The 2021 Real Estate Market in Nova Scotia is HOT. Gone are the days where buyers could browse different homes, think about an offer and attempt to get a few dollars off of the listing price. Today, listing instructions demand specific showing dates, times as well as a deadline for all offers to be submitted for the sellers review. This full process usually happens within a three or four day time frame therefore, tying up your ability to offer on another hot property that may come up in the interim.
The Nova Scotia market a few years ago would sometimes garner a 100 dollars over listing price. Today, some offers are 100,000 dollars plus over listing. Nova Scotia has never experienced these types of offer wars and there is no sign of this slowing down.
With the current pandemic, many employers had sent workers home to do their jobs. It was soon realized that employees could be just as productive from home making it so there was really no need for expensive office space. With this sudden epiphany, many employees are now designated as working from home indefinitely. These newly minted remote workers have been scouring the internet to see where they would best find a nice home at an affordable price;Nova Scotia has become that popular result. http://search.novascotiahomesearch.ca/
Due the new wave of remote working, I have had a few more inquiries than usual. Online inquiries are mainly people located outside of Nova Scotia. Inquirers are usually asking about different areas of Nova Scotia and the types of amenities they can expect in these areas. The common theme being, “I cannot afford to buy much where I live but I can definitely buy a nice home in the Nova Scotia market”. These are buyers that are contributing to the current market frenzy. https://michellemorrow.ca/real-estate-properties-2/
If you plan to buy a home in the Nova Scotia 2021 real estate market, it is probably a good idea to ensure that your realtor understands the current market and has developed a strategy when going into a multiple offer situation. Mind you, there are many situations where the only strategy is “offer high over listing”. This situation is disheartening to some who are shopping on a budget. It is really important that your realtor understands the market and advises you accordingly; there are little things your realtor can suggest to help your offer appear more attractive to a seller.
If you are selling in this hot Nova Scotia market, it is a wise idea to have a plan on where you will be settling next. With many houses selling within days and sometimes hours, you will need to ensure your realtor understands your plans before listing so that you do not become homeless. Selling at a high price is wonderful but ending up in the buying situation may not be so wonderful.
If you have any questions about the Nova Scotia real estate market please feel free to contact me at (902) 304 1762 or email michellemorrow@kw.com
If you are looking to buy or sell, I would be happy to help you plan your strategy!
Hope to hear from you!
Nova Scotia Real Estate 2021