NW Week

Homes in Nova Scotia continue to sell for much more than their asking prices

Homes in N.S continue to sell for significantly more than their asking prices.

Key Takeaways:

  • Hundreds of properties in Nova Scotia’s booming real estate market have sold for tens of thousands of dollars more than asking prices, making some people instant millionaires.

Hundreds of properties have sold for tens of thousands of dollars over inquiring prices in Nova Scotia’s sizzling real estate market, making some people instant millionaires.

Although it had previously sold for $1,000,314 — $400,000 above asking — a property in the Hammonds Plains area was still on YouTube Wednesday.

Kim Chiasson, who is also selling her home, couldn’t believe what she heard.

She told CTV News, “Well, I felt it was a joke in her driveway.”

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“‘What?’ I thought when I saw it, which was sent to me by my girlfriend. ‘A million-dollar residence?'”

In reality, bidding wars between outside purchasers with huge funds are becoming increasingly typical.

“The purchasers are coming from diverse locations with different opinions on the real estate market in general — as well as what it means to them,” said Matt Dauphinee, president-elect of the National Association of Realtors of Newfoundland and Labrador.

They’re also plainly willing to pay for it.

Whereas the overall number of home sales is declining, prices dramatically increase.

According to the group, nearly 1,400 homes have sold for at least $50,000 over the asking price in 2022, with some selling for much more.

One in Tantallon sold for $700,000 more than expected; another in Porters Lake sold for $489,000 more than expected, and one in Bedford sold for $430,000 more than expected.

However, this is not the case for everybody.

Homes in N.S continue to sell for significantly more than their asking prices.
Homes in N.S continue to sell for significantly more than their asking prices. Image from CBC News

“As you know, realtors desire to make sure everyone has a house,” Tanya White, the group’s communications director, stated in an email.

“The real estate market varies greatly by region. So, while some items may sell for more than the asking amount, others may not. With their understanding of the local market, a realtor can assist home sellers and purchasers.”

Some brokers, such as Shane Anderson, are taking to social media to offer guidance to customers who may not have infinite funds to spend on their ideal homes.

“Being flexible with the closure date is huge,” Anderson remarked over Zoom.

“Being able to close in a short or long manner. Another element that many people overlook is writing letters to the family stating why you want to live in their home and why it is so precious to you, “he said.

Kim Chaisson, who lives in Hammonds Plains, will be watching with bated breath as her listing goes live on Wednesday or Thursday.

“Our aim is that we can come close to what they’re getting,” she smiled.

This hope is no longer unrealistic in a red-hot real estate market that tends to surprise.

Source: CTV News

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