We had lunch this week with a few representatives from CMHC (Canada Mortgage and Housing Corporation) and they gave us a quick update on what they see happening across the HRM.  Perhaps most notably, the average price of a Halifax Peninsula home has increased this year by a substantial 10.5%.  This is partly due to a low amount of inventory but also because many of these homes have undergone significant renovations.  Sales are also up by 6.4% creating a hot spot in our market.

Looking at the greater central metropolitan area, sales are up by 7.8% and the average sale price has also increased by 2.7%.  The average time to sell a home dropped by 18% to 71 days on the market.

Real Estate Market Snapshots:

Dartmouth

Sales increased by 7.6%
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Since I began my career in real estate 10 years ago, I have always said people should interview more than one agent before selecting who should represent them to sell their home.  Selling a home is a huge decision and let’s be honest, it is also an expensive one.  It is important to know what you are paying for and what value you are receiving for your investment in a real estate agent.  Often, sellers do not interview more than one agent because they aren’t sure what questions to ask.  So I have compiled a list below that will help you make the best decision.

Remember, a listing presentation is a job interview.  You are selecting someone who is going to provide the best value and customer service, while also ensuring you get maximum exposure and…

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Get a Pre-Approval

There are several reasons to get a mortgage pre-approval. First of all, it will ensure you are not looking at homes outside of your budget.  There is nothing worse than viewing homes you cannot afford because by the time you see homes that actually fit your budget, you’ll be bitterly disappointed.  Remember, your first or second home will likely not have all of the features of your dream home.  However, by getting on the property ladder you’ll be a step closer to it.  Each time you upgrade in the market you’ll be able to capitalize on the equity you’ve been building by paying down your mortgage.

Secondly, it greatly improves your negotiating power. With a pre-approval in place, a seller will know you are serious and organized.…

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