For years, Halifax was considered a buyers’ market. Halifax real estate prices were on the decline, and some people sold for losses. This caused countless homeowners to hang onto their properties, even if they wanted to sell. That has changed, though. Halifax has transformed into a sellers’ market, and some insiders say it is red hot. Find out what has changed and how you can get in on the action.
Supply and Demand
When analyzing the Halifax real estate market, one can’t help but notice the issue with supply and demand. There aren’t many homes for sale in Halifax, but the demand is there. Millennials are flooding to Halifax, and there are also people coming in from outside of the country. The demand has led to bidding wars, which is driving up the cost of real estate. Some sellers are even making more than the asking price on their homes.
One real estate agent received four offers for a home in Halifax. The winning offer was $20,000 over the asking price. That is hardly an anomaly in the market right now. Twenty-one percent of sales were for more than the asking price during the first four months of 2019. That is an increase of 23 percent when compared to 2018, making it clear that the market has transformed.
While supply and demand is the driving force for Halifax real estate, other factors are making it a sellers’ market as well. Even as real estate prices are going up, buyers feel like their money goes further in Halifax than other parts of Canada. That makes them more willing to spend a little extra on Halifax real estate. Also, people are drawn to Halifax because it isn’t nearly as busy as Vancouver or Toronto. Those cities are known for their traffic and congestion. It’s much easier to get around Halifax, and that is attractive to buyers.
A New Kind of Buyer
While the market is hot, sellers need to be mindful that many of the buyers are millennials. Millennials treat the real estate market differently than other generations. Millennials are less likely to purchase fixer-uppers. They want properties that are ready to live in and have the amenities they want. Some potential sellers have chosen to stay in their homes and make upgrades to so their properties will be more attractive to this new type of buyer.
Taking Advantage of a Hot Market
If you want to take advantage of this hot market, it’s critical to act quickly. Markets shift on a whim, so today’s hot market could be tomorrow’s cool market. People are currently getting tens of thousands of dollars more than the asking price on properties, but that could change. If you want to sell your property, get help from a real estate agent. Your agent can help you find qualified buyers so you can cash in on the hot market. Then, you can walk away with a nice profit thanks to the red hot market.