I read an article recently on bidding wars becoming commonplace in the Guelph Real Estate Market. The article was shared on someone’s Facebook page, and it clearly hit a nerve. That were a lot of comments, and reading through them made one thing very clear to me: Guelph buyers are becoming very demoralized.
“This is why I can never buy a house,” said one. “The way things are going, I don’t think I’ll ever afford a house.” One lamented, “I’m priced out of the market in my own hometown.”
It’s hard to read, and very largely because it’s so widespread. So many people are so keen to buy their own home, but with prices soaring and aggressive tactics… what in the heck can they do?
A few things.
First, attitude is everything. Fine, call it wishy-washy if you will. It’s not. What you think, you become—and if your overwhelming emotion in the home-buying process is negativity, the end result is going to be very predictable and disappointing.
Does it suck to lose in competition? Yes! So, start by not even thinking of winning or losing. Think about strategy; think about digging in and knowing that this won’t be easy, and often times it won’t be fun… but you won’t stop until you get your home. And you will.
Work with Guelph Real Estate Market Experts
Next, choose your tribe wisely. Don’t surround yourself with Real Estate or Mortgage professionals who are novices or who work part-time, or who otherwise just can’t frankly compete in a market where seasoned agents can out-perform them. Work with true professionals who are prepared to offer a targeted strategy for viewings and offer presentations.
Now, about your expectations… it might be time to make some adjustments. Buying a home in Guelph has become expensive. Premium homes sell for premium prices—and with so much in-migration from the GTA, we are seeing prices soar at record-breaking levels. What does that mean for you?
Remember in the “old days,” when people started off small and then “moved up?” If you’re a first-time buyer, re-acquaint yourself with that mindset. So many first-time buyers, in their exuberance for wanting to plant roots, focus on items that come with high dollars… but that aren’t strictly necessary. Granite counters and stainless steel appliances are nice but do you need them in your home? Freehold, detached homes are quieter of course—but should you consider a townhouse or a semi-detached, just so you can find something in a more reasonable price point. Will it be your forever home? Probably not. But that “old” way of thinking—that property is like a ladder; you start somewhere and move up, bit by bit—I think it is due to come back. Lower your expectations and you’ll find more options. Buy something that isn’t fixed up to the nines and, over time, build equity through your own improvements. Then, sell up.
That shift in expectations may come in the form of other considerations or sacrifices. Should you consider adding potential for rental income in your home? Do you need to take a year and declare war on expenses – hold off on vacations, cancel cable, sell some possessions… whatever it takes. Could you come up with considerable funds through one year of effort and sacrifice? Maybe.
It’s been a wild year in Guelph real estate. I’ve had clients jump up and down in excitement when they’ve landed the house of their dreams. I’ve also sat and tried to provide comfort when someone has lost a home they really wanted and needed, and the stress of it was just too much. Buying a home in Guelph isn’t for the faint of heart, and I suspect that’s not going to change any time soon.
But, take heart. It’s tough out there, but tough doesn’t mean impossible. There are ways to get into home ownership in Guelph. If you’re being told that it’s hopeless, you’re talking to the wrong people.
