The real estate market is hot in Halifax. Due in part to low supply, eager buyers are making competing bids on the few properties listed each week. So, is now the time to buy in Halifax?
There is never a perfect time to buy a home, so the follow-up question is whether you will benefit from waiting? With record population growth, good quality of life, low mortgage rates, and a safe environment, it’s fair to assume that Halifax is going to continue to grow. It might even be a buy now or buy never situation.
Fall into homeownership
Fall can be the ideal time to consider homeownership. With the cooler temperatures, it’s a great time to get out and walk neighbourhoods to get a better feel of homeownership and what it might look like in each area. Halifax is a diverse city, with many smaller communities tucked outside of the downtown core.
Fall is a lot like other seasons where you should be looking for unbiased mortgage advice and secure your pre-approval early. The difference this year is we are facing significant growth and a lack of supply of new listings. With mortgage rates at all-time lows, prices will continue to rise across the HRM and some buyers may get priced out of the market. Fall presents a unique opportunity as sellers worry about selling too close to winter, and in some cases are maintaining two properties.
The fall could be a great time to buy your first home!
Start with a pre-approval
It’s important to start with a pre-approval. If you do not have a pre-approval in place, you should wait to start making offers on a home. It’s a common story, you find the perfect home, make the perfect offer, and find out you will not qualify for the mortgage. By working with unbiased professionals, you will save yourself headaches and heartaches.
If you’re seriously considering buying a home in the next 6-months, you should schedule an appointment with an unbiased mortgage professional to secure a pre-approval. If you’re looking for more information about pre-approvals, check out a recent HalifaxToday article to learn more.
Stay up to date on the market
With a busy market, you should be sure to stay on top of new listings. This can be as simple as checking online real estate listings daily, to finding a realtor that knows your goals and expectations.
You can start your search by looking at what neighborhoods in Halifax are a good fit for your lifestyle. That way, if one comes up on the market, you will be able to assess quickly and decide if you want to make an offer. In a hot real estate market, time matters!
With the cooler temperatures ahead, it’s a good idea to get outside and walk the neighborhoods that made your shortlist. They may not give you the same feeling as they did online. It’s also a good idea to check properties sold recently to get a better idea of prices to expect in each neighborhood. For a list of recent average house prices across Nova Scotia, be sure to check out this blog post to learn more.
Start with an unbiased mortgage professional
Before you start searching for that perfect home this fall, make sure to schedule some time with an unbiased mortgage professional. A mortgage broker will help answer any of your questions as well as walk you through the process, step-by-step. Everyone can be approved for a mortgage; a mortgage broker will help you understand your options.
In a competitive market, small advantages matter. In fact, these advantages can be the difference between buying the house of your dreams and having to start your search over. It doesn’t look like the housing market is slowing down in Halifax, and with all-time low rates, we expect it to continue into the fall. If you’re looking to buy your first home this fall, get prepared early, and make sure you’re working with an unbiased mortgage professional!
For additional information, contact Clinton Wilkins Mortgage Team or call 902-482-2770.