”‘Sell in May and go away’ has always been a quote referring to the stock market stability in the summer months. But in real estate? This summer has been an inconsistent one in Guelph’s market, many realtors will attest to that.
Sure, the real estate areas of consistent influence are still selling well with multiple offers in some cases.
That’s always been the way; the absent supply levels and steady demand keep these neighbourhoods well-insulated. In other areas, things have not been as easy. That especially rings true with certain neighbours in Guelph and the new subdivisions that were climbing at a meteoric clip, are now left with more supply and a water downed buyer base.
The worst thing you can give a seller’s market, is “choice”.
These areas warmed up through much of 2016/2017 riding high on an out of town influence. Then as things returned to normal, many sellers refused to let their new expectations get out of the way for traffic (amount of showings) and feedback and adjust their prices accordingly to better reflect the changing conditions. The fact is, the market is still healthy, and there is still value to be had when you have the right agent working for you. The sellers that were able to get deals done in June benefited from a still warm market, but a price change at the end of July can sometimes mean a September sale.
It’s not just the buyer population that affects the market.
Let’s face it- this has been a hall of fame summer, with the first steady rain coming in the first week of August, everyone with a destination in mind ran and enjoyed the beautiful weather. Beaches were packed and phones at our office soon went quiet.
The writing was on the wall.
Just look at instagram/facebook and tell me what kind of posts you are seeing? People are either coming from a vacation, going to a vacation or on a vacation.
I know what you are thinking; “Boy, Hudson, thanks a lot”. Hey, I’m not being hard on our market, in fact, my tone is about to change.
The fact is Guelph has some consistencies that always keep things relatively strong. And they can be compounded after a period of time in which summer vacation and good weather typically leads to less activity. We never have enough supply, and the houses that have sat in the quieter areas should expect things to turn around nicely after Labour Day. Let’s face it, more people shop for homes when life is normal, with kids at school and everyone back to work / checking realtor.ca every chance they can.
Holiday seasons are big decision makers as well.
How many people will be thinking about a house with a pool after a summer like this? Or a lot big enough for one? Or a better yard for hosting BBQ’S? These holiday seasons can be slow, but also tremendous motivators.
Thinking about moving?
There is more choice for the buyers and more buyers for the sellers ahead in the coming months so get out there and enjoy the weather.
You may never see a real estate market accommodate your holidays as well as this one.
Hudson Smith Real Estate Group
Coldwell Banker Neumann Real Estate Brokerage