No Summer Vacation for the Guelph Real Estate Market

Guelph real estate is as hot as the temperatures for July 2020

Before I resume last week’s blog to explain what happens after first-time buyers find the right home, I’d like to address the most recent market statistics on Guelph real estate.

Normally, we would see a break in sales in Guelph in July and August. The market report for July shows that there was no such break and I think it’s likely there won’t be one in August either. Prices continue to escalate, which is lovely for those of us who own but makes it really challenging for first time buyers.  In my 12 years of working in real estate, I have never struggled to find a solution for first-time home buyers, but I have to admit that in the last couple of months it has become more challenging than ever. With low inventory (less than 1 month’s inventory in Guelph), 55% of listings have sold for higher than the asking price.

The key for first-time buyers is to adjust your expectations. If your budget is under $450,000 and you are hoping for a semi or detached home in Guelph, the likelihood of finding one that meets these criteria is very low. The current average price for a detached house is $677,000 and $532,000 for a semi-detached.  Anyone with a budget significantly lower than that would be smart to consider buying a condo townhome or apartment for now, and then move up once their income has increased and they have gained more equity in their property.

Conclusion? It’s a great time to sell. And if you’re looking to buy, you’ll need to be patient and have an agent who is skilled in managing multiple offers. As the saying goes, ‘The best time to buy real estate was 20 years ago and the second-best time to buy is now.’

Guelph real estate is as hot as the temperatures for July 2020