Real estate prices have continued to climb over the last few years, with Halifax, Nova Scotia, no exception. In the first half of 2020, the average selling price of a home in Halifax was $337,290; however, fast forward just two years, and the average selling price of a home is now $555,820.   This indicates a staggering 67% increase in the average house price since 2020.

Although the price of homes has been gradually increasing, the number of houses sold in June 2022 is down slightly from June 2021. In June 2022, there were 760 homes sold across Halifax, which is 5.4% less than June last year. Across the entire province of Nova Scotia, we have seen a 7.3% drop in homes sold in June, year on year.

Where are housing prices headed?

As home sales decrease slightly, we have seen an increase in the number of new listings coming onto the market, with new listings up 4.3% in June from the previous year. With home sales cooling off slightly and more new listings coming onto the market, more homes are available for purchase. However, the current supply is still lower than the historical average.

There is still a lot of buying pressure in the market, and although we have seen a slight decrease in sales month-on-month, prices remain near an all-time high. Slowing home sales and rising inventories have caused a slight decline in property prices across Nova Scotia month-on-month.

In the short term, we may see housing prices stabilizing as inflation remains very high, and home buyers may be concerned about the rising cost of goods and services. The interest rate increase implemented by the bank of Canada has also contributed to the slowdown of home prices.

Is it time to sell?

Home prices are near a record high across Halifax, and although there are signs of a slight cool-off in prices, there is no telling how much higher prices could go in the short term. Whether you should sell or not is up to your individual needs, however, there are still buyers in this market, even with the inventory increasing and home sales tapering off slightly month-on-month. Indeed, there is no reason that home prices cannot continue to rise in the short term.

Currently, there is approximately 1 - 1.5 months’ worth of supply in the market. A balanced market is 3 – 6 months’ worth of supply in the real estate market. Canadians need to consider inflation and rising interest rates more before taking on a mortgage, as affordability may be of concern as the world adjusts to the post-COVID era. 

How to sell?

In a survey, 83% of home buyers said pictures were paramount in helping them choose which homes to visit, while 61.3% of brokers believe that high-quality real estate photography is crucial for selling their houses. Everything is more digital than ever, so the need to present what you sell online better than ever is essential. It is estimated that more than 40% of home buyers view the property online first. Therefore, the online presentation of your property is the first impression that many people will see of it, and it is essential to ensure that it is a good one.       Your online property presentation is key to achieving this if you want to stand out amongst home sellers.

Quality real estate photography is essential to capture your property’s personality and showcase its true character. If you want to increase your chances of not only selling but also attracting the best possible prices, a cinematic video and a 3D virtual tour are the closest to being in and walking around the property. For that extra enticement, consider adding a twilight photo, where a picture is taken when the sky’s lights and the property lights are perfectly balanced, which gives prospective buyers a feel of how the property may look at nighttime.

The best solution for home sellers

SnapHouss is your one-stop shop for getting your house sold as quickly as possible and for the best possible price. We offer tailor-made packages that suit your needs. With increasing numbers of new listings coming onto the market, making your property stand out as much as possible is essential. Our real estate photography packages start at $99 for our BASIC package and go up to $299 for our PREMIUM PLUS+ package, with scalable options, depending on the size of your house. Our services cover the full spectrum of what you need to improve your next listing and sell your home.

The world is going increasingly digital and Zoom interviews and remote working are taking the world by storm. Why would real estate be any different? There is a place for in-person viewing, but the initial viewing and attraction to a property could be the first point of digital contact.

In addition to our professional enhanced photography, we offer several specialized services designed to bring your property to life. These services include cinematic video walkthroughs, 3D virtual tours (the closest thing to physically walking through a property), and beautiful twilight photos that replicate how your home may look in the evening. If your property is empty, but you are looking to sell, don’t worry! Our virtual staging service allows us to digitally stage your property so it looks just as it would if it was filled with furniture.

We deliver each project the following morning before 9:00am so that you can get your property onto the market as soon as possible. We offer unique add-ons to each package to elevate your property listing a little more, such as Realtor narration videos and aerial drone photos and videos. We currently operate in more than 50 cities/towns across Canada and The United States.

Please feel free to reach out to see how we can assist you with the selling of your property.

The real estate industry is moving incredibly fast, and you cannot afford to be left behind!