The Astounding Guelph Housing Market

Jan 21, 2017

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Respected media sources like Moneysense magazine consistently rate Guelph as one of Canada's best places to live. So it’s no surprise that Guelph’s housing market has seen remarkably high demand. If you sold your home in Guelph over the past two years, chances are you were awarded a higher sale price than expected. If you bought, you probably paid a bit (or a lot) more than originally planned. Whether you’re an existing owner looking to sell, a first-time home buyer, or you’re ready to downsize, it’s good to be prepared for some ups and downs that might be in store for you.

Existing owners

If you’re looking to sell your home in Guelph, it’s likely your home will sell quickly and at or above its asking price. This is great if you’re downsizing or moving somewhere with lower home values. But unless you plan on living in a tent in Exhibition Park, you’ll need to buy another house in Guelph. If that house is similar in size and quality to your current house, the price is bound to be comparable. Most competition is for homes between the $200,000-$450,000 range so if you’re upsizing to a house that’s $500,000 or more, you might have an easier go of it. You could very well sell your home for a great return and move up to something that won’t see multiple offers and an over-asking price tag. And if you’re buying in that highly competitive range, take heart in knowing that you should have a strong down payment and be pre-approved for your mortgage, which will serve you well when you’re up against less experienced buyers. But let your realtor advise you on the best strategy to win the deal.

First-time buyers

Many Guelphites with average purchasing power who are looking for their first condo, townhouse, or semi-detached will meet a whirlwind of competition. Just when you think you’ve found the perfect home, you find out it has 45 offers and just sold for $3.8 million—okay, slight exaggeration. But it has been difficult for some to land the home of their dreams. With the market carrying on as it has, this annoying trend might last a while longer. Remember to stay open minded; if you’re thinking of a detached house, consider a semi-detached or townhouse as a great alternative. And take heart in knowing that no matter how much competition there is, the right realtor will find you something great. You might need to give up on some of your wants or needs, but the reality is you often learn to live without them. Sharing walls with a neighbor might lead to a new friendship for your kids or access to a great vacation cottage!

Downsizing

Downsizers have arguably done the best in this market. They have the advantage of selling a more expensive home, enjoying a higher sale price, and then moving to a less-expensive home with some extra cash in pocket—just a few more benefits to creating a simpler life.

What it all means

Whatever type of buyer you are, remember to be patient and follow the advice of your mortgage broker and realtor. It’s easy to get caught up in the excitement and drama, so try to keep a level head. Make sure your realtor has strong negotiation skills, a keen ability to strategize for your specific needs, and a few years of experience navigating the recent market. And don’t get discouraged if you’re having trouble finding something; there will always be more houses and the best one for you could be just around the corner!

Sincerely,

Irene Szabo.

Irene Szabo is a trusted and expert realtor for people who need a new home.
Send Irene a message; you will be in great hands that look out for your best interests.



Category: January 2017

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