A Real Estate Market Update for Halifax, Nova Scotia
It's no secret that the real estate market has been on a roller coaster ride over the past few years. We saw prices skyrocket at the beginning of the pandemic and continue to climb until Q3 of 2022 before dropping suddenly, only to start climbing again in December of the same year.
As a result of these fluctuations, I have had a number of people asking if we are in a buyer’s market or a seller’s market. In this post, we will take a look at the difference between a buyer's market and a seller's market and what that means for those looking to buy or sell a home in our city.
Let’s start with months of inventory, which is a great way to measure supply and demand.
What is Months of Inventory?
Months of Inventory in real estate is defined as the amount of time (or months) it would take for all current MLS® listings to sell, given that no new listings enter the market. This is calculated by dividing the total number of homes for sale by the total number of homes sold for a given period of time – usually done on a monthly basis.
Months of Inventory = Total Units on Market in Month X / Total Units Sold in Month X
What is a Buyer's Market?
A buyer's market exists when there are more homes for sale than there are buyers searching for homes. This often happens in areas where the population is shrinking or where there has been a lot of new construction. When we see more than 4 or more months of inventory, we are in a buyer's market. Prices tend to go down in a buyer's market because there is more supply than demand.
What is a Seller's Market?
A seller's market exists when there are more buyers searching for homes than there are homes for sale. This often happens when interest rates are low, or the economy is doing well. When months of inventory are low (2 months or lower), the market is usually in seller’s territory.
In a seller's market, the party listing their property has more negotiating power and can often get a higher price for their home.
So, which market are we in right now?
Over the last two years, it was obvious we were in a seller’s market; however, a significant decrease in prices between April - July 2022 and an increase in inventory between January and September—coupled with national headlines reporting a cooling of the real estate market—has resulted in uncertainty as to which type of market we are in.
However, when we look at months of inventory, we are currently sitting at 1.3 months of inventory (up from 0.3 in Jan 2022), putting us in a seller's market.
This also aligns with the factors that lead to buyer’s or seller’s markets.
A buyer’s market is characterized by shrinking populations and over-building. In Nova Scotia, our population is growing at a rate faster than the national population growth:
Further, according to the province, it’s estimated the Halifax region is short at least 17,000 housing units, and this number is growing. Not to mention interest rates are still considered to be low despite recent increases (when we look at the last 35 years, the average interest rate has been 6.5%) and high inflation.
When speaking with sellers, there is a lot of regrets that they didn’t list a year ago; however, it's not too late for sellers to take advantage of this market.
Thinking of buying this spring? Check out my next blog post for tips for navigating a seller's market. The real estate market is always changing, so it's important to stay up-to-date on the latest trends if you're thinking of buying or selling a home.
Preparing your home for autumn
Preparing your home for autumn
With the arrival of the first frost of the season, it’s time to start thinking about preparing your home for the colder months. Beyond putting your patio furniture away—which might have already been done a few weeks ago thanks to Hurricane Fiona—here are a few things you can do to prepare your home for the fall.
Preparing your yard:
CLEAN OUT GARDEN BEDS
Once the weather starts to cool off, it's time to clean up garden beds to get them ready for the winter. Remove annual plants and cut back perennials to prepare your gardens for the winter.
PRUNE TREES AND SHRUBS
Remove dead or diseased branches on trees and shrubs. Pruning is to help maintain the appearance of the trees and shrubs as well as remove disease before it can spread to the rest of the tree.
Note: Avoid pruning live branches at this time. To check if a branch is dead, scrape off some of its bark on a smaller stem to see if it's green inside. If it's not green and bendy, it's not alive.
RAKE YOUR LEAVES
To keep your yard looking nice through the fall, rake up leaves and dispose of them as you see fit. You can choose to compost them into leaf mould, use them to protect flower beds over the winter, or you can put them out to the curb.
LOWER YOUR MOWER
Lower the mower to approximately 1.5-2.0" and give your lawn a final cut. In regions like ours, where the season is wet and the snow accumulates, your lawn is susceptible to damage if the snow can bend your grass blades over or there are piles of leaves left on your lawn.
To reduce fungal growth on your lawn (called snow mould), make sure to cut your grass short for the winter.
USE FALL FERTILIZER
Apply a Fall fertilizer to your lawn in mid-October. This will stimulate root growth through November and even into early December. Helping roots grow before winter sets in ensures that the lawn will green up quicker in the spring and become more resistant to disease and drought.
PLANT SPRING BULBS
After the first frost, it’s safe to start planting your fall bulbs. Make sure to plant in groups of 5-7 for the most beautiful displays. Spring tip: You can plant in areas normally shaded by trees for some extra colour, as the leaves will not have grown by the time they spring up.
Preparing your home:
CLEAN OUT YOUR GUTTERS
As the leaves fall, they can clutter up your gutters and break down over the winter into an immovable sludge that causes drainage issues in the spring. Make sure to keep them cleared out between storms.
CHECK YOUR HEATING SYSTEMS
Depending on what kind of heating you have, this might look like dusting radiators, booking a heat pump cleaning, having your furnace filter changed or having your chimney and fireplace inspected. It’s a good idea to make sure it’s all in working order well before the first cold snap.
CHECK FOR LEAKS OR DRAFTS
While a visual inspection will often do—checking for cracks, peeling paint, deteriorating seals— around windows and doors, if you have a windy chilly day, it makes for the perfect time to check for any drafts from windows, doors and even electrical sockets. Check your basement after heavy rain for any signs of water, like peeling paint or the wall bowing outwards. And make sure to pop your head into the attic and any crawl spaces to check for signs of damage.
Staging your home for a successful sale
In a seller’s market, home staging is one service that sometimes gets overlooked. Staging is about making your home visually appealing and welcoming to prospective buyers, and in many homes, only minor tweaks or temporary adjustments are needed to make your home more presentable.
According to the National Association of REALTORS ®, most buyers are willing to offer more money for a staged home compared to a similar non-staged home.
In this week’s blog, we're talking about how to stage your home for a successful sale.
A recent study by Zillow found that buyers were willing to offer $5,000 more when a home was painted in certain colours.
It seems so simple, but paint can really change the feeling of your entire home. Just imagine repainting a bright red kitchen with a cool gray. It would make the room feel totally different with just one change. And the best part? Painting a room is fast and inexpensive compared to other renovations.
When repainting your space to maximize the resale value, keep your palette to cool, timeless colours that lean more towards classic than trendy. These colours will appeal to the most buyers and make it easy for people to picture themselves living in the home.
While the gallery wall of family photos and shelves of treasures picked up over the years makes your house feel like home to you—it may come across as clutter to a potential buyer.
Set aside an afternoon to pack up personal items such as family photos, trophies, and sentimental items. Make sure the front of your fridge is cleared of report cards and appointment reminders and that your home is as neutral and tasteful as possible.
One of the main reasons buyers decide to move is because their current home feels cramped or doesn’t have enough space. When they walk through your home, you’ll want them to see that there is plenty of storage and room to grow into.
A buyer who comes in and sees that you’re running out of space will feel like they’re likely to run out of space too. Once you’ve packed away all your personal items, see what else you can pack up and move them into a local storage unit away from the home. Decluttering like this can make a huge difference in the number of offers received.
3. Clean your home
A clean home shows potential buyers that you've taken good care of the property. Ideally, you should clean every part of the house, from the floors to the ceilings—and everything in between.
Your aim is to make everything look brand new, so pay special attention to all the nooks and crannies where dirt might hide. I personally recommend hiring a professional cleaner.
4. Give every space a function
Every room should have its own purpose and function as it was originally to be. An example, if a dining room is being used as a children’s playroom, then the children’s toys should be moved to another location in the house, and proper dining room furniture should be set up. Only 10% of the population can see the room’s potential if being used for an alternative purpose.
The first thing buyers see when they pull up to your home is your yard. This gives the buyer their first impression of whether the home has been taken care of, or not.
Prepare your yard a couple of weeks before showings. You’ll start with a deep rake of your lawn, removing any debris and removing the dead layer of thatch around the roots of your grass. Also, rake out any old/discoloured mulch from your garden beds.
Turn over the soil in your garden beds with a cultivator and plant some annuals if the season allows so your garden beds are brightly coloured and in full bloom by the time your home showings are scheduled. Apply a 2-3” layer of fresh black mulch to make your yard look crisp and clean.
For an extra special touch, adding potted planters to the front of your home can accent the entrances of your home.
SELLER'S FREQUENTLY ASKED QUESTIONS
Despite the changes in real estate across the country, it is still a seller's market here in Nova Scotia, and we are seeing an increasing number of new listings each week. In this post, we're addressing common questions homeowners have before they list.
Q: WHAT COSTS ARE INVOLVED IN SELLING MY HOME?
Want detailed information on what costs you could be looking at when putting your home up for sale? I wrote a whole article on it here.
Q: WHEN SELLING, WHO PAYS CLOSING COSTS?
In Nova Scotia, the buyer is responsible for paying the closing costs, except for the legal fees incurred by the seller. This can be confusing if you watch a lot of HGTV because in the US S closing costs are often negotiated as part of the agreement of purchase and sale.
Q: WHAT IS INCLUDED IN MY AGREEMENT WITH A REAL ESTATE AGENT?
A: A full-service brokerage may include some or all of the following services as a part of the commission paid:
Q: How long does the listing agreement last?
A: The length of the listing agreement or seller (designated) brokerage agreement is decided between you and your agent. However, if you wish to be listed on the Multiple Listing Service (MLS), the MLS system requires a listing contract of 60 days minimum. 90 days - 180 days would be a common contract length for residential properties, with 365 days being common for vacant land, which would normally have longer days on market than residential homes.
Q: What happens if I’m not happy and want to cancel the contract?
A: The listing agreement is a legally binding contract. You can let the contract expire, it can be terminated if one of the parties is in breach of the contract, or it can be terminated by mutual agreement of the seller and brokerage. If you are not happy and want to terminate before the end of the contract, it's best to speak with your brokerage representative.
Home Design trends in 2022
HOME DESIGN TRENDS IN 2022
Over the past two years, the home has become more important than ever. It has become a classroom, workplace, fitness studio, and much more. As a result, we've seen an increase in home renovations as people adapt their living space to meet their ever-changing needs.
If you're considering an update to your home this year, here are 5 design trends to keep in mind for 2022.
Interior home design choices are directly influenced by what’s going on in the outside world. The past two years of instability and uncertainty have sparked a longing for familiarity and cozy soft furnishings in our homes.
2020 and 2021 saw a huge demand for Japandi and Scandinavian design, which both focus on simplicity, natural elements, and comfort. But as we move forward into 2022, brighter and more daring colour combinations are becoming increasingly popular.
According to Mark Higgins of InVogue Home Design, the kitchen, in particular, is seeing a demand for more colourful design choices. Think funky backsplashes, forest green cabinets and statement range hoods in bold colours and industrial metals.
The sentiment was echoed by Maureen Kennedy of Stage Right: Home Staging and ReDesign, who noted the shift away from minimalist patterns and textures in textiles. She noted that “In upholstery, we will see more experimentation with edge details including ruffles, pleats, tassels, and ball fringes. These decorative elements may have felt stuffy before, but paired with bolder colors and patterns, they can feel less traditional and more playful.”
2. Neutrals With A Twist
Despite the shift toward bold colour, don’t throw out all your beige just yet. Minimalism and neutrals are still relevant, and an added twist can make them feel fresh again.
Wendy Friedman of the Independent Mercantile and Biscuit General Store says one way to do this is by adding in pops of colour in a room’s textiles—minimalism and maximalism can coexist in the same space by keeping your white walls, but adding print and colour in rugs, throw pillows, and accessories.
This shift toward bolder design choices and the desire for a more sustainable, environmentally-conscious lifestyle is bringing antiques back.
Shopping second-hand (or accepting your parents' hand-me-downs) is not only more cost-effective and eco-friendly, but it also contributes to a uniquely personal sense of style at home.
These items tend to have more longevity, not only in the quality of their craftsmanship but also in their ability to outlive fleeting trends. Some of my favourite places to shop for antiques in NS are Timeless Objekt, The Refound Shop and the Funky Flea Market.
You can also find gems on Kijiji and FB Marketplace—one man’s trash is another’s treasure!
4. Multi-Purpose Living Spaces
Whether you love it or hate it, working from home seems to be here to stay with many offices opting to choose smaller spaces and keep their teams working remotely. With this change in working arrangements, the appeal of a beautiful and functional home office has never been stronger.
Unfortunately, the steadily increasing prices of our housing market results in buyers opting for smaller spaces with less options for that spacious, standalone home office.
This means maximizing the space you have, with flexible floorplans featuring stylish and airy room dividers, well designed storage to hide office and school supplies, and multi-purpose furniture.
Cottagecore was one of the biggest trends to come out of 2021, and it seems like it’s here to stay.
For those of us who aren’t avid TikTokers (myself included), “cottagecore” harnesses the look and charm of an idyllic country cottage. It embraces familiar floral prints and patterns, organic textures, and artisanal homeware.
Lucky for us, Nova Scotia has an abundance of on-trend handmade goods, such as hand-punched rugs, quilts, and pottery. Beadboard and wainscotting are gaining in popularity, but once again with a twist—we’re seeing it painted in bolder, deeper and more saturated shades.
If you're planning renovations to your home in hopes of selling over the next year and aren't sure what the best investments would be, hit that comment button. I would love to chat about how to maximize your home's potential.
New Year's Resolutions: Homeowners Edition
While the New Year may have looked a little different this year, the one thing that remains the same is the renewed sense of hope you get as the calendar year rolls over. The start of a new year offers a blank slate or fresh start.
Instead of the usual New Year's Resolutions, this week we're looking at resolutions for your home.
1. Get Rid Of The Clutter
Throughout the year, most of us acquire a mountain of stuff—and too much stuff can clutter up your home, making it look untidy and dated.
This year, resolve to go room-by-room and gather anything that you don't use, wear, or love and donate it to charity.
And in 2022, think twice before bringing more items home. Try the 'one-in, one-out' rule. For example, if you buy a new pair of running shoes, donate the older pair. This will help keep your home free of clutter all year round.
2. Work Out A Weekly Schedule
Cleaning the house can feel like an overwhelming task; it only takes a few days for things to pile up. Make a resolution to work out a weekly system for keeping your home clean.
Resolve to put your dishes in the dishwasher every night before going to bed. Put your clothes away each day instead of piling them on the chair and fold laundry as soon as it's out of the dryer so it doesn't pile up in the laundry room.
Break things down into smaller, more manageable daily tasks so deep cleaning doesn't feel as overwhelming when you have the time to tackle it.
3. Reduce Utility Bills
Make a resolution this year to reduce your utility bills and conserve energy throughout your home. This could be as simple as turning off the lights when you leave the room, turning down the heat or AC when you go out and making a conscious effort not to leave the tap running when you're brushing your teeth or doing the dishes.
Consider changing your light bulbs to compact fluorescents to help save up to 75% of your energy usage and upgrade larger appliances—like your washer, dryer, or oven—to energy-efficient appliances to save money on your monthly bill. If replacing appliances isn't in your budget, make sure to clean and maintain them as required so they perform at their best. (For example, if you clean your HVAC filters every 1-3 months, your system will be able to push that air through the filter easier, making sure the motor doesn't work too hard, thereby reducing its energy cost.)
You can also take this opportunity to also make sure air isn't escaping from your home. Warm air in the winter and cool air in the summer can escape through doors, windows, and ducts that aren't insulated properly. Make sure you're caulking and adding weather stripping to places that could be areas for drafts.
4. Organize Your Pantry
There's nothing quite like cleaning out kitchen cupboards and organizing your pantry after the chaos of the holidays. Check expiration dates, donate any extra food you don't normally incorporate into your meals—like the extra boxes of stuffing or canned green beans you didn't get to use this year—and organize your spices and baking goods.
Go one step further and add baskets and clear jars to organize your dry goods and make it easier for the whole family to keep the pantry organized moving forward.
5. Do A Safety Check
The beginning of the year is also the perfect time to do an annual safety check. Check your smoke detectors, carbon monoxide detectors, and fire extinguishers.
And finally, set aside time to schedule inspections and cleanings for your heating systems. Whether it's a heat pump, furnace, boiler or fireplace, these systems all need regular maintenance and this way, you won't have to worry about them throughout the year.
This year, I'm excited to work with even more people to secure their dream homes in Nova Scotia. If you know someone looking to sell their current property or find their dream home, I'd love to schedule a free consultation to help them get started.
What's a real estate lawyer anyway?
WHAT'S A REAL ESTATE LAWYER ANYWAY?
Having your offer accepted is only the first step in hanging the sold sign on your dream home. Once your offer is accepted, it's time to get your Real Estate Lawyer involved.
This week, I caught up with Charlotte Edwards, Associate Lawyer at Kennedy Schofield Lutz Lawyers to break down what your Real Estate Lawyer will do during this vital time in your home purchase:
1. What is the role of a real estate lawyer?
A real estate lawyer helps clients who have an accepted offer to buy or sell their property complete the transaction. The initial step is for the lawyer to review the purchase and sale agreement and discuss it with the client to confirm all details.
For a client who is buying a property, it is important for the real estate lawyer to review the title in detail with their client to make sure things like access, easements, and restrictive covenants are clear, and to answer any questions the client may have. The lawyer will also prepare all mortgage documents to sign with the client, in addition to the documents necessary for the purchase. The lawyer is responsible for collecting money from the client and bank, and transferring it to the other side in exchange for the deed and confirming that all mortgages and secured interests currently impacting the title will be cleared prior to closing.
For a client who is selling their property, the lawyer will prepare the deed for execution, as well as payout the mortgage. If the property is not migrated, it will also be important to migrate the property to the land registration system prior to closing. Regularly people are not familiar with migration, which requires a detailed title search confirming a clear root of the title. The migration process became a requirement on sale in the early 2000s.
Throughout the process, the lawyer works collaboratively with the real estate agent to ensure the transaction runs as smoothly as possible, including responding to questions from the opposing party and negotiating holdbacks or credits on closing day.
2. What is the process for finding and working with a real estate lawyer?
The most common way I find that people come to me is through recommendations of someone they know and trust – like a family member, friend, realtor, or mortgage broker. However, you can always search online for a lawyer as well. It is important for you to be comfortable with the real estate lawyer, and typically I organize an initial phone call to speak with the client to answer any questions they have. Throughout the process, there is an open dialogue that occurs through phone calls or e-mails to answer questions. Closer to closing, the lawyer will schedule a meeting in-person or by zoom to review all documents necessary for signature and collect everything needed to close.
3. Things you should have ready for your real estate lawyer.
A lawyer will often provide a list in their retainer letter of the specific items needed for your transaction. A lawyer will always need to see a valid government-issued photo ID to verify your identity.
For a purchase, some of the things your lawyer will need are contact information for your mortgage broker or bank, confirmation of insurance, copies of satisfactory water tests, proof of assumption of leased equipment, and a certified cheque or bank draft with your down payment and closing costs.
For a sale, some of the things your lawyer will need are a copy of your most recent tax bill and confirmation of payment, a recent statement noting your mortgage account number so a payout can be ordered, a fuel top-up slip if there is oil or propane as a heat source on your property, a septic pump-out receipt, and receipts for any renovations required to be completed prior to closing.
Every real estate transaction is unique, so these are just a few common items, but never be afraid to ask your real estate lawyer a question – it’s their job, and the job of your real estate agent to help guide you through the process of your real estate transaction and make it as smooth as possible.
Questions For Your Home Inspector
Questions for your home inspector
Do you want to know the best ways to maintain your investment? If so, read on! I caught up with Ed Pottie from Greener Inspections for some home maintenance tips that will help keep your property looking its best as we head into this warmer weather.
What are 5 things every homeowner should do in the spring (that most people don't do)?
What are some common things homeowners forget about that are found during inspections?
Why should a homeowner do a pre-inspection for their home before listing?
A pre-inspection is great to do so that you can be aware of any issues that may pop up before a potential buyer does their own inspection. There are also times sellers can use the pre-inspection report as a selling tool.
If a seller chooses to share their inspection with potential buyers, it may sway the buyer from choosing to do their own inspection. I like to think that if there is any way to limit "surprises" during the home purchase process, it can only be beneficial for all parties involved!
How often should a homeowner have their home inspected?
I'd say maybe every 5 years or so. It always helps to have a fresh set of eyes look at your property for any potential issues.
HINDSIGHT IS 2020 - MARKET REPORT
The New Year is the perfect time to reflect, so I wanted to take a look back at 2020 in Real Estate. Below are the top trends that dominated the Halifax Real Estate Market last year:
1. Record Prices
I started my first market update of 2020 with a series of news headlines:
In 2020, we saw the average house price in Halifax rise by 14.6% (compared to the norm of 4-6% annually) leaving first-time buyers with fears of being priced out of the market.
What didn’t happen: Back in the spring, CMHC CEO Evan Siddall forecasted a 9-18% drop in average house prices over the next 12 months. This prediction was based on the belief that we would see a high number of foreclosures once homeowners were no longer able to defer mortgage payments.
With prices on the rise and increasing homeowner equity, it is unlikely we will see a high number of foreclosures as sellers in financial trouble will opt to sell rather than foreclose. Several Canadian economists have spoken out and said the CMHC Housing Market Forecast is no longer relevant.
2. Record Low Inventory Levels
We started 2020 with record low inventory levels in Halifax, entrenching the sellers’ market that had been building in our city since 2018.
Add in a pandemic and we saw the number of new listings drop between 65-70% each week as sellers held off on listing their properties amid uncertainty in the market and fear of community spread.
What’s causing these record low inventory levels? Millennials.
The Demographic cohort following Generation X and preceding Generation Z, are now 27-40 years of age and have entered their peak home-buying years. Millennials make up 31% of the population in North America and represent 45% of new mortgage applications. What we are experiencing is termed the Millennial Draw Down.
As such a significant portion of the population enters the housing market for the first time, we are seeing Millennials buy up home inventory at a faster rate than the inventory comes to market.
What slim pickings mean for buyers: Low inventory means you need to be on your toes when you go house hunting—the best homes will likely be snatched up fast. Check out my post on buying a home in a seller’s market for more tips.
3. Spring Market?
The timing of the first wave of COVID-19 in our province disrupted our Spring market which is usually considered the hottest season for real estate. We often see the highest number of new listings and highest number of sales in the spring, but this year people pushed pause on their real estate goals—unable to take advantage of the buying or selling process as it once was.
The lack of a traditional spring market didn’t hurt our overall annual sales numbers. A surge in home sales toward the end of 2020 actually made up for the spring market losses.
13,923 properties sold in Nova Scotia over the course of 2020. This was an increase of 13% from the same period in 2019 and marked the highest level of any year in history, beating the previous record set in 2019 by more than 1,500 sales.
4. Home Became More Important Than Ever
With Canadians spending more time at home, 2020 was the year that 'home' became more important than ever.
It became the office, the school, the gym, the restaurant, the movie theatre and even the bakery—as it seemed that record numbers of Canadians learned to bake sourdough during 2020.
What this meant for the Real Estate Industry is that we saw an increase of potential buyers shopping for homes online as they became keenly aware of the issues with their current home; visits to Realtor.ca were up 35% in 2020.
The type of home searched for shifted. We saw an increase in demand for bigger homes, further from the urban core, that provided the space for the multiple uses we began demanding of our home in 2020.
Commute time mattered less as offices transitioned to work from home – some permanently. And outdoor space became extremely valuable in the wake of public green spaces being shut.
Looking back on this year, 2020 will be seen as the year home became more important than ever.
How to get the best price for your home in 2021
Over the last few weeks, I have been taking calls from several homeowners who are looking to take advantage of this sellers’ market. But maximizing your sale price during a hot market means more than sticking a “for sale” sign on your lawn and hoping for the best.
In order to maximize your sale price, you need to create a high level of demand when listing and position your home for multiple offers. Below are my top tips for sellers hoping to score multiple offers.
In a sellers’ market, there is always the temptation to push the envelope on pricing; to price slightly above the market and set a record price for your home and the neighbourhood.
However, pricing your home above market value will decrease the number of showings your home gets when it hits the market—and the key to getting multiple offers on your home is having multiple showings.
When you price your home slightly lower, it can often create a frenzy among buyers and drive up the price.
Have you ever watched an auction? It's like that, where everyone wants to acquire the home for a bargain, but the demand and attention it gets from other buyers increases the resulting sale price and maybe sets a record price for your neighbourhood.
This doesn't mean you have to give away the farm. When looking at recent solds for your neighbourhood, it’s best to list your home as a slight discount—not at a slight premium—to attract the most buyers' attention.
2. Give potential buyers and agents lots of time to view.
As I mentioned above, in order to maximize the sale price—we need to maximize the number of showings.
You don’t want to miss a qualified, motivated buyer because you had too many other showings booked or too many restrictions around showing your home.
Only a year ago it was common for homes to list and accept offers on the same day. Which sounds great in theory, but this limited the number of agents and buyers who were able to view the home before offers were reviewed and accepted.
Accepting the first offer to come in limits the opportunity for multiple offers and can prevent you from maximizing your sale price.
Is each day your home sits on the market inconvenient? Yes. Frustrating? Sometimes. A challenge to keep the place clean and ready to view? Absolutely.
I recommend listing your home and setting a specific day and time to review offers. And then make yourself scarce for those days in between.
That means you can get your home show-ready once, and don’t need to re-clean and re-stage in between each showing.
This also gives potential buyers lots of time to view your property. Thursdays are great days to list as buyers often have more flexibility to view homes on the weekend.
3. Preparation! Preparation! Preparation!
In Real Estate, they say Location! Location! Location! But as a seller looking to maximize your sale price, the phrase should be Preparation! Preparation! Preparation!
You're not trying to create a situation in which your home barely edges out the listing down the street in the hearts and minds of your target buyer. If you want multiple offers, you need multiple buyers to fall deeply in love with your home—enough to bid above the list price and enough to compete with others for it.
And this work starts weeks before you hit the market.
To generate multiple offers, prepare your home by ensuring it is:
And get ready to sing your homes’ praises. If you've done any major home improvements or replaced any appliances or systems lately, market that! Show off how immaculate, adorable and move-in ready your home is now—and tout its great working condition for the long run.
4. Expose it to the market.
Have a plan to maximize your property’s exposure on the market. The first step is sharing your property BEFORE you list.
‘Coming Soon’ messaging can double your marketing exposure and have buyers lining up the day it lists.
Coming soon or pre-list marketing could include a “for sale sign” with a coming soon rider, a social media teaser campaign or direct mail to your neighbours since they already know how great it is to live on your street.
With effective pre-list marketing, you can start racking up the showing requests even before you hit the MLS.
Pro tip: Host an agent pre-view the day before you hit the market. Agents love the opportunity to share off-market properties with their clients so an agent pre-view can help generate that buzz you’re looking for.
If you’re thinking of listing your property and you aren’t sure if right now is the best time, I’d love to chat about some things you can do to prepare your home for listing.
Real Estate Advisor based in Halifax, Nova Scotia. I help people buy and sell homes with Engel & Völkers.