Is renting an option??
Halifax (HRM) Residential Market Statistic Update For Week of June 13th-20th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 441 (520, 593, 530, 545) *511
Sold: 173 (166, 184, 176, 160) *206
Sale To List Ratio: 39% (32%, 31%, 33%, 29%) *40%
Expired/Cancelled/Withdrawn: 99 (83, 209, 86, 79) *114
Total Active Halifax/Dartmouth Inventory: 5,547 (5,550, 5,485, 5,484, 5,419)
Active Single Family Home: 3,677 (3,689, 3,659, 3,675, 3,647) *2968
Average Single Family Home List Price: $281,042 ($304,904, $290,481, $304,362, $303,352) *291k
Average Single Family Home Selling Price: $272,792 ($298,081, $282,512, $297,972, $296,297) *284k
Average Days On Market Single Family Home: 82 (98, 86, 89, 97) *92
Active Condos: 447 (449, 436, 439, 423) *267
Average Condo Listing Price: $250,852 ($236,461, $283,912, $324,576, $236,769) *281k
Average Condo Selling Price: $244,526 ($199,423, $275,449, $318,884, $233,352) *265k
Average Days On Market Condos: 88 (188, 95, 88, 63) *101
Halifax/Dartmouth Absorption Rate (weeks): 35 (35, 34, 35, 35) *25
Was last week the peak? All inventory stats reduced this week for the time in months, maybe marginally but it happened all the same. Single family homes final selling average was $22,000 less then last week which may have contributed to a decent sales week and a sales to list ratio that is the highest its been in months as well. And that will conclude our "Spring" market! one can only hope that the summer brings hot weather and hot buyers...
In the past few weeks I have been discussing the challenges with selling a home in this market, especially when it comes to the psychology of acceptance. Accepting the fact that the home you want to list may not sell for the price you where hoping for, nor get the price you expected to get when faced with todays market conditions. Unless you are willing to get competitive with your price and market your home accordingly, it may be time to seek alternative means to an end. If you have found yourself in a stale listing slump you may be considering a few things. Staging your home (if its not already done, doing that renovation that you have been neglecting, switching real estate agents/brokerages (cause that helps...) or simply doing nothing. The last thing that people want to discuss is the dreaded price drop or as I call it, a market correction. People who have lived in their homes for over 8 years have a tendency to be more realistic with their listing goals and recommendations as the time spent in the home has created some equity. People selling their home under 8 years of ownership usually shy away from reductions or lower listing prices because no one wants to lose on an investment after fees, negotiations and associated costs. So what other options does a homeowner have other then discounting their listing beyond the point of profit? Well, you could always wait it out. Eventually someone is bound to come by and make an offer, or eventually the market will catch up to the price but how long will that take? Rent out the home? Are you in a position to carry another mortgage (provided you are buying again when you move) and take care of a tenant? Although this negates carrying costs, tenants can be a challenge, abuse the home or leave it in poor condition degrading the overall value. How about lease to own? There may different benefits/challenges from this option, but may be suitable to help those that want to keep their investment going. If you are unfamiliar with how it works I would highly recommend this article and get the scoop! And know that the real estate professional that has been assisting you with selling your home (if you have one) can still facilitate this kind of transaction, so do not be afraid to ask questions to ensure you have all your options at hand to make a decision thats best for you! Thanks for stopping by!
Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition!
Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook and Google+ :) Please note that these opinions and comments are solely mine and mine alone.
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah