The Annapolis Valley market is just as hot as the Halifax market. If you compare price, they are not far apart. Why? The Annapolis Valley offers a unique and economically sound lifestyle bolstered by ever growing vineyards, restuarants, farmers markets and amazing communities whether you are retiring or starting out with your family.
In our more urban areas like Wolfville, Kentville and Greenwood, we are seeing it evolve into a sellers market. Prices are inching higher and high end homes are selling whereas a few years ago economic confidence was not as rich.
Inventory is at an all time low which is frustrating for buyers and for REALTORS®. New home construction is spiking in popularity for that very reason. People simply aren't selling because there's no where to go. Our rental market has almost a 1% vacancy rate if not lower and new projects enjoy a waiting list. It's a great time for a developer to start a new project. We'll hopefully see that happen in Windsor via Parsons Green Developments.
In the meantime well priced and market ready homes are flying off the shelf. The fixer uppers are stalling because not everyone has the cash or the interest in renovating a home. If you're working with a market savvy buyers agent, he or she will guide you through this potentially difficult area. To lean into the subject of fixer uppers here is a basic outline of the math involved:
Purchase price + renovation cost = current market value.
I've had buyers tell me they don't care about market value after the renovation, they simply want to make it their forever home in that particular location. Fair enough.
Bear in mind that current market value is subject to location. You won't fetch the same price for a home in Wolfville as you would in Canning and on the education goes.
Most REALTORS® have a list of contractors that can help you with quotes on projects and your lender should be equipped to offer you a renovation mortgage that can pay for the renovations within your mortgage.
Get excited about your home buying adventure and most of all; be informed.
When that amazing property comes on the market be PREPARED to pounce.