Leveraging Your Equity

Leveraging Your Equity

Even with the recent slow down in the market, property values are still significantly higher than they were last year.  Many homeowners have no idea how much equity they have in their home and similarly, are not sure what opportunities that equity provides.  I often hear people say how they could never afford to buy a new home because they are too expensive now.  However, most people I speak to do not fully understand their borrowing potential when leveraging their equity. 

For example, I had a client who purchased their semi-detached home many years ago for $170,000. We recently sold their home for $340,000, which meant they had some $200,000 in equity to play with.  Instead of rolling that entire amount into a new mortgage,…

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The Art of Negotiation

The Art of Negotiation

For the past two years, the value we’ve brought to our clients has been in the form of winning competing offers when buying a home, or leveraging multiple offers when selling. Now that the market has taken an abrupt turn, it is important that your Realtor changes their tactics to ensure your success when making a move. 

When selling, your Realtor now needs to do a lot more work to obtain feedback from buyer agents while encouraging them to submit an offer.  Obtaining an offer is half the battle, the other half is negotiating favourable terms.  It’s unlikely you’ll like everything about an offer when it is submitted, but it is always advisable to work with the buyer to reach an agreement where everyone is happy.

Buyers today…

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A Normal Perspective

A NORMAL PERSPECTIVE

As summer is in full swing, a cooler real estate market still represents a hot one. It is easy to lose sight of perspective when it comes to Halifax real estate.  For years, it ticked slowly upwards without absurd swings in either direction.  The last two years dominated the media and in turn, dominated conversations across the province.  It is important to understand the statistics that form the foundation of our current housing market.

The number of sales in June 2022 was only beaten once in the past twelve months - in May of 2022.  Sales remain strong even though inventory is on the rise.  However, we still only have 1.4 months of supply.  This means that if nothing else were listed, it would only take a month and a half for…

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Non-Resident Deed Transfer Tax and Property Tax

How will the Non-Resident Tax Affect Homeownership Costs in Nova Scotia?

Last week, the Provincial Government released a budget that included newly created Deed Transfer Taxes for Non-residents and increased Property Taxes for Non-residents. Since this was announced, many people have had questions of how this will affect them as well as the real estate market in Nova Scotia. See below for more information quoted from the Province of Nova Scotia website:

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Provincial Deed Transfer Tax for Non-residents

The Provincial Deed Transfer Tax (PDTT) will be effective for all purchase and sale agreements and other specific transfers starting 1 April 2022.

The Provincial Deed Transfer Tax will apply to all residential properties or portion of…

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Is Halifax The New Toronto?

Is Halifax The New Toronto? - Halifax Real Estate 2022

Real Estate markets across Canada have a lot of similarities. Buyers can use what is happening in other cities to foreshadow what might happen in their local area, using the knowledge gained to navigate rapidly changing conditions. Join Adam Scott as he sits down with Paul Purcell from Royal LePage Urban based out of Toronto as they discuss the market, the challenges buyers face in Toronto and how they have pivoted in order to secure homeownership. What Paul experienced in the Toronto market may very well be a prelude for what's to come in Halifax.

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Halifax Real Estate | The Inventory Chasm

The Inventory Chasm

The jump in the average price from December to January is nothing short of astonishing. Sales are down by almost 40% from last year, but that's not due to a lack of buyers. Rather, there is simply nothing to buy. Let me paint a picture for you. Currently, there are only ten condos for sale on the entire Halifax Peninsula. Two of those are listed below $400,000, the next cheapest is $1,014,500. That is a gap better described as a chasm. In January, the average price of a home in the Halifax Regional Municipality was $581,180. Sellers were on average obtaining 111% of their asking price. 

Next, let's talk about a certain Spryfield semi-detached. A nice home built in 2010, well-maintained and with a few recent upgrades. We listed…

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Market Value vs. List Price

Market Value vs. List Price - Halifax Real Estate 2022

In this video Chris Perkins, Broker/Owner discusses Market Value vs List Price, and which is more important in the Halifax Real Estate Market. 

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The Importance of Hiring a Certified Professional - Property Assessments

The Importance of Hiring a Certified Professional - Property Assessments - Halifax Real Estate 2022

When you are buying a house in the Halifax Real Estate Market, we recommend doing a house inspection - even if you think you know exactly what house you are walking into. Hiring a professional, like a general contractor will see things that we just don't see. In this particular case, the inspection report changed our view of the property, and saved our clients a lot of money and headache.

Have you had an experience like this with a home inspection that changed your mind about a house? Let us know in the comments below.

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Buying a House By Accident | A Thing of the Past in Nova Scotia

Buying a House By Accident | A Thing of the Past in Nova Scotia

Up to this point, you could accidentally buy a house in Nova Scotia if you forgot to tell the Seller otherwise.  That’s because your Buyers conditions (like financing or home inspection) would self-waive.  Meaning, if you failed to inform the Seller you were not comfortable “firming up” by the condition date, you would be legally obligated to purchase the property.  The old system also made it very scary for a Buyer to submit a written request for items like a repair that resulted from findings from the home inspection.  While the Seller did not have to sign or accept the request, they were also at liberty to “interpret the request as notice of dissatisfaction” which would then permit them…

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Happy Holidays & Window Displays

Happy Holidays!  It’s December and we are getting into the festive spirit down at Coldwell Banker Maritime Realty.  We’ve decorated our windows for the annual North by Night display and the Christmas tunes are filling the air.  We’re still working hard while we’re having fun, although sales have dropped by more than 31% from this time last year.  This is because inventory is down by almost 60%, now pushing the average price above $500,000 for the first time.

We’re also in our final month of #LiveLoveLocal where we get to feature the Fireworks Gallery – Halfax’s choice custom goldsmith, repair shop and source for beautiful designer jewellery.  We’ll be giving away $1000 to the Fireworks Gallery before Christmas, courtesy of Coldwell Banker Maritime…

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