Decrease costs, much less affords – Guelph actual property is cooling rapidly
Guelph Realtors Beth and Ryan Waller talk about rising inventory in the local market. From 25 houses in early January to 275 in mid May, a 10x increase in inventory has impacted the market pricing. Only 51% of homes sold over the asking last week, the lowest % of 2022.
Rising interest rates, day to day inflation impact, daily news media and other factors are causing buyers to stay on the sidelines. At the same time, sellers continue to put houses on the market, possibly for the same reasons. The result is a softening of prices, quickly.
And this is also impacting home appraisals. Those who purchased in the peak of the January/ February market are now closing in May and home values are not the same as they once were, leaving many buyers with additional financial challenges.
More on the specifics of buyers and sellers markets here.
Need the advice of a Guelph realtor? Give Beth and Ryan Waller’s real estate team a call for no obligation discussion. Beth and Ryan are Sales Representatives with Home Group Realty in Guelph.
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