The Guelph real estate market continues to rock! This is incredible news for home sellers, especially those looking to downsize or move out of the City. The unanticipated extra equity, has allowed for more choices when considering a move.
On the flip side, buyers are struggling. First time home buyers are finding themselves priced out of the market and are losing hope. Multiple offers are common and even expected. We are seeing buyers starting to push back by not being willing to participate in wild binding wars. Many are hoping for a market correction.
Buyers who have properties to sell, especially in the $500,000-$700,000 range are discovering that their homes have more value than they thought, and are now considering homes priced over $1,000,000. This is a monumental barrier that is currently being tested. Will this last, will buyers be willing to break the million dollar mark more often? We are seeing the pricing strategy of listing for less than 1 million paying off, and buyers paying more. The opposite is also true where listing above 1 million, doesn’t pay off in many cases.
If you are looking for a home please call us today or fill out the form below.