Real Estate Information

The Nova Scotia real estate market is continuing to outperform those in most other regions in Canada, says the head of the group representing sales agents.

Robert Wambolt, president of Nova Scotia Association of Realtors, said Friday that while national prices have slipped, provincial prices have held steady and new records have been set in Halifax.

Across the province, the average home price in July was $192,160. In Halifax the average was $236,514, and in Cape Breton the average home was valued at $119,143.

The total value of sales processed in July through the Multiple Listing Service, the association’s listing database, was $259.8 million, a decline of five per cent from total sales in July 2007. Based on the number of residential units, sales in July were most active in northern regions of the province, including Cape Breton.

Across the province the number of residential listings in July was up 15 per cent compared with July 2007, mirroring the national trend this month.

“The combination of a larger inventory of homes for sale and fewer home sales means less upward pressure on home prices in many markets,” said Mr. Wambolt in a release. “The challenge for many sellers is determining the right price for today’s market conditions.”

-Chronicle Herald

A very smart attorney I know paid $7,000 for a roof repair, only to have the roof leak the next time it rained. The contractor stalled, made excuses, but never did a thing about it. Anyone can have these kinds of problems when having repairs or improvements done, but to make it less likely, avoid the folowing mistakes when hiring a contractor.

1. Not knowing what you want. If you don’t know what you want, you might not like what you get. Also, if you change your mind and change the job halfway through, the contract - and price - have changed (Hint: it won’t get cheaper). Know clearly what you want done.

2. Not getting everything in writing. You don’t want to hear, “I didn’t say I was going to include the gutters.”

3. Not having dates in the contract. Did you want it finished this year? You better have it in the contract.

4. Paying too much up front. A deposit may be a reasonable request when the contract is signed, and money for materials prior to the start date. Never pay in full before the job is finished.

5. Hiring unlicensed contractors. Actually, this can be okay, if you know what you are doing (and he does). The license doesn’t mean you get expertise, but it does mean you get leverage. A contractor will right his wrongs to avoid losing that license.

6. Hiring the first one in the phone book. Ask friends who had work done, or the owner of a hardware store. Find a recommendation based on a similar job to yours.

7. Thinking there will be no problems. Weather delays, employees quitting, and more will happen. Having problems is okay, but it’s not okay if the contractor can’t work out the issues to your satisfaction.

8. Expecting neatness. Believe it or not, it is sometimes efficient to leave things laying where they’ll next be used. There will be messes, so prepare accordingly. Cover things if it will be a dusty job, for example. Also be clear in the contract that the jobsite will be cleaned up at the end of the job.

9. Not having penalties in the contract. This is important on large jobs. It’s one thing to say “Work to be completed by May 2nd,” but better to add, “$100 per day to be deducted from the contract price for each day the job is unfinished beyond May 2nd.” That’s what I call a motivational clause.

10. Thinking contracts will prevent problems. They help, but unreasonable people on either side of a contract can ignore them, or use “literal readings” to make things even worse. Find someone you can work with, and keep your eyes open.

A house properly priced is half sold.
But there are plenty of ways to price it improperly..

* You can’t go by what you paid for the place. Perhaps you bought two years ago when local prices were skyrocketing, and things have cooled off since. Perhaps houses like yours can now be bought for less, and if you hold out for what you paid, you’ll just waste your time..

On the other hand, perhaps prices in your area have taken off, and you’d short-change yourself if you just tried to “get my money out” (but you’d have a fast sale.).

* You can’t go by how much you’ve spent on improvements. A given street will support only a given price range. If you’ve invested so much that yours would be the most expensive house on the street, the buying public is not likely to reimburse you.

* You can’t go by your tax assessment figure. Even in communities that aim at full-value assessments, the figures are almost never in line with what buyers are currently ready to pay.

So how do you price your house?
By putting yourself in a buyer’s shoes.
What else is for sale in the area? How does it compare with your house? How long has it been on the market? What has sold recently, and how much did the buying public value it at? What has failed to sell in the past year?

Any good broker can furnish the data you need, often in the form of a chart known as a CMA, Comparative Market Analysis.

And once you have it, again think like a buyer. What price would it take for you to look at a list and say to an agent “Take me to see that one?”

1. Make the Most of that First Impression - A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted - or at least freshly scrubbed - front door. If it’s autumn, rake the leaves. If it’s winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.
2. Invest a Few Hours for Future Dividends - Here’s your chance to clean up in real estate. Clean up in the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. Prospects would rather see how great your home really looks than hear how great it could look, “with a little work.”
3. Check Faucets and Bulbs - Dripping water rattles the nerves, discolors sinks and suggests faulty or worn-out plumbing. Burned out and/or low watt bulbs leave prospects in the dark. Don’t let little problems detract from what’s right with your home.
4. Don’t Shut Out a Sale - If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect’s mind. Don’t try to explain away sticky situations when you can easily plane them away. A little effort on your part can smooth the way toward a closing.
5. Think Safety - Homeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, festooned extension cords, slippery throw rugs and low hanging overhead lights. Make your residence as non-perilous as possible for uninitiated visitors.
6. Make Room for Space - Remember, potential buyers are looking for more than just comfortable living space. They’re looking for storage space, too. Make sure your attic and basement are clean and free of unnecessary items.
7. Consider Your Closets - The better organized a closet, the larger it appears. Now’s the time to box up those unwanted clothes and donate them to charity.
8. Make Your Bathrooms Sparkle - Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats and shower curtains.
9. Create Dream Bedrooms - Wake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful bedspreads and fresh curtains are a must.
10. Open up in the Daytime - Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.
11. Lighten up at Night - Turn on the excitement by turning on all your lights - both inside and outside - when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.
12. Avoid Crowd Scenes - Potential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they’re likely to hurry through. Keep the company present to a minimum.
13. Watch Your Pets - Dogs and cats are great companions, but not when you’re showing your home. Pets have a talent for getting underfoot. So do everybody a favor: Keep Kitty and Spot outside, or at least out of the way.
14. Think Volume - Rock-and-roll will never die. But it might kill a real estate transaction. When it’s time to show your home, it’s time to turn down the stereo or TV.
15. Relax - Be friendly, but don’t try to force conversation. Prospects want to view your home with a minimum of distraction.
16. Don’t Apologize - No matter how humble your abode, never apologize for its shortcomings. If a prospect volunteers a derogatory comment about your home’s appearance, let your experienced realtor handle the situation.
17. Keep a Low Profile - Nobody knows your home as well as you do. But an experienced realtor knows buyers - what they need and what they want. Your realtor will have an easier time articulating the virtues of your home if you stay in the background.
18. Don’t Turn Your Home into a Second-Hand Store - When prospects come to view your home, don’t distract them with offers to sell those furnishings you no longer need. You may lose the biggest sale of all.
19. Defer to Experience - It is best if you are not home for showings but if you have young children, this is not always possible. When prospects want to talk price, terms, or other real estate matters, let them speak to an expert - your Realtor.
20. Help Your Agent - Realtors will call you make an appointment to show your home. That way, if you agent is on other appointments, you don’t miss out on important showings. If you are not home, Realtors will gain access with the keybox which records the Realtor, the time and contact information. It is a pretty efficient system however you may end up just getting home and a Realtor shows up to show your home. This may be inconvenient but if possible allow them in. People have to see it to make a decision.

What are some renovations that add value to my home?
 
A good investment in a renovation should increase the value of your home by at least the amount of money you spent, or close to it. A bad one doesn’t get you much of your money back. Here are some investments that have proven to return their value, or close to it:
 
· Low-cost improvements that make your home look better: Painting, new wallpaper, and items like new rugs and curtains help to brighten and improve the look of a home, and add value to your house if they are done close to the time of sale.
 
· New or improved kitchens and bathrooms: Improvements to your kitchen and bathroom seem most likely to increase the value of your home. Keep in mind that these improvements lose value over time.
 
· Improvements to the living room and the master bedroom: These are also good investments and will usually return most of the money you spent, if not more.
 
· Investments in more efficient use of energy: Oil, gas, and hydro costs continue to go up. That’s becoming more of a concern when people are looking to buy a home. You can make your home more energy efficient as an investment in its value. Some government programs help reduce the costs of these projects. Also, consider buying appliances that waste less energy.
 
· Keeping up with repairs. If you do a little at a time, you can avoid doing a lot of expensive repairs at the same time. A reasonable amount to spend yearly is 1% to 2% of the value of your home.
 
What are some renovations that don’t add much value to my home?
 
· Swimming pool: Make sure you want a pool before you invest in a pool. The cost of putting in one won’t show up in the price that you get when you sell a home.
 
· Costly appliances: Most people won’t want to pay an extra $4,000 for your home to pay for a $7,000 refrigerator instead of a $1,200 refrigerator. If you pay thousands of dollars for top-of-the-line appliances, enjoy them. You probably won’t get your money back if you sell them with your home.
 
· Costly landscaping: The way your home looks from the street can really help interest buyers. It’s called ‘curb appeal.’ But if you spend $30,000 in landscaping, don’t expect to get it all back. Most buyers probably won’t see or appreciate the value.
 
· Renovating in an area where homes are being torn down: Tear-down activity involves homes being sold, torn down, and replaced by bigger, more expensive homes. If someone is going to buy your home and tear it down, a renovation won’t return any of your money. The buyer will have no interest in the building, just in the land.
 
Remember: Don’t assume you will get all your money back from a renovation!
The key to renovating is to keep the house in good repair and do the renovations you want to enjoy. If you think you might be selling in the near future, focus on renovations that are more likely to get your money back.

Using a Realtor to help you buy or sell a home can save you time, money and effort. Dennis Richards, president of the Nova Scotia Association of Realtors says the only people qualified to call themselves Realtors are those who are members of organized real estate that is members of the Nova Scotia Association of Realtors and the Canadian Real Estate Association.
“In order to obtain the license you must go through a rigorous training program, currently a three-week licensing course, and pass an examination. Each year, every Realtor must take mandatory continuing education courses to renew their licenses. Dealing with a professional Realtor is dealing with someone who is educated, belongs to organized real estate and maintains high ethical standards.”

“Without a doubt the process of selling real estate has changed over the past decade. Because over 80 per cent of potential homebuyers currently look to the Internet for properties, technology has changed how real estate is being promoted; making photographs the first impression instead of curb appeal.” explains Tina Parker of UpStage Home Design.
“A staged home will sell two to three times faster than one unstaged,” says Parker. “A 2006 study by Accredited Staging Professionals revealed the average increase in the sale price of a staged versus a non-staged home is 6.9 percent. Homes that have been staged also show better in photos and marketing promotions.”

According to the Chronicle Herald, home staging can achieve dramatic results at a reasonable cost by enhancing the home’s positive features, making the home attractive to as broad a range of buyers as possible. Staging professionals such as UpStage will often add furnishings and accessories (props) to even further enhance the home’s appeal.

The average house price in Halifax is forecast to increase by 4.5 per cent to $226,000 by the end of 2008, according to a market survey released Thursday.
“The return of skilled workers will help drive much-needed new developments and better position the housing market for the remainder of the year. Halifax has strong employment rates and high consumer confidence. The year ahead looks quite healthy.”
Strong buyer demand, combined with the city’s low inventory levels, led to the strong second-quarter results, including many multiple-offer situations.
The average price of a standard two-storey house in Halifax rose by 19.7 per cent to $271,667, year over year, in the second quarter, Royal LePage said in its survey. The average price of a detached bungalow increased by 1.2 per cent to $200,000, while the average price of a standard condominium rose by 6.6 per cent to $154,000.
In Clayton Park/Rockingham, the average price of a two-storey house rose by 13 per cent to $260,000, while the average price of a detached-bungalow increased by 26.1 per cent to $290,000, and the average price of a condo rose by 5.9 per cent to $179,000.

Russell Lake West is a residential and commercial devolopment in the community of Dartmouth in the Halifax Regional Municipality, Nova Scotia. This area was recently constructed in 2006. It is located next to the community of Woodside and currently a Kent Building Supplies being constructed and a Sobeys has been opened in the area.
Just off the Circumferential Highway in Dartmouth, Nova Scotia, lies the tranquil community of Russell Lake West. Conceived with respect for the natural lakefront surroundings, this master planned community features exceptional homes nestled on the hillside overlooking beautiful Russell Lake. As well, there is a limited selection of luxury condo buildings, rental apartments and a retirement campus for seniors. Enjoy all the pleasures of a natural lakefront setting while living in the heart of Dartmouth. Schools, shopping, health care facilities, entertainment and other important services are all nearby; and with immediate access to the Circumferential Highway, you’re just minutes to Burnside, the ferries and the bridges. Its lakefront living… with city convenience!-Clayton Developments