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George’s real estate update

What’s going on in the market right now? Local real estate expert George Mochrie weighs in
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If you read my monthly articles, you know low inventory for sale has been the recurring theme. And new listings so far this fall season are lower than anticipated, so the supply vs. demand situation in Centre Wellington and area is not improving.

Further, sales results continue to be unpredictable. Some homes sell quickly for over asking, while others take longer to sell. There are times when you can explain the varying results, but frankly sometimes it just leaves us scratching our heads.

One thing I do believe, the pre-spring market—which I define as February and March—is going to be extremely active, as pent-up demand increases even further and sellers who have been waiting finally bring their home to market. While pricing will not increase anywhere close to the way it did in 2021, there will continue to be upward pressure on pricing in certain housing categories in 2022. There will always be specific homes that for various reasons will attract multiple offers and sell significantly over ask, but overall pricing will be more stable in 2022.

Thinking of moving into a retirement home?

Buying a new home — especially if you are a first-time buyer or you are moving to another part of the country or internationally—can be an exciting time! Some other moves can be a little more bittersweet. I understand that. But these moves can also be exciting as you embark on a new chapter.

Moving from your home — especially if you have been there for decades — can be a very emotional and difficult decision. I give advice to many clients (and their families) as they are working through their decision-making process on whether they should move from their existing home to perhaps a condo or a retirement home like Highland Manor or Heritage River here in Centre Wellington, or a retirement community like The Arboretum in Guelph. Alternatively, one can stay in their own home and hire more support services.

Intergenerational living is also an option that is on the rise of course (partly due to real estate prices, but there are other reasons as well) that we should discuss in greater depth in a future article. Many factors, from financial to the health of the individuals, will help determine the final decision.

I have many clients who have made the decision to go the retirement home/community route—and are happy they did. In fact, some even admit they should have made the decision earlier. Their social life is better than ever.

Regretfully, I have also seen some wait too long; an earlier move would have probably been better for them. But I get it.  As someone now on the north side of 60, mortality and my next chapter are occasionally more on my mind too — and I’ll be one of those old guys who will be rather stubborn when the time comes for certain decision-making. Apologies in advance to Jen and my sons Nick and Drew.

My advice to you younger kids: don’t push, your parents are smarter than you think and will make the right decision for themselves when they are ready. (It’s okay to broach the subject, just don’t push.) For now, I’m only 60, I still have mountains to climb! Although I’ve already taken 2 Advils today for muscle and joint aches.
 
Erica and I have assembled a support team here that can provide you with all the services you need when and if you decide selling your home is the best decision for you. From little things like packing boxes to full home staging (please do not sell your home empty or with half the furniture missing), we go the extra mile to ensure we support you and reduce the stress of moving as much as possible—and maximize the selling price of your home through superior marketing. We can arrange for movers, help with finding a new place for excess furniture—whatever you need, we can assist.

Our motto, “We do more to sell your home”, is not just a fancy marketing tagline, it’s truly what sets us apart from the competition and why more sellers and their families are turning to us for their real estate needs in the Centre Wellington area.

Should I sell now — or in the spring?

This is a question that we start getting asked a lot as we get to this time of year. Historically, our market was pretty sleepy in the winter months, but this is no longer the case. We are a growing community—and we have record-low inventory for sale. Yes, there are fewer buyers looking at this time of year, but the ones that are looking are motivated to buy, and with the limited inventory we have, the chances of them wanting to view your property is greater.

Having said this, the honest answer is: sell when you are ready. Don’t try to time the market. Besides, I don’t see a big change in pricing in the market between now and the spring. If your home needs a bit of maintenance, don’t rush, take the next couple of months to fix things up and get it ready for a spring sale. Now is also the time to finish up any outside maintenance that is required.

But if you do need to sell now—due to a job transfer or you want to put an offer on another house that has come to market, for example—yes, it’s still a good time to sell. 

One last thing: if you are thinking of renovating or doing a major expenditure on the home and plan on selling in the next 12 months, call me first. Finishing that basement may not be the best use of your funds, for example. Let’s discuss your plans; some things may be good to do, other expenditures may not give you any return on investment. Let’s chat.    

Until next month, take care.

George

George1

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