The real estate market is constantly evolving, and it can be difficult to keep up with the latest trends and developments. However, it is crucial for buyers and sellers to stay informed about market conditions to make informed decisions about their investments.
The monthly market report from Keller Williams Home Group Realty provides valuable insights into the current state of the real estate market in the Guelph, Fergus, Elora, Centre Wellington, and Shelburne markets.
According to the report, the market is currently balanced but leaning slightly towards a seller's market.
Overall sales numbers have decreased significantly from 2022 by over 30 per cent, and prices have dropped almost 20 per cent since February 2022. Although these numbers may seem concerning, it is important to keep them in perspective. Prices are still higher than they were in 2019 and 2020, and the overall number of sales is still down from the long-term median.
One factor that has contributed to the decrease in sales is the impact of interest rates. Higher rates have intimidated buyers, who are waiting for prices to drop further and are concerned about future rate increases. However, as noted in one of the Guelph Weekly Sales Report by Paul Fitzpatrick from Keller Williams Home Group Realty, houses are still more affordable today than a year ago despite the interest rate hikes.
For both buyers and sellers, it is important to look beyond the headlines and focus on the value and opportunities available in the market. Working with a local expert, such as one of the 90 Realtors® from Keller Williams Home Group Realty, can help filter out the noise and identify potential opportunities.
While the current state of the real estate market may seem daunting, there are still opportunities for buyers and sellers to make smart investments. By staying informed about market conditions and working with a local expert, buyers and sellers can navigate the market with confidence.
Broker of Record Paul Fitzpatrick says, “The Keller Williams Home Group Realtors® are local, passionate people driven to help our communities grow and prosper. We’re more than just a real estate transaction, we are community members and builders. Our agents are trained to be the local economic experts in real estate and can find the opportunities that buyers and sellers are looking for.”
Looking to buy or sell a property? Contact Keller Williams Home Group Realty to get started! Call (226) 780-0202 or email [email protected].