Home ownership has different phases. After being a first-time homeowner, most reach a time where they want to ‘move-up’ to a bigger home, or even ‘trade-down’ to a smaller one. You represent a unique demographic that influences the local housing market, and therefore, the economy. But, as we’ve discussed in the last couple of weeks, move-up and trade-down buyers will face some unique challenges in the next five to 10 years.
Recent Canada Mortgage Housing Corporation (CMHC) data estimates that a declining pool of youth in Nova Scotia will mean fewer prospective buyers. Buyers in this group will be largely affected by the economy in their community, and there are some areas of the province that need new employment opportunities to see positive developments in the housing market. Here are some current trends that REALTORS® are seeing throughout the province to help with your future planning if you are reaching this next chapter of homeownership.
Move-in ready, moves it! Many first-time buyers are looking for move-in ready homes. If you are planning an address-change for your family in the near future, you may want to concentrate renovation projects on making sure finishing touches are complete and up-to-date.
Patience, please. There has been a lack of urgency by most buyers as they consider the right purchase. With plenty of listings on the market, they are taking more time to weigh their decision to make an offer. This can sometimes cost a buyer a great property, especially when the home is priced appropriately (other buyers will be quick to snatch up properly-valued homes).
Some move-up buyers or trade-down sellers may find it takes longer to sell, especially in areas of the province where the economy is suffering.
Be motivated. If you are truly ready for your next phase of homeownership, don’t fear the competition. Homes sell any time of the year and in all market conditions. Even if the pool of first-time home buyers recedes, there will continue to be a market for resale houses. What it takes to stand out above the competition is often just being motivated and organized. Talk to real estate professionals early to make the right steps to prepare, and to plan the appropriate asking price, as this will also influence your next purchase.
Be accessible. It is hard to predict when a buyer may be available to come and look at your home, and it will be to your advantage to make sure your home is accessible. Keep it clean and ready for a short-notice walk-through whenever possible. Be flexible and talk to your REALTOR® about setting up showings at the convenience of the buyer — it can help sell your home!
The Nova Scotia Association of REALTORS® represents more than 1,800 brokers, salespeople and affiliate members throughout the province. NSAR serves its members through a wide variety of educational programs, publications and special services. REALTOR® is a trademark, which identifies real estate professionals who are members of The Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and a strict code of ethics.