If you’ve heard this phrase tossed around in the past year, you may be wondering what it means for you. Quite simply, a seller’s market means that house prices and sales are more ideal for a seller than they are for a buyer.
This is amazing news if you’re looking to sell your home in Southern Ontario.
Where is Everyone Going?
Everyone has likely heard that the Toronto (and GTA) market is hot right now, but what about the market in Guelph? With quick home sales in the GTA, the selection of homes to choose from becomes smaller and smaller, and people looking to buy outside the area. This means that excess amounts of buyers are looking for homes in places like Guelph, Kitchener-Waterloo and Cambridge. These areas are still close enough to the GTA for commuters, but far enough to see more houses on the market.
Home Sales by the Numbers
In Guelph and the surrounding areas, the sale prices have increased by 1.7-1.9 percent in the last three years, as noted by the Greater Housing Market Insight Report from January 2017.
What can this possibly mean for the Guelph market in the upcoming months? Well, the average home price in Guelph as of August 2016, falls a bit above the $400,000 mark and is expected to increase this year.
This means, sellers are able to sell their home for the prices they are listing at (if not above), and buyers are shelling out more money and bidding aggressively to get the homes they want.
Thinking of Selling in Guelph?
With limited listings for buyers to look at, they are all fighting for the seller’s attention. As a seller, you won’t be sitting with a house up for sale for too long. If you are thinking of selling your home in Guelph, it is an optimal time to do it!
Of course, you may have more questions about selling in Guelph than what is in this post, so don’t hesitate to get in touch and find out more!