a big difference in terms of making a successful sale. Here are a few reasons why:
The price tag is part of the first impression. The price can lead potential buyers to make assumptions if the home seems to be overpriced for the market; likewise, they will make assumptions if it is underpriced.
The first month is critical. The first 30 days on the market is a critical time frame when you list. As a new entry on the market, it is likely to draw the most interest from potential buyers, and price is part of the appeal.
Price can limit your interest. Buyers are shopping with a price in mind, and may have pre-qualified for a set budget ideal to their preferred neighbourhood. You don’t want to price yourself out of that budget by coming in too high above comparable properties.
The right price avoids price slashing. Setting the right price from day one saves you from slashing the price down the road. Price reductions can set the wrong tone for offer negotiations later on.
Pricing keeps it real. Your next move is likely being made in consideration of what your home will sell for. You can spare yourself from having to adjust your own dream if you keep the asking price in the right range.
Nova Scotia’s average sales price for January to March 2013 closed at $217,083. This means Nova Scotia remains one of the most affordable places to live! Working with a REALTOR® will help you value your home appropriately as part of a successful home-selling strategy.
*compliments of the chronicle herald*
TIP OF THE WEEK
When listing your home and trying to determine market value it is imperative to remember that true market value of your home is; what any given buyer of reasonable understanding and making an educated decision is willing to pay for your home at this time. By over pricing your home you reduce your exposure drastically. If after a couple weeks your home hasn't had much interest speak to your Realtor, he or she will advise you of the condition of the market in your area. If the market is healthy it comes down to two items, your home is priced too high, or it hasn't been marketed well enough. Talk to the professionals and remember if you have any questions CALL ME!!
Are you looking for a Realtor in Halifax? Thinking it may be the time to sell but arn't quite sure? Thinking about when you should make the move and set out to make a purchase? I can quickly provide complimentry pressure free appraisals or answer any questions you have regarding mortgages, renos and real estate. Contact me or feel free to leave a public comment or question below. Follow me on Twitter and Facebook to see more updates and see what is going on in Nova Scotia real estate.
Jason Shadbolt, BMgt
As a Realtor, Builder and previous Mortgage Specialist, if you have questions, all you have to do is ask!