What happens when you own a home and you're ready to make a move, but the Halifax real estate
market is favouring buyers? I am going to share some strategies, tactics, and pitfalls surrounding the
various actions that can make your sale a success in a buyers’ market.

First off, you know it is a buyers market when you see there are a lot of properties up for sale. The
second clue is there are not a lot of buyers out there, or if you are watching Halifax MLS listing,
Viewpoint, and Realtor.ca, you keep seeing the same properties day after day, and week after week.
Things just are not moving. Simple economics tells you that when supply is high and demand is low,
prices generally go down.

Generally, when this happens, most people want to sell their home before they purchase a new one.
Knowing it might take some time to sell your property, you want to make sure you are not trying to carry
two properties (the one you had and the one you newly bought) at the same time. Once you sell your
place, you know how much money you’ve made on the sale which can also influence your new purchase,
and you know when your sale is closing.

How can you, as a seller, maximize this situation? Start by considering who you are selling your home to.
Is it a great family home, and you are looking to downsize? Is it a downtown condo and now that your
family is growing you need something larger? Do your potential buyers already own a home which they
have to sell or are in the process of selling? What are the market conditions where they likely live? It is no
secret that there are times when condos are in great demand, and other times when starter homes are in
demand, and so on.

In an ideal world, you're selling it to first time home buyers. The reason being that they are not tied to
selling their property before they buy yours. These may be people who are renting or have been living
with family or whatever the case is. Since they do not have to wait for their place to sell, there is no
reason they can't close on the date agreed upon in your Agreement on Purchase and Sale.
What if you sell your wonderful home with no problems? The buyer is eagerly awaiting the closing date so
they can move in. But you just cannot find a property that meets your needs or your tastes? Your closing
date is fast approaching. You need a back-up plan? Can you extend the closing date on your current
home so that you have a little bit more time find your dream home? Or, could you find some type of
temporary lodging? Maybe move into a short-term rental? Could you stay with family?

Obviously, you don’t want to move twice, or have to spend the money on a short-term rental or stay in
your in-laws’ guest bedroom. But it may be your only option if you don't have the ability to extend your
closing date. No one wants to settle on a home they don’t really want just to meet a deadline.
Navigating the sale of your home and the purchase of your next home in a buyer’s market may not be a
walk in the park, but, being armed with this article’s information you’ll know to plan for a ‘worst-case’
scenario. Hopefully this will help you avoid any nasty surprises in your real estate journey.