Guelph market update January 2019
After what turned out to be quite a volatile year in real estate in 2018, the key word for 2019 is STABILITY.
In the last few years, sellers have enjoyed the upper-hand in the market. Properties that were reasonably priced sold quickly and often buyers were forced to compete and pay well over the asking price. There are still some hot spots in the market especially lower-priced homes or condos under $500K. That’s because of the demand from three groups: first-time buyers; real estate investors; and those who are down-sizing. The market for homes that are $500,000 and up will be more balanced, favouring neither buyers or sellers.
Guelph’s 2018 real estate market finished with a bit of an upswing but there are two converging trends that should give the housing market an additional boost in 2019. The unemployment rate is at a historical low and when people are working, they are buying. The Bank of Canada is also expected to keep interest rates steady into 2019 because the prospect for inflation is low (have you seen the cost of gas lately?).
A BALANCED MARKET IS A GREAT OPPORTUNITY TO ENTER THE MARKET, UP-SIZE OR BUY THAT INVESTMENT PROPERTY THAT YOU’VE BEEN CONSIDERING!
I expect the Guelph and area real estate market to gradually pick up steam as spring approaches. January to March will be an excellent time for buyers to take advantage of the kind of market that we haven’t seen for a while, SANE. Sellers expecting to put their home on the market and be immediately inundated by offers may be disappointed. The key for sellers will be to make sure their homes are well presented, well priced and properly marketed.
Whether you’re buying or selling in a balanced market it’s critical that you have the advice of an experienced Realtor. If you’re planning to make a move in 2019, let’s get together and discuss your strategy!
Dean Manton is Guelph and area’s real estate expert. Buying or selling, put Dean’s 20+ years of experience to work for you!
