The real estate market in Guelph has been turbulent over the past few months. And it’s times like this that it’s more important than ever to use Guelph real estate agents.
In a video we produced for Guelph Today this week, we outlined a few key insights that have started to hit the market. One of those was a noticeable decline in GTA buyers to Guelph, which we thought was important to highlight.
Can’t Realtors buy and sell anywhere in Ontario? Aren’t they all the same?
Yes, Realtors who are licensed through the Canadian Real Estate Association in Ontario can technically buy and sell houses anywhere in Ontario.
But NO, just because they are members of CREA doesn’t mean they know every single market in Ontario. Yet alone the local Guelph real estate market.
The quality and expertise you receive from your real estate professional vary by region. Our team doesn’t know the Greater Toronto area or Ottawa real estate market as well as locals do. So, we’d never try to help someone buy or sell a home there.
The whole process of buying and selling a home depends highly on local expertise.
Why use Guelph real estate agents when buying or selling in Guelph?
Since before COVID, buyers from the GTA have been moving their way west into Guelph.
But, in 2022 the well of GTA buyers seems to have dried up as interest rates have risen and buyers have become more conservative.
It’s impossible to know what percentage of buyers in Guelph were coming from the Greater Toronto Area. We anticipate that at the peak it was 8 out of every 10 showings based on business cards left at homes.
Today, 80% of the business cards are from a Guelph real estate agents. There is a noticeable lack of GTA realtors.
Why is this important to know?
It means that when times get tough, home owners and buyers tend to work with those who specialize in certain areas to achieve their real estate goals.
Guelph real estate agents have local neighbourhood knowledge
Guelph realtors know the Guelph area well. If you’re going to be living in your next home for years to come, isn’t this the most important thing?
As an example, when a buyer who lives in Barrie wants to move to Guelph, they may use their Barrie realtor. That Realtor may never have been to Guelph before. This is something we see all the time.
What ends up happening? The out of town Realtor uses basic information to try and help their clients. But, they’re unaware of the nuances that a Guelph realtor knows.
Things like pockets of neighbourhoods, access to amenities like malls and parks in Guelph, transit routes and timing, school catchment boundaries, neighbourhood developments are all important.
As an example: Guelph has a low unemployment rate. If you’re moving here to work at Linamar, buying a house that’s a “good deal” in South Guelph isn’t helpful if you need to rely on public transit daily.
Your realtor needs to have the best interest of their clients in mind, not a commission cheque.
If that buyer is a first time buyer, they’re risking a lot by not using the best agent for them. It could land them in a neighbourhood that they don’t want to be in. And once the deal is done- it’s very costly to fix.
Local realtors know the best places for you, whether you’re looking for a fantastic community or easy access to the 401. We’ll find you an unbeatable location!
A few blog articles that we’ve written to address this include:
Where’s the nearest Beer Store?
Where’s the Guelph Costco (hint: its in West Guelph).
All of these are things that could impact your life as new home buyers in Guelph.
Access to data
Real estate data in Ontario is generally split into two areas. Those who sell real estate in the Toronto area utilize the Toronto Real Estate Board (TREB) data and most other parts of Ontario use ITSO.
These are two different real estate boards and most realtors are members of one or the other but not both.
Beth and Ryan are part of both the local board and TREB. However, this is an additional cost that most realtors don’t want to take on.
Here’s where the problems arise: let’s say you live in Guelph and are selling your home. You don’t know Guelph real estate agents, so you call up your cousin in Woodbridge. They’re a great realtor in Woodbridge and you ask them to list the home.
The major issue we’ve noticed is that out of board realtors don’t have access to comparable home sales. So, they are trying to put an offer in for a townhouse on behalf of their buyer client. But, they have no idea what area townhouses have been selling for!
On many occasions, out of town realtors have asked US to give them comparable information. We’re pretty sure their buyer clients wouldn’t be impressed to hear that!
Limited listing service
If you’re an out of town realtor and list a Guelph home for sale, chances are it’s not really a top priority and you could expect the quality of services to diminish.
They’re professional services that they have in their local market doesn’t exist here. They’ll have to drive to Guelph to stage it, arrange photos, set up an account and install a sign and more. The result? These things just don’t get done and a seller, it’s not a great experience.
Local Guelph real estate agents relationships
This is important, because time and time again we hear that it doesn’t matter. It does matter! A lot!
Let’s say you’re selling a home in Guelph with a Guelph realtor. That real estate agent has likely been around for a while and has local relationships and local real estate expertise. On many occasions, we’ve worked other top real estate agents in Guelph and Wellington County that we trust to get a transaction closed.
Even though they don’t work at Keller Williams, they could be great realtors. They may work at Royal Lepage Royal City, Coldwell Banker, Remax, TrilliumWest or other brokerages in Guelph ON. Because we do a lot of business here, we know who can get the job done professionally and easily.
A realtors role is to ensure that the buyer is qualified to buy the house.
The Guelph real estate agents wants to ensure key elements beyond the offer.
This includes: does the buyer have a solid job? Where they’re getting the real estate deposit from? Do they have a house to sell? Because, the sale price is irrelevant if the buyer cannot close on the deal.
A local realtor has relationships with other real estate professionals and team of experts. And a mortgage broker. And a lawyer. As well as plumbers and painters and electricians. You get the point.
To be clear: we have nothing against (and love working with) out of town agents. But we’re talking a lot of money on the line. You want to ensure that you protect your seller client as best you can. This means extra due diligence and strong knowledge of the market they are working in.
That out of town realtor has to work extra hard. They need to prove that not only can their buyer afford the house, but that they will close without issue. Sometimes, it’s worth it to take a little less money on a buyer who will complete the transaction.
Looking for Guelph real estate agents?
We’ve helped many buyers from the GTA buy into their dream home and neighbourhood within Guelph. As well, we’ve helped so many Guelphites make their next move!
Whether it’s your first home or tenth, we’d be happy to guide you. Our team helps with every step of the way on your real estate journey, too!