About Halifax County, NS

It's the first week of december and it's dipping below freezing tonight for one of a handful of days this year.

It's been really nice out generally for all of November as well save for maybe one snowfall.

Too bad that the buyers have been sitting this season out! There are deals out there just waiting to be had and will get bought

up soon.

I took a stroll down to the wharf with the dog the other day . I took my camera and took few shots - Notice how green

it looks for the first week of December.

One lone lobster fisherman - hauling his traps and setting more . On a beautilul 10C morning in early december on

St Margarets Bay. They get $3.50 a pound for the catch. Down to almost half of the normal pay. Nobody is buying!

But their problem is more a global one - Due to people worldwide cutting back on luxuries. Halifax it seems is going to fare

much better. We have not lost one job here so far. With 4 Universities and hospitals and ample Government and IT jobs .

Our recent slowdown should be short lived.

Lobster for Christmas diner? Don't rule anything out..

Paul has sold real estate in Halifax for 15 years. And hopes .... many more.

www.homesearchnovascotia.com

Pre-sale Home Inspections are definitely worth their weight in gold! This week they saved one of our deals from going south when a small but previously unknown foundation defect was found just hours before a very good offer was tabled by a great local REALTOR^®. We had just two days before convinced our client to make this small but impactful investment.

The end result was that we were able to counter with the defect clearly identified and the remedy outlined and warranted by the service supplier; meaning a fast closing in early January with both a Buyer and Seller being very happy. Three days later the job was done. Need more information on how pre-sale home inspections can make your home selling plan more powerful? Drop me a line and I will point you to some great third party online information. Have a great day! hugh.bray@century21.ca

Perhaps many of you already do this but I thought I'd share......when I was at a local restaurant recently, I enjoyed the good service and told the server so. I asked if I could give her my business card and she was pleased to accept it....in fact she asked for two! So... why not start giving two cards at a time! I explain to new acquaintenances that I would really appreciate their help in growing my business....so one card is their's to keep and one is to give away.

I mentioned this to my broker.....now he is doing it too!

Cheers!

I got a call today from an advertising rep... he is offering me a bundle [a phone book yellow pages ad in color+online site] for 'only' $177 per month, locked in for 12 months but no bill till April. He's got some good stats to back up his presentation but here's the conundrum.....I know I need advertising to kick-start my new career....but I'm seeing the money go in only one direction so far and I'm starting to feel a bit overwhelmed. [you remember that newbie feeling]

So my question is.....what's the best way to go in terms of advertising? I've put newsletters and business cards in the corner pizza place....I've sent out newsletters to my farm area and I've done some cold calling. I'm new to this city and my sphere of influence is small but I give out business cards every chance I get. I joined a Centre for Women in Business which will help me with my networking. I know it's still early but I don't want my advertising budget to be on overload!

I'd love to hear your opinions....

Thanks much!

Melva

OCTOBER SLIDE STEEPENED

Halifax Dartmouth MLS^® home sales continued to slowly slide as global economics soured during the month of October. At month's end our region's year to date market performance was down 8.3% compared to the same 10 months in 2007 (the best MLS^® sales year on record).

While our local market is still "healthier" than markets in many other areas of the country, we do have an obligation to report to you on those market conditions that are going to affect your success as a Buyer or Seller in the weeks and months ahead.

• Halifax Region Sales for the month of October 2007 performed at -18.2% versus October 2007.

• We witness a continuing slide in the number of homes sold in 2008 to date vs. the same ten months in 2007 (-8.3% or 575 units less).
• Average home sale prices are starting to moderate in many of the neighbourhoods within the Halifax Dartmouth region.

NOVEMBER - MORE OF THE SAME!

We have continued to see more of these same trends in the month of November as evidenced in the preliminary monthly stats shown below. As of today's date November has performed at a rate of -39.1%, or 182 fewer sales than November last year. This is a very strong signal that we are in the beginning of a market correction; which again points toward "Buyer's Market" conditions.

"Days on Market" have climbed to an average of 112 days to sell a home in November, up from a healthier 98 day average in November 2007. Homes are selling more slowly and with slowing price increases; more definite signs of a cautious, "deal shopping" Buyers' Market.

THE ECONOMIC IMPLICATIONS FOR BUYERS & SELLERS

• Our regional economy continues to send us mixed messages. Barely two months ago, gasoline was selling in the $1.20 - $1.40 range; today we are buying a litre of gas in Halifax for $0.81; proof that commodity prices have seriously deflated. It is difficult to say yet where the economy is going or if we are at the beginning of a short term slide or in the midst of a full blown recession.
• While the US real estate market is in continued bad shape, and home prices in other centres across Canada are deflating from several years of record growth (Edmonton, Calgary, Vancouver etc.) our Halifax Region real estate market is still fundamentally sound and those who understand the market dynamics will be prepared to prosper.
• Home sale prices are slowing down, toward the lower levels of 2007. Short term price growth is at an end for the foreseeable future (see average November sale price above). Lower prices mean buying opportunities are on the rise for Investors and first time home buyers.
• Buyers may perceive that they are losing money when selling a home in these market conditions. However home value is only determined by what motivated Buyers are prepared to spend for a specific home, in a specific market, at a specific time. One has to understand and accept this, then plan accordingly.
• Sellers soon become buyers and must remember they will be buying their next home in the same Buyers' Market conditions in which they sold their home. The return on the sale of their home will be proportionate and complementary to their purchasing power and options for their next home.
• Good news! Mortgage rates are still low and readily available. Working with a professional Mortgage Broker will ensure that your credit qualifications are in place before shopping.

WHAT DOES THIS ALL MEAN TO ME?

One has to be very well prepared in order to generate a profitable home sale. Clearly one has to manage their expectations in order to maximize the return they receive. Avoid confusing a desire for the double digit price gains of recent years with a "reasonable profit". Those days are gone for now.

Motivated Sellers and Buyers must heed the market indicators in order to have success. Successful, profitable home sales will occur for those who respect these changes and choose to work with an experienced, professional REALTOR^®.

Please remember that only three things sell a home - Good Preparation, the Right Price and Good Marketing!

Expert Marketing and full-service support are essential for success. Avoid discount service plans or do-it-yourself "For Sale by Owner" services - doing so may well mean the difference between an efficient sale and a home sale disaster!

• Every neighbourhood and price bracket has competition - be aware of your competition and be ready, then price aggressively to sell ahead of them. The Seller that sells first amongst "equal competitors" is more likely to extract the highest value! More time on the market means eventual price reductions and fewer net dollars in your pocket!
• You can't live in a RRSP! Think about investment strategies where the proven long-term stability of Real Estate puts accrued home equity or retirement savings to work for you. Think about income property buying opportunities for long term investment growth. Call your REALTOR® today for a professional investment property consultation!
• Remember that prices are slowing down in most neighbourhoods in Metro and surrounding areas; set your expectations realistically and then get to work on a positive selling strategy with your REALTOR^®.
• REALTORS® are trained experts and poised to assist. They understand thee tougher market trends; they know how to manage delicate, changing market conditions and are ready to serve!
• Call a REALTOR® today to help you prepare your property for sale and to experience an efficient and happy home selling or home buying experience.