Market Update | Spring Edition
In this market update I am going to be focusing on the always bustling Spring Market. You probably hear that phrase used quite often, but what does “ Spring Market “ mean?
Historically springtime is a busy time for Real Estate. The weather gets warmer, and the days get longer and, in a way, motivates people to get on the move. Sellers can capitalize on curb appeal & yard features more, buyers can view properties in the daylight hours instead of in the dark evenings. There are many little factors that we typically don’t realize happen in the Spring. Seems everyone gets a little “spring” in their step when the sun starts shining. Spring time is also considered a great time to sell a property because you have more aspects of the home that can be showcased. A snow covered back yard does not have that same punch as lush grass and beautiful flowers.
The spring market has slowly sprung here in HRM. It did not jump right out and smack us all in the face, instead this year the market took its time and went a little bit slower than other years.
Let’s get into what is happening in the market and what I expect to happen in the next few months. Right now ( as of writing this blog ) we are sitting at 1.5 months of inventory.
0-3 Months - Seller’s Market - Upwards Price Growth
3-6 Months - Balanced Market - Stable Prices
6+ Months - Buyer’s Market - Downward Price Pressure
With 1.5 months of inventory, we are still in a strong sellers market. Inventory is still historically low. Interest rates have stayed steady which is giving buyers more confidence as well. With high demand and low inventory, we will be in a seller’s market for some time to come. Although we are not currently seeing as many over bid offers as we did a year ago, homes are selling for approx. 100.5% of list price. Buyers’ confidence is back, and with more buyers comes more demand. For sellers this is a great time to look at selling your home now, to capitalize on the low inventory which means less compitation for you. As for buyers, again it is a good time to buy because if you act now, you may be able to beat the summer time rush. I will explain the summer time rush next time 
In reality everyone's situation is diferent, this is where I can help you every single step of the way. Whether you are buying or selling, I will do my absolute best to give up to date information and and help you make the best decisions that work for your specefic need and situation. I am here to help and have a little fun too =)
Remeber It's Your Move | Make It Count
~ Kor