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It's not the SPRING MARKET we hoped for but it is the one that we got!
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After some slow progress we saw a bit of a dip in Median Sale Price for March vs. February
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But we are still moving in the right direction with more inventory and faster timelines
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# of new listings is outpacing the # of sales resulting in more inventory, but not necessarily the kind of inventory buyers are looking for
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Homes are selling on average 10 days faster than in February
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Something to note: We are also seeing more and more homeowners choosing to list low & hold offers. This can impact both time on market and selling price. While homes sell quickly (likely <1 week), winning bids are not going too far over the asking price. As such, some homes are selling for under market value providing Sellers with a quick, firm deal but not necessarily maximizing their return on investment.
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BUYING? You might need to be patient as we wait for more inventory to hit the market. Be ready to move quickly if the home you love is holding offers.
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SELLING? Determine your goals (sell fast, most value, etc.) and give us a call to help design the best strategy to achieve them. NOW is the time to prepare your home so you don't miss the action.
CURRENT MARKET TRENDS
Know anyone looking for commercial space?
FEATURED LISTING: 727 Woolwich St., Upper Unit
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3,461 sq ft, can be leased as full upper floor OR as a smaller unit
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Currently divided into 3 smaller units ranging from 593 - 1,690 sq feet
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SC.1-27 zoning allowing commercial services such as: medical office, medical clinic, recreation centre, office, art gallery, artisan studio, etc.
We are seeing a rise in this type of listing strategy so let's talk about how we can best prepare your offer to win.
HOW TO: Compete in a multi-offer situation
NOTEWORTHY NEWS
SAVE THE DATE: Street Party June 8th, 11am - 2pm
FULL details to follow but here's a snak peek - Chestnut Park West is hosting their annual Street Party June 8th. Including: FREE lunch (via delicious food trucks), face painting and balloon animals just to name a few.
It's true! Local expertise matters $
We recently pulled the performance numbers for local vs. out of area agents who sell property in our area. In most areas local agents acheived a higher sale price in less time. In Cambridge, interestingly enough, out of area agents achieved a higher sale price but in a much longer timeframe, an average of 1.5 weeks longer. Working with a local agent means working with someone familiar with the local market dynamics to set an effective marketing and pricing strategy, has a network of local agent peers who can drive interest to the property and as an invested interest in fostering a strong reputation in your area for exceeding client expectations.
Source: ITSO MLS® System in the City of Guelph, Kitchener, Waterloo, Cambridge 2023 Home Sales
Local Agent = Agent registered with Guelph and/or Waterloo Region Real Estate board
Out of Area Agent = All other agents
Interest rates held, again
During the latest rate announcement (April10th) the Bank of Canada held rates steady once again. No big shocker there! The next announcement will be in June and this is the time that everyone has been eyeing for an actual change. Many are still holding on to hope that a cut will happen but others are eyeing July 24th as more likely.
Client Congratulations
CONGRATULATIONS to D & M who will be making the journey from Toronto to move into their very first house in our fantastic City in July. We are so excited to welcome two new community members (and a cute little doggo too!) to Guelph. You both kept your eye on the prize and it didn't take long, or too many tours, to find the home you were looking for. See you in July!
We are THRILLED that we got to the chance to meet J, D and K who made quick work of finding the right bungalow to meet their family's needs. We are so looking forward to continuing to work together as we get your current home ready for its next family to make "first" memories in. Keep your eyes peeled everyone!