100 Mcginnis
Mahone Bay
COVID-19 Update: Is Now a Good Time to Buy or Sell Real Estate?
Traditionally, spring is one of the busiest times of the year for real estate. But the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, sales volume fell to its lowest level since 1984, according to the Canadian Real Estate Association.1
However, while sales have fallen, prices have remained stable. In Canada The average home price in April was down just 1.3% from the same month last year.1 And in many metropolitan areas, prices have continued to rise. In Halifax-Dartmouth region closing slaes prices were actually up 1.1% from 2019, a promising sign for the rest of the spring/summer market! The Teranet–National Bank Composite House Price Index, which measures 11 major Canadian markets, showed home prices in April were up 5.3% from a year
But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market?
Before you decide, it’s important to consider where the housing market is headed, how the real estate process has changed, and your own individual needs and circumstances.
WHAT’S AHEAD FOR THE HOUSING MARKET?
In response to the economic slowdown, the Bank of Canada has slashed interest rates.3 That’s good news for homebuyers who have struggled to afford a mortgage in the past. Lower mortgage rates can bring down monthly payments or increase a buyer’s purchasing power while making it easier to qualify for a loan.
And at a recent press conference, Bank of Canada Governor Stephen Poloz told reporters that interest rates would likely remain low for the foreseeable future. He also noted that the country is on track to meet the central bank’s “best-case scenario for recovery” as outlined in April, and he didn’t predict damage to the economy would be as “dire” as some have speculated.4
While many buyers are eager to take advantage of low mortgage rates, some wonder if recessionary pressures could drive down home prices, too. Economists at the Canada Mortgage and Housing Corporation predict that prices will decrease over the next 12 months.5 However, many real estate industry veterans expect supply and demand fundamentals to prevent a drastic drop in home values.6
There’s been a shortage of affordable homes on the market for years, and that inventory shortage has helped to prop up prices—even as sales have slowed. That’s because supply and demand have fallen at around the same pace.7 Of course, some market segments have fared better than others. For example, demand has softened for urban condos in some areas, which has caused prices to drop. Whereas, the supply of single-family homes in many neighbourhoods has dried up, leaving eager buyers to compete for listings.7
There are certainly opportunities out in the marketplace for both buyers and sellers. But now more than ever, it’s crucial to have a professional real estate agent who understands your local market dynamics and can help you assess the best time to buy or list your home.
HOW HAS THE REAL ESTATE PROCESS CHANGED?
The safety of our clients and our team members is our top priority. That’s why we’ve developed a process for buyers and sellers that utilizes technology to minimize personal contact.
For our listings, we’re holding online open houses, offering virtual viewings, and conducting walk-through video tours. We’re also using video chat to qualify interested buyers before we book in-person showings. This enables us to promote your property to a broad audience while limiting physical foot traffic to only serious buyers.
Likewise, our buyer clients can view properties online and take virtual video tours to minimize the number of homes they step inside. Ready to visit a property in person? We can decrease surface contact by asking the seller to turn on all the lights and open doors and cabinets before your scheduled showing.
The majority of our “paperwork” is also digital. In fact, many of the legal and financial documents involved in buying and selling a home went online years ago. You can safely view and eSign contracts from your smartphone or computer.
While these new ways of conducting business may seem strange at first, keep in mind, many military clients, international buyers, and others have utilized virtual methods to buy and sell homes for years.
IS IT THE RIGHT TIME FOR ME TO MAKE A MOVE?
The reality is, there’s no “one size fits all” answer as to whether it’s a good time to buy or sell a home because everyone’s circumstances are unique. But now that you know the state of the market and what you can expect as you shop for real estate, consider the following questions:
Why do you want or need to move?
It’s important to consider why you want to move and if your needs may shift over the next year. For example, if you need a larger home for your growing family, your space constraints aren’t likely to go away. In fact, they could be amplified as you spend more time at home.
However, if you’re planning a move to be closer to your office, consider whether your commute could change. Some companies are rethinking their office dynamics and may encourage their employees to work remotely on a permanent basis.
How urgently do you need to complete your move?
If you have a new baby on the way or want to be settled before schools open in the fall, we recommend that you begin aggressively searching as soon as possible. With fewer homes on the market, it’s taking longer than usual for clients to find and purchase a home.
However, if your timeline is flexible, you may be well-positioned to score a deal. We’re seeing more highly-incentivized sellers who are willing to negotiate on terms and price. Talk to us about setting up a search so we can keep an eye out for any bargains that pop up. And get pre-qualified for a mortgage now so you’ll be ready to act quickly.
If you’re eager to sell this year, now is the time to begin prepping your home for the market. Prices could fluctuate, and experts predict a second wave of infections may necessitate another lockdown.8 If you wait, you might miss your window of opportunity.
How has your particular market segment been impacted?
Certain segments will weather this economic downturn better than others. It’s important to understand the market dynamics of your particular area, price point, and housing type. The truth is, broad macroeconomic projections rarely paint an accurate picture of the day-to-day market realities of a given neighbourhood.
How long do you plan to stay in your new home?
During times of market uncertainty, your best bet is to buy a home you can envision yourself keeping for several years. Fortunately, with decreased competition and ultra-low mortgage rates, you’ll be well-positioned to score a great deal.
Is your income stable?
If there’s a good chance you could lose your job, you may be better off waiting to buy a home. The exception would be if you’re planning to downsize. Moving to a less expensive home could allow you to tap into your home equity or cut down on your monthly expenses.
WHEN YOU’RE READY TO MOVE—WE’RE READY TO HELP
While uncertain market conditions may give pause to some buyers and sellers, they can actually present an opportunity for those who are willing, able, and motivated to make a move.
Your average spring season would be flooded with real estate activity. But right now, only motivated players are out in the market. That means that if you’re looking to buy, you’re in a better position to negotiate a great price. And today’s low mortgage rates could give a big boost to your purchasing power. In fact, if you’ve been priced out of the market before, this may be the perfect time to look.
If you’re ready to sell, you’ll have fewer listings to compete against in your neighbourhood and price range. But you’ll want to act quickly—a second wave of coronavirus cases could be coming later this year. Ask yourself how you will feel if you have to face another lockdown in your current home.
Let’s schedule a free virtual consultation to discuss your individual needs and circumstances. We can help you assess your options and create a plan that makes you feel both comfortable and confident during these unprecedented times.
The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.
Sources:
- CTV News –
https://www.ctvnews.ca/business/canadian-home-sales-fall-to-record-breaking-36-year-low-1.4940984 - House Price Index –
https://housepriceindex.ca/2020/05/april2020/ - CBC –
https://www.cbc.ca/news/business/bank-of-canada-interest-rate-1.5512098 - Financial Post –
https://business.financialpost.com/pmn/business-pmn/bank-of-canada-governor-says-interest-rates-will-probably-stay-low - Canada Mortgage and Housing Corporation –
https://www.cmhc-schl.gc.ca/en/media-newsroom/speeches/2020/supporting-financial-stability-during-covid19-pandemic - RE/MAX –
https://blog.remax.ca/no-nosedive-ahead-for-canadian-real-estate-prices-re-max/ - Global News –
https://globalnews.ca/news/6943727/coronavirus-housing-market-good-time-to-buy/
100 Mcginnis | Mahone Bay NS B0J 2E0
100 Mcginnis
$1,350,000
5 Beds
3 Baths
4,584 Sq Ft
4 Acres
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Impressive 4 acre Oceanfront Estate with outstanding views of the islands and waters of Mahone Bay. With over 230 ft of direct waterfront, a 100 ft wharf and a 6000 lb mooring, this home is ideal for boating enthusiasts and the active family. Custom built, with in floor heat and interesting architectural angles, is designed with entertaining in mind. Italian marble entry, tile and laminate flooring throughout, it’s perfect for allergy suffers. Offering open concept living with a large guest room, and a modern kitchen that the chef of the family will surly enjoy. Main Floor den/office, an attractive turret to sit back and read a good book, over sized balcony and windows to take in the views are just a few details. You will appreciate the stunning master bedroom with floor to ceiling windows and a huge balcony with fabulous ensuite. Great size bedrooms + bonus room cap this level off. Triple detached garage is ideal for housing all the motor vehicles one would desire. Just mins to the town of Mahone Bay and 1 hour drive to the International Halifax Airport.
Learn More
Visit Us
- 128 Chain Lake Drive, Halifax
- Cowansmithteam@supercityrealty.com
- 902 452 1639
16 Head Harbour | St Margaret’s Bay
10 Secrets for Staging Your Home to Sell
According to the National Association of Realtors, staging a home prior to listing it can result in a faster and more profitable sale.[1] In fact, the Real Estate Staging Association estimates that professionally staged properties spend 73 percent less time on the market, receive more foot traffic, and typically sell for more money.[2]
Following are 10 tips you can use to get your home “show ready” prior to hitting the market. These easy and cost-effective ideas will help your house look its best—and help buyers visualize themselves living there. Even if you’re not currently in the market to sell, you can use these tactics to breathe new life into your existing home decor.
To get a plan customized for your particular property, give us a call to schedule a free consultation. We’d be happy to share our insider knowledge of the buyer preferences in your neighborhood … so you’ll know where to focus your time, money and energy to maximize your results.
1. REMOVE CLUTTER
Decluttering is the act of removing excess “stuff” from your home to make it appear clean and spacious. Overflowing closets and cluttered countertops can make your house feel small and cramped. In contrast, sparsely-filled closets and clear countertops will make your home appear larger and assure buyers that there will be plenty of room to store their belongings.
Don’t neglect drawers, cupboards and even your refrigerator in your decluttering efforts. Serious buyers will check out every nook and cranny of your home, so pack up anything you don’t use on a daily basis and store it off site. The same goes for jewelry, sensitive documents, prescription medication, firearms and other items of value. Store them in a locked safe or storage unit before opening your property to buyers.
Make sure any items that remain are clean, tidy and well organized. The good news is, when it comes time to move, a large portion of your packing will be done!
2.DEEP CLEAN AND DEODORIZE
From carpets to bathrooms to appliances, having a clean home is a MUST. To achieve this, you may want to invest in a professional cleaning service for your home, carpets and upholsteries.
In addition to cleaning, it’s equally important to neutralize odors in your home that can be off-putting to buyers, especially pet smells and cigarette smoke. If the weather allows, open your windows and let in fresh air. Empty the trash frequently, and especially before a showing. Avoid cooking any strong-smelling food such as fish or heavy spices.
Try to keep your home in clean, show-ready condition while it’s on the market. You never know when a potential buyer will want to drop by for a viewing.
3.DEPERSONALIZE
Your family photos and personal mementos are often your most treasured possessions. For many of us, they are what make a house a home. However, buyers will have a hard time envisioning themselves living in a place if it feels like YOUR home.
Pack up any items that are personal to you and your family, such as photos, books, children’s artwork, travel souvenirs and religious items. Collectibles and excessive knickknacks can be distracting to buyers. Instead, keep your decor items minimal and generic to appeal to the largest number of buyers.
4.NEUTRALIZE YOUR COLOR PALETTE
Along those same lines, bold color choices may not appeal to all buyers. By incorporating a neutral color palette throughout your home, buyers can better visualize the addition of their own furniture and decor, which may contrast with your current color scheme.
But don’t limit yourself to white and beige. Incorporating earth tones and midtone neutrals—like mocha and “greige” (grey-beige)—can add a touch of modern sophistication to your decor.[3]
One of the quickest and most cost-effective ways to neutralize your home’s decor is with paint. And if your sofa is worn, stained or has a bold pattern, consider purchasing a neutral-colored slipcover. Dated or overly busy window coverings should be taken down or replaced. Instead, bring in tasteful pops of color with throw pillows and accessories.
5.INCREASE YOUR CURB APPEAL
You only get one chance to make a first impression. According to a 2017 report by the National Association of Realtors, 44 percent of home buyers drove by a property after viewing it online but did NOT go inside for a walkthrough.[4] That means if your curb appeal is lacking, buyers may never make it through the door.
Walk around your home and look for any neglected areas that might seem like “red flags” to buyers, such as missing roof shingles or rotted siding. Trim trees and shrubs if needed, add some colorful flowers to your front beds and/or flower boxes.
Make sure the exterior of your home is clean and inviting. Thoroughly wash windows and siding. Open shutters, curtains and blinds.
Consider a fresh coat of paint on your front door, trim and shutters. And small, cosmetic improvements like new house numbers, a colorful wreath and a clean front doormat can have a big impact.[5]
6.FRESHEN KITCHENS AND BATHS
Kitchens and bathrooms will show better and appear larger if all items are cleared from the countertops, except for one or two decorative pieces.[6] If your cabinets are dingy or outdated, adding a fresh coat of paint and new hardware is an easy and inexpensive way to make them modern and bright. Purchase new bath mats and towels to complete the look.
Before each showing, make sure kitchens and baths are spotless and trash cans are empty and out of sight. To add a comforting aroma, try baking cookies, or in the fall, simmer some cinnamon sticks and cloves in a pot of water before you leave the house. In the spring, try a vase of fresh cut lilacs.[6]
7.SET THE TABLE
Buyers often imagine hosting family gatherings in their new home, and the dining room plays a large role in that vision. If your dining room chairs are stained or outdated, you may want to recover them or use slipcovers. In most cases, an imperfect table can be camouflaged with a neutral and stylish tablecloth.
Be sure the table is centered underneath the chandelier and on the area rug if you’re using one. If your dining room is small, remove all other furniture and leave only four chairs.[7]
Dress up the table using nice tableware and cloth napkins or a table runner and centerpiece. For a long table, try lining up a series of small vessels down the middle.
8.REARRANGE FURNITURE
Start in your living room and think about what you want to emphasize (and de-emphasize) about the space. Use a symmetrical seating arrangement to create a cozy conversation area adjacent to the focal point.
If the room is small, consider removing some of the furniture to make it feel larger, especially oversized pieces. Pulling furniture away from the wall can make the room feel more spacious, and placing your largest furniture piece in the far-left corner (as opposed to near the entry) can create the illusion of a larger space.[8]
For small bedrooms, remove all the furniture except the bed, bedside tables and a dresser. If it’s a large room, add one or two chairs and a table to create a seating area.[9]
Make sure each space in your home has a clearly defined purpose. For example, if you’ve been using an extra bedroom as a catch-all storage space, stage it as a guest room or office instead. Help buyers imagine how they could use the space themselves.[3]
9.LIGHTEN UP
Lighting can have a drastic impact on the look and feel of a home. Make sure windows are clean, and open curtains and blinds to let in the maximum amount of daylight.
Each room should have three types of lighting: ambient (general or overhead), task (such as a reading lamp or under-cabinet light), and accent (such as a floor or table lamp). Aim for a goal of 100 total watts per 50 square feet.[10] If your mounted light fixtures are dated, replacing them with something more modern is an easy and inexpensive upgrade that can have a big impact.
Strategically placed landscape lighting can add a dramatic effect to your home’s exterior. Welcome evening visitors with a lighted walkway, or use a spotlight to accentuate trees or other landscaping features.
10.HIGHLIGHT YOUR BACKYARD’S BEST FEATURES
While your home’s interior often takes center stage, don’t forget about staging your home’s outdoor areas to help buyers imagine how they could utilize the space.
Even a small patio can become a selling feature with the addition of a cafe table and chairs. Add a tray of plates and coffee cups to help buyers envision a peaceful breakfast on the back porch. Place chairs and wine glasses around an outdoor firepit or hang a hammock with a book in your favorite shady spot.[3] These small, simple additions can help buyers visualize the possibilities your backyard has to offer.
BEFORE YOU GET STARTED
If you’re in the market to sell your home, this list provides a great starting point for your preparations. But nothing beats the trained eye and expertise of a real estate agent. Before you do any work, we recommend consulting a professional for advice about your particular property.
We offer free, no-commitment seller consultations and will walk through your home with you to help you assess which projects and upgrades are worth your time and money, and which ones you can skip.
As local market experts, we are intimately familiar with buyer preferences in your area. We’ll run a comparative market analysis to find out how your home compares to others currently on the market, as well as those that have recently sold. Then we’ll tailor a custom plan to suit your particular property, budget and needs.
Please call or email us today with questions or to schedule a free consultation!
Sources:
- National Association of Realtors – https://www.nar.realtor/sites/default/files/migration_files/reports/2017/2017-profile-of-home-staging-07-06-2017.pdf
- Real Estate Staging Association – http://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548
- Houzz – https://www.houzz.com/ideabooks/2661221/list/sell-your-home-fast-21-staging-tips
- National Association of Realtors – https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf
- The Spruce – https://www.thespruce.com/must-try-neutral-paint-colors-797983
- HouseLogic – https://www.houselogic.com/sell/preparing-your-home-to-sell/home-staging-checklist/
- com – http://www.stagemyownhome.com/staging-the-dining-room.html
- com – https://www.realtor.com/advice/sell/small-living-room-staging-tricks/
- SFGATE – http://homeguides.sfgate.com/stage-master-bedroom-34573.html
HGTV – https://www.hgtv.com/shows/designed-to-sell/15-secrets-of-home-staging-pictures
