Spring Market Is In Full Swing

If you recall my last Blog Post titled “Market Update | Spring Edition“ you might remember reading this (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). In one month things changed, and we ARE now seeing multiple offers, as well as offer presentation dates, over bids and in April, homes were selling for approx 101.5% of list price. This is not a surprise! Remember we are still dealing with an inventory problem. Although months of supply did rise a tad bit in April (now sitting at 1.8 months) it is still not nearly enough to curb the demand. The other thing that has changed is how many days on average a property is on the market. Back in January 2023 average days on market was 27 days, jump to April and we are at 7 days.This shows that the demand is there and the market has heated up.

What do you do if you are a buyer? First thing is don’t panic. Buying is not an impossible feat in a Seller’s market. The best advice I give my clients is to be patient and quick. When a property comes up that fits your criteria it is important to act fast. If the pandemic has taught us anything, it is how to be resourceful. If as a buyer you can’t attend a viewing on short notice, NO PROBLEM! I CAN =) Facetime tours became somewhat of a normal thing over the last three years and it is a great way to still have boots on the ground to view a property.

What to do if you are a seller? If you have been thinking of listing your home, this is a great time to do so. All the reasons I mentioned above about what has changed over the last few months (multiple offers, days on market, offer presentation dates) are some great reasons to capitalize on this market. Our Selling system has everything in place to make your selling experience as smooth as butter. 

Questions, concerns or just want to chat, give me a call. I am always around and would be delighted to talk Real Estate & More =)

~Kor

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

SPRING HAS SPRUNG!

The birds are chirping, the sun is shining and the windows are slowly being opened up. The time has come to SPRING CLEAN! Whether you enjoy cleaning or despise it, these spring cleaning hacks will help make things a little easier and hopefully give you more time to enjoy your nice Spring Cleaned Home.

Make a plan and work room by room.Do not over plan, as the more you tend to organize or clean, the bigger the mess left behind. Stick to the plan, for example if you are cleaning your bathroom, take everything out of the shower, cupboards, drawers etc. Do the cleaning, purge unwanted items and then put everything back when you are finished. If you stick to the plan you will be much more efficient.

Be Practical when organizing.Declutter & minimize household inventory. I recently saw a tip that suggested certain items have a life span in your home. For example McDonalds Happy meal toys.. 24 hours Max!Clean out expired items ( food, makeup, medications ). As you are de cluttering, keep a running tally of the things you need to replenish. Go through everyone’s clothes in the household, it’s a good idea to have 3 piles when going through clothes. Sell, Donate & Garbage. Do the same things with everyone’s shoes, toys, books, electronics etc.

Have you ever thought to dust your ceiling? I didn’t until I saw a Tik Tok Video once and it kind of blew my mind! So go ahead and dust that ceiling. You can use a broom or a Swiffer is my go too. While you got the dusting going, do those light fixtures, lamp shades, ceiling fans etc. Go on a dusting spree!

Wash down your walls with simple dish soapy warm water. You can do this for your baseboards as well. However, I saw this hack once and I tried it and it worked amazing! Use a dryer sheet to wipe down your baseboards! It works very well and actually seemed to help repel the dust and dog hair from building up too fast.

Clean your windows and your blinds. To clean your blinds you can use a sock with a bit of pledge and just wipe each part. Easy Peasy!

Wash your curtains, household matts ( bathroom matts or kitchen matts ) shower curtains etc. in the washer and for the curtains you can put back up wet and for the matts just hang to dry . Plus it helps give such a nice fresh smell.

Clean out your fridge and freezer. This is one I get my husband to do, not gonna lie hahaha. I don’t like coming across something that was left and eww just eww. I can’t do it. So clean out your fridge or get a friend or spouse to do it for you LOL

Clean and or replace filters in in heat pumps, Hvac’s Etc.

Create a schedule to help stay on track with your spring cleaning goals. It is not something that can be done in one day.

Try & have some fun with it! Get the family involved, assign age appropriate tasks to your kids or disgusting stuff to your spouse! =)

DIY MULTI CLEANER

1 Part Vinegar

2 parts water

Lemon juice squeezed

The Little Things Matter When Selling Your Home!

When a potential buyer makes the decision to view your home it is important to avoid the little mistakes. You might think your home looks perfect, but a buyer may get distracted from the little things.

Some common reasons why a potentially good buyer might walk away without writing an offer.

1. Poor Staging or No Staging at all –

I am always asked “Is staging really that important? “and the simple answer is YES! Staging does a lot for the sale of your home. You don’t always need to hire a stager, sometimes using your own furniture or removing some furniture is enough to do the trick. However, hiring a professional stager is always a good idea as they will help identify and show off the positives of your home. I believe in Staging so much, that I offer it as part of the HaliPad Selling System.

1. Clutter –

We hear it all the time, LESS IS MORE! When it comes to selling your home, this is very important. Cluttered spaces can often make people feel uneasy. When a potential buyer is viewing your home, we want nice clean lines from room to room. A cluttered corner or countertop will stay on the buyer’s mind long after they leave your home.

1. Little sneaky eye catchers-

 These minor imperfections can have a lasting impression on a potential buyer. Is the bathroom tap leaking, mold in corners of the shower tile, hole in the hallway, a water stain from your pets water dish. These minor issues can look like major imperfections to a buyer. They will notice them, and they will focus on them. It is always best to fix the little repairs prior to listing your home. Might not be a big deal to you but could be a deal breaker for a buyer.

1. List Price –

Setting the right price is key in any market. It does not matter if it is a seller’s market, buyers market or a balanced market. Listing for the right price is both an art and a science with a lot of things to be considered.

These little things do matter when you are wanting to sell your home. In a reality these are minor imperfections that can easily be attended too. Guess what, this is where your friendly Realtor can help. I know what to look for and I know what I buyer looks for. I can help with everything from a leaking tap to staging to perfection!

~ Real Estate & More With Kor ~

DID YOU KNOW!?

You might be able to have a Secondary/Backyard Suite on/in YOUR property!

If you live in HRM, the zoning bylaws were revamped back on Sept 1^st 2020 as part of the Regional Municipal Planning Strategy to allow some areas to add secondary suites or backyard suites. The idea around this strategy was to complete communities and to meet affordable housing targets set out under the Housing and Homelessness Partnership. This strategy applies to numerous areas in HRM where single-detached houses, semi detached, or townhouses are allowed.

A secondary suite is a self-contained dwelling unit with limited floor area. The secondary suite and the main suite must be one real estate entity. There are two options that a homeowner can choose.

1. A Secondary Suite that is completely contained in the home, such as a basement.

1. A Backyard Suite is sperate from the main home and is a free-standing building. Backyard suites could be a tiny home, a separate structure or built on top of a garage for example.

There are a few things to keep in mind regarding secondary suites, You MUST do your homework! You need to be assured that the area is zoned for this new strategy (there are expectations throughout the city ). You WILL be required to obtain a building permit and there are guidelines that must be followed when constructing your secondary suite, such as floor area, ceiling height, doors etc. It is important to plan accordingly and take the steps needed for due diligence.

Secondary Suites can have many benefits to the original homeowner as well as the individual(s) who reside in the suite. For the homeowner there is the benefit of extra income as well as a increase in property value. Win Win!  Individual’s who reside in the Suite can benefit from affordable housing or proximity to family with their own space. There are many different scenarios that can be obtained with the proper creation of secondary suites.

Quick Facts:

-          You can have only one Secondary Suite or one Backyard Suite, you cannot have both.

-          There are no requirements for who will reside in your Suite. It could be the in-law’s, or a tenant. It is completely up to the homeowner.

-          The Suite will be assigned a new civic number.

-          Parking is not required.

-          The suite may use the same power meter or have a second one installed for the Suite, depends on the circumstances.

If you have questions regarding secondary or backyard suites get in touch with me and I can provide you with more information and help you decide if adding a secondary suite to your property might be a valuable idea.

Thank you for reading =)

~ Real Estate & More With Kor!

Hello 2023

The spotlight has been shining bright on the Real Estate Market over the last few years. I wanted to give a little overview of what we have been through as well as the current market conditions and what we might expect going forward.

The years 2020 – 2022 had the craziest Real Estate markets we have seen here in our little province of Nova Scotia. We all heard the stories of people who live in Ontario or out West and always thought there was no way that would ever happen here. HA! HA! Boy we were wrong!

There were many factors that came into play over the last few years. As we all know Covid was the first thing that had a major effect on our Real Estate decisions. I spoke to a lot of people who had to work from home and they quickly realized their current residence did not meet their needs. Many first-time home buyers were looking to get out of renting and even those who already owned homes found they needed more space to accommodate working from home or kids being home-schooled. Covid highlighted the aspects of homes that were not working for people in our new normal.

We moved into 2021 and that’s when the market really started to get competitive. People from out of province were moving here in droves (in fact, a record-breaking 28,000 people moved to Nova Scotia between 2021-2022). They had already experienced tight real estate markets, so these conditions were normal to them. However, for us, it was NOT normal and completely out of the ordinary. We started to see our affordable real estate skyrocket!

Today, we are grappling with the effects of rising interest rates aimed at curbing inflation and cooling real estate markets across the country. In the other major city centers, this has had a drastic effect on home values.  Nova Scotia has seen a change as well, with the average price dropping 15.5% from the peak.  However, the number of new listings dropped by 11% so we still have strong demand for what remains a limited supply.  Yes, we are down 15% from the peak, but we are up 3% from this time last year. Once interest rates plateau and uncertainty regarding affordability subsides, we expect a strong market in 2023.

So, what is our new normal? Some properties still get multiple offers, although without the drastic bidding wars like in 2022.  However, we remain in strong seller’s market with only 1.6 months of supply.

0-3 Months - Seller’s Market - Upwards Price Growth

3-6 Months - Balanced Market - Stable Prices

6+ Months - Buyer’s Market - Downward Price Pressure

For Sellers, this means you can still leverage the market to maximize your property value. The average purchase price of a single-family home in HRM in Jan 2020 was $342,670 and now the average purchase price is $507,534.  That is a staggering increase of 48% over 3 years.

I will keep you updated on how things change over this year of 2023. If you want more information and have a indepth chat, let me know. I would love to hear from you =)

~ Real Estate & More With Kor!