Autumn 2023 Bulletin
Hello Friends!
Thank you in advance for taking the time to read the Fall Townsend Real Estate Bulletin. The crisp fall mornings and cooler nights have begun. For many, this is their favourite time of year! Leaves changing colours, blue skies, moderate temperatures and eagerly awaiting the approaching holiday season.
As is customary in Real Estate, the summer season was relatively slow on the buying and selling side but I was kept busy helping clients navigate the red-hot lease market! Did you know that as a tenant looking for a home to lease you can have a licensed Realtor represent you at no charge? Many people are not aware of this, but we can certainly take a lot of work and pressure off your shoulders while searching for a home to lease. As a landlord, a Realtor, can actively list, promote, execute property showings, complete all paperwork and vette potential tenants on your behalf for a minimal fee (Typically 1 Month’s Rent). Over the past 2 years I have helped over 25 landlords or tenants navigate the lease process in and around our region. It is an extremely rewarding way to meet new people and develop long term relationships moving forward.
Personally, our family enjoyed a great summer of sunshine, family experiences, cottage time and even a trip to Prince Edward Island! Charlotte continues to grow, is walking everywhere, getting into everything and making us laugh/smile everyday. She brings so much love and joy to our family! Very sadly, we lost our beloved dog Mya on September 6th. She was so much more than a dog to our entire family and our hearts are broken. Not only was Mya my best friend and side kick, but she quickly became Charlotte’s best friend too. We will continue to love and remember her for the rest of our days. Mya was truly “one of a kind” and she will never be forgotten.
This past week, I was excited to learn that I have been nominated for The Guelph Mercury/Tribune “Best Real Estate Agent” in Guelph for 2023. I am 1 of 11 agents who were nominated and am very proud of this accomplishment. Even though I am not currently the highest sales agent in Guelph, I am confident in saying that those who work with me receive tremendous service, local knowledge and my full attention. Thank you to those who have shared their experiences with others and made this nomination possible. If you have a minute of your time to spare and are able to log in to the link below and vote for me, that would be truly appreciated! Voting ends October 2, 2023.
Local Market Update:
The summer market has come and gone with no real surprises. The typically slow summer months were just that, around the region. We saw a steady amount of new listings come to market, the ones that were priced correctly, marketed professionally and presented with confidence sold as planned. Since mid-June we saw a number of sellers using the “under price and hold offers” strategy to try and spark multiple offers. Some moderate success was had but nothing like we saw back in 2022! The City of Guelph was the exception where that strategy was quickly abandoned this summer and fair market value pricing was the norm.
Cambridge has continued to be the shining star in the region with price increases across the board. The current inventory level of Kitchener condos is still outpacing sales so this provides a great opportunity for buyers. Guelph detached houses and townhouses dropped in the month over month numbers but the Royal City still remains the premier location to own real estate.
Only two weeks into September we have seen an increase in new listings, strong sales activity and buyers becoming more educated on the process of buying now at a lower price with the safety net of conditions like financing, home inspection or sale of buyer’s property. Those who are choosing to sit on the sidelines and “wait out the market” are undoubtedly going to be faced with higher prices, more competition and lack of ability to protect themselves with conditions when interest rates stabilize.
Where do I see the fall market going? A slight temporary dip and then heading upwards all the way through Spring 2024. Over the last couple of months, we have really felt the effects of 10 interest rate hikes since March 2022. Recently, we have seen an increase in inventory, likely aided by investors unloading some investment properties that are no longer operating above water and people who maybe stretched their budget during the pandemic deciding it’s time to stop living beyond their comfort zone. As this slight inventory influx gets absorbed, we should see demand start to increase, prices increase and the bigger issue of housing supply not being able to keep up with demand push the market upwards.
Fall 2023 is certainly a tremendous opportunity for buyers looking for a deal to upgrade their current home. Also, for first time home buyers securing a property they can live in for a few years and build some equity. When opportunity knocks those who open the door succeed!
If you have any questions about buying selling, leasing or the current market conditions please reach out at any time. I am here to help!
2023 Community Initiative:
With the holiday season now less than 100 days away I will once again be participating in the “Greetings From My Heart” program. The local program provides hand written holiday greeting cards to long term patients at the Guelph General Hospital and various local seniors homes. This holiday season, I will commit to writing 100 greeting cards to brighten the day of others. If you are interested in participating in this amazing local program, please contact me for more information.
Townsend Tip:
As a buyer, don’t obsess with trying to time the market and decide when the exact right time to buy will be. Trying to anticipate the housing market is next to impossible. The best time to buy is when you find the house you really want and you can afford that house. Real estate goes up, down and all around. So, if you try to wait for the perfect time, most likely you will miss out on the best opportunity.
Contact:
A referral to family, friends, colleagues thinking of making a real estate transaction now or in the future is the greatest compliment I can receive and would truly appreciate your support. Looking forward to hearing from you!
Rob
