A Poor London Ontario Condo Decision?

This complex is located right across from Masonville Mall and bordres on Richmond St and Sunnyside. Over the years these 1, 2 and 3 bedroom units have been sought after because of the location, price and the proximity to The University of Western Ontario.

The 4 buildings at Masonville Gardens were in need of updating, be it the windows, lobbies, roof, electrical, facade and eliminating the wood fireplaces and restructuring the balconies and excavating the foundation around all 4 buildings.

Jacksway Court troubles

The complex will look great when completed however, right now there is a legal quagmire, see this link here in The London Free Press.

There have been some sales over the past year or two and I have talked a few buyers from buying these, especially investors and parents for their children. What amazes me the most are the buyers who have purchased in there without getting a status report or their lawyers not thoroughly reviewing the report and allowing their clients to buy!

An experienced professional Realtor would know about troubled condo corporations, the history and the challenges. That is not to say those challenges could not be overcome by a professional, (there is always a way), yet people make poor choices when spending $1000’s of dollars because they will not listen or allow their bravado to overcome common sense.

Great Tips Before Buying a Condo in London Ontario

 Before buying a condo in London Ontario, following these ideas, tips and real life experiences and then implementing them most likely will save you money, time, worry and allow you to sleep better!

Buying a condo in London & South West Ontario can be a roller coaster of emotions …. Finding the right one that fits your budget and lifestyle…. Securing a mortgage….. moving in. And, if you’re like most, this condo may be your largest investment. Emotions over such a large and personal purchase can often cloud common sense & unbridled enthusiasm.

condos

Many condo buyers do very little research before “diving in” and investing their hard-earned money. Oh, they may have been going to ‘open houses’, searching MLS or viewing realtor websites and that is usually all they do, but there is more that could be done before making an offer.

Below are a few ideas and with the help of the right real estate professional, (ask them these 11 questions first)you’ll make a good sound decision that you’ll be happy and proud of for years to come.

Inspect, Review and Double Check:

Get a home inspection by a professional home inspector who is thorough and can explain to you his or her findings. For apartment condos, you may or may not want to do the inspection yourself because the windows, doors, roof etc are covered by the condo corporation. Turn on all the appliances, the heat or A/C, all lights, flush the toilets and run all the taps in the house and check electrical switches and receptacles.

​  Have your lawyer review the Status Certificate which will cover  the by-laws and  fees, restrictions and the financial staus of the condo corporation.

Don’t take anything for granted… inspect everything!

    Imagine the unit vacant:

Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture….it leaves with the owner.

    Income plus Lifestyle Equals Mortgage Payment:

  Sit down with us and honestly discuss your income level and living expenses. Take into account future considerations like: job security or transfer, life style, amenities or fix-ups.

View More Than One Building or Neighbourhood:

Go through at  least 4-6 properties. Don’t get excited on the first property you see, if you really like it, use it as a yard stick and if the others do not compare, act quickly.  With a patient Realtor, you’ll be able to view enough properties to get a good overall perspective of your market. And when you find the right property, all the leg work will be worth it.

  Utilize The Professionals You Are Working With: 

  By aligning yourself with the right real estate professional, you’ll have an entire group of professionals working for you. Top Realtors have lenders, inspectors, appraisers, lawyers, trades people, cleaners….an entire group of trained professionals making the whole buying experience simple and easy for you.

   More Checking to Do: 

 Check out all your costs and expense before you sign: condo fees, utilities, cable, taxes and insurance. Make sure all utilities are on (gas, electricity, and water) when you do see the unit,  so you can inspect everything is in working order, Ask lots of questions and be very detail conscious. (I use a detailed room by room review manual with every client, it covers everything)

   Do a Final Walk-Through Before Closing: 

 Visit the property 2-3 days with your Realtor  before you move in to make sure there are no surprises. Be absolutely sure the appliances, fixtures and any chattels are still there  as you had agreed upon when the offer was accepted. Many times, things are unintentionally overlooked that could have been spotted in a final walk-through. (This is a standard clause in my Agreement of Purchase and Sale)

  Plan for Flexibility if Needed: 

 Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction; however, with a great real estate professional and his/her teams, this will seldom occur.

  If it’s Not in Writing, It Doesn’t Exist: 

 All promises and discussions are to be in writing. Don’t make any assumptions or believe any assurances from any one. Even the best intentions can be misinterpreted. Have your real estate professional keep an ongoing log (in writing) of all discussions, and get the seller’s written approval for all agreements.

happy condo buyers

A few more ideas

Buying a London Ontario Condo?

In a recent survey, the biggest and most costly error home buyers make is how they start the process of buying a home in London.

Usually the first step is deciding you want to move,  to stop renting or downsizing from a larger house. All good so far.

searching to buy a condo in London

Then, most will go and talk to a good mortgage lender( this is a major and crucial step and be careful whom you talk to, I cover that in another report) to see if you qualify and for how much. How much of a down payment and what would your average payments be. Again, you are on the right track.

Then what?

Yup, most start searching the MLS listings, Kijiji, real estate websites and real estate magazines (that are usually a month late) and what do they do? Call 4 or 5 real estate sales people who have listings they want to see and set up an appointment.

While making those appointments you hear the same thing:

  • Are you preapproved for a mortgage?
  • Are you working with an agent?
  • Do you have a house to sell?
  • Perhaps a few more personal questions or the name of your cat or dog!

Questions about buying a home in London Ontario

Then you go see a few homes, if you like one you may put in an offer with the listing sales person  without any research or thought of the long term consequences.

Or, the homes you have seen are not to your liking, but you like the sales person and they convince you that they can help you look for something else, again, without any research of that agent or thought of the long term consequences!

The wisest thing you can do after you have made the decision you want to move, is to research and contact the real estate sales person who has the skills and experience and whom you will entrust your hard earned money to!

Maybe interview two or three.

Then when you have confidence in the sales person you have chosen, that good real estate person will research properties on your behalf, make appointments to match your time table, protect you in the buying and offer process and be there if any challenges come up.

Do you not think that having that type of representation would be better for you than just entrusting that binding faith with just anyone? A friend of a friend, Uncle Joe’s distant cousin who just got her license and needs some money, or your co-worker who’s husband ‘does’ real estate on the side!

11 Questions You may Want To Ask a Real Estate Person BEFORE you start!

Setting a Selling Price For Condos in London Ontario

                       What to be Careful of When Setting Your Selling Price

Meeting with a REALTOR

Meeting a Realtor

You have decided to sell your home and have a fairly good idea of what you think it is worth. Being a sensible home seller, you schedule appointments with three local real estate representatives, (or a friend of a friend who has a friend). They set up a time with you and maybe arrive with a “Competitive Market Analysis” (which no longer is an accurate tool, I’ll cover that in another report) and they each recommend a specific sales price.

Amazingly, two of the Realtors have suggested prices that are lower than what you expected. Even though they have backed up their recommendations with recent sales data of similar homes, you remain convinced your property is worth more.

When you interview the third Realtor’s figures, his or her numbers are much more in line with what you think your home is worth. Or they may have even suggested to you a higher price. Wow! Now you are happy and an exited home seller, perhaps already counting the money.

   A Sales Practice Called “Buying a Listing”

If you are like most people, you have chosen Realtor number three. This is a Realtor who seems willing to listen to your input and work with you. This is a Realtor that cares about putting the most money in your pocket. This is a Realtor that is willing to start out at your price and if you need to drop the price later, you can do that easily, right?

 After all, everyone else does it! Wrong!

The truth is that you may have just met a Realtor engaging in a questionable sales practice called “buying a listing.” He/she “bought” the listing by suggesting you might be able to get a higher sales price than the other realtors recommended. Most likely, he or she is quite doubtful that your home will actually sell at that price. The intention from the beginning is to eventually talk you into lowering the price.

  Why do some “buy” listings this way?

There are basically two reasons: A well-meaning and hardworking Realtor can feel pressure from a homeowner who has an inflated perception of their home’s value. On the other hand, there are some who engage in this practice routinely.

Overpricing a property in London Ontario

If you start out with a price that is too high, there is likelihood you interviewed other Realtors. They did not get the listing, of course. They got “beaten” out by someone telling you what you wanted to hear.

If your listing Realtor routinely engages in “buying “listings, he/she has probably has done this to other Realtors in the same way. Word gets around that their homes are overpriced and the home seller has an inflated value in mind. This can be very difficult to resolve.

In short, you may have ended up with a Realtor who was good at selling you, but not good at selling your home. And you are willing to pay them a fee for it?

wasting your time

It is human nature for you to want the highest price for your home. However, when you choose the Realtor who promises what you want to hear, it often leads to stress and frustration. Most of the time, it will take you longer to sell your home. Possibly, and this happens, you will end up selling at a lower price instead.

Or maybe as a result of reading this, you will choose one of the “good” Realtors in the first place. They are out there, you know!

What Happens Behind the Scenes?

If you start out with too high a price on your home, you may have added to your stress level—and selling a home is stressful enough! There will be a lot of “behind the scenes” action taking place that you don’t know about. Contrary to popular opinion, a professional listing Realtor does not usually attempt to sell your home directly to a homebuyer. That would be inefficient.

Pro’s market and promote your home to hundreds of other local Realtors and even Realtors from the GTA areas who do work with homebuyers, dramatically increasing your personal sales force. During the first couple of weeks your home should be a flurry of activity with buyer’s agents coming to preview your home so they can sell it to their clients. (See my report “When is the most important time for a new listing)

   If The Price Is Right

If you and your Realtor have overpriced, fewer Realtors will preview your home. After all, they are Realtors, and it should be their job to know local market conditions and home values. If your property is dramatically above market, why waste time? Their time is better spent previewing homes that are priced realistically.

  Dropping Your Price Too Lat

  If you start out with a high sales price, then drop it later—your property is “old news”. You will never be able to recapture that flurry of initial activity you would have had with a realistic price. Your property could take longer to sell.

Price reduced

 

Even if you do successfully sell at above market price to an uninformed buyer, your buyer will need a mortgage. The mortgage lender requires an appraisal. If comparable sales for the last six months and current market conditions do not support your sales price, the property won’t appraise. Your deal falls apart. Of course, you can always attempt to negotiate the price, but only if the buyer is willing to listen.

Your property then goes “back on the market”. Other Realtors will know this, as will their buyers, what do you think their response will be to your home?

Once your home sits on the market awhile, it is harder to get a good offer. Potential buyers will think that you might be getting desperate, so they will make low offers. By overpricing your home in the beginning, you could actually end up settling for a lower price than you would have normally received.

 In summary, when you decide to sell your property, why not work with someone who knows the market and is financially and emotionally strong enough to guide you? Who will not tell you what you want to hear. The truth hurts but you might as well hear it now than 3 months later! To get results, let’s discuss your options and let you start packing!

How To Get Results When Selling a Condo in London Ontario

When selling a condo in London Ontario and to get good results, first impressions make a significant impact on a buyer’s decision-making process!

Once your condo goes is listed on MLS, it becomes a product. Home Styling simply allows you to highlight the best of your condo and de-emphasize its flaws. It’s not about decorating, but actually turning your home into a model, to appeal to the broadest range of prospective buyers. The goal is to make people feel like they could live there, and the best way to do this is to “neutralize” the surroundings.

Sell at a Top Value Prepare Before Selling
Try out these helpful styling tips that out team of professionals use. Things you can do for little or no expense—to put a condo in prime showing shape.

  • Clear out closets and clutter—sellers can give away or pack up toys, linens, and small kitchen appliances to store offsite. Buyers are also forgiving of storage boxes neatly tucked away in a garage or basement.
  • Focus most on the most visible areas—the foyer, kitchen, living room, master bedroom, and family room.
  • De-personalize the home by removing photos, mementos, and dated items.
  • Use plants in colorful pots or inexpensive wicker baskets to fill in empty spaces.
  • Try angling one or two pieces of furniture slightly and move furniture 4 inches to 6 inches from the wall to create more interesting room spaces.
  • Put away large collections— porcelains, plates, and so on.
  • Remove valuables, prescription medicine, collectibles, and breakables.
  • Refrain from cooking anything that leaves a distinctive odour, such as fish, garlic, or cabbage.
  • Hire a professional service to clean the home, including the carpets and the windows.
  • Set the dining room table with attractive linens, dishes, and stemware.
  • A mirror in a pretty frame can make a small room feel more open.
  • Use as much natural light as possible. Add extra lamps in dark rooms or corners.
  • Make functional repairs—fix dripping faucets, sticking doors, lightbulbs

Read more about :

It All Starts With Creating Curb appeal  Page 3

The Entry Way Sets the Stage     Page 5

Tips for Every Room In the House  Page 6

Making the Most of Your Kitchen and Dining Room  Page 8

Can The Buyers See Themselves Living in the Living Room? Page 10

Make the Bathroom Sparkle  Page 11

Look at These Big Beautiful Bedrooms!  Page 12

Create a Clutter Free and Functional Home office  Page 13

Making the most of the Basement / Laundry Spaces Page 14

101 ways to sell your condo

Why Not Own a London Ontario Condo?

Why not own a London Ontario condo, especially if you are paying rent over $850 per month!

Have you been renting your place for long?  If so, you have probably become intimately familiar with the disadvantages of being a tenant:  increasing rents, odours, uncorrected maintenance problems, and unsympathetic landlords.

Sound familiar?

Why, then, are you renting?  Others who have just purchased their first house or condo tell me they rented for three basic reasons:

  1. Lack of down payment money.
  2. Fear of not being able to qualify for a mortgage.
  3. Uncertainty of the benefits of home ownership.

As homeowners today, or should I say condo owners, they now realize their fears were groundless.  There are many mortgage options available and with today’s low interest rates, monthly payments, condo fees and taxes can be lower than the rent you are currently paying!

Does that not make sense?

If you want to own your own house or condo, call me today at 519-435-1600 or drop me an email, I will be happy to explain the benefits and make arrangements for a prequalification telephone or face to face interview with a mortgage lender or two.  They will be able to guide you and make recommendations so that you will be able to buy, even if it is 3-6 months from now.

Then, with your questions answered, and knowing where you stand, you will be free to make your house or condo buying dreams come true!

Why not contact me today?

19 Questions You May Want Answered Before Buying a London Ontario Condo

     19 Questions You May Want Answers For Before Buying A London Ontario Condo

Regardless if this  your first or your 5th purchase of real estate,  knowing some of these  ‘inside secrets’  could be  helpful .

Working with a buyer

  • Five things you need to know to make the home buying process easier​

  • Four important questions to ask your mortgage lender before you sign any of their documents

  • I’m the one buying a home – Just who are the key players in a real estate transaction?

  • The 3 things that scare you most about buying a home

  • Why you shouldn’t buy a car right before you buy a condo

  • 4 quick tips that could save  thousands

  • Get the home YOU want! Just what is it that you want?

  • How to avoid 5 of the most expensive mistakes homebuyers make

  • Top 6 things to ask  when looking at a home

  • Four ways to beat the stress of buying a home

  • How can I remember each home when I’ve seen so many?

  • checklist

  • Seven money saving secrets you can use when you buy a home

  • Five questions you should ask your real estate consultant at every home you visit

  • 6 things most builders hope you NEVER hear

  • 6 signs that could mean expensive (hidden) trouble…

  • How do sellers price their homes and how much should I offer?

  • How to avoid being beaten out by other buyers who may be competing for your dream home

  • No fail guide to finding a mover that won’t take you to the cleaners

  • Planning your move: What to do now that you’ve bought your dream home?

Buying a home is one of the largest purchases people will ever make in their life time!

DUCKS IN A ROW

Know ahead of time the steps required or as some say, getting all your ducks in a row!

Contact me for some answers to these, you are under no obligation what so ever.

12 Tips To Sell Your London Ontario Condo

Even though houses in London Ontario are selling quite well,  36% of London Ontario condos and houses listed in the London area take over 60 days to sell or not sell at all!

To maximize your home’s selling price there are steps you can take to ensure that your home sells quicker, reducing stress and maintaining some control of one of your largest financial decisions in your lifetime.

Home not selling

Keep the reason you are selling to yourself and your Realtor.

Do not reveal your motivation for selling to anyone else because they may use it against you at the negotiating table. When asked, just say that your housing needs have changed.

Different goals will dictate different strategies.

What is more important to you: the money you walk away with or the length of time your property is on the market or both?

3 Do your homework before setting a price.

The average buyer will look at 15-20 homes at the same time they are looking at yours. That buyer will now have a basis of comparison, and if your home does not compare favorably with others in the price range, your home may sit on the market for a longer time.

More Homework.

 (A good Realtor should do this for you) Find out what homes in your neighbourhood have sold for in the last 6-12 months, and research what current homes are listed for. That is how a prospective buyers and their Realtor will assess the worth of your home.

Maximize your home’s sales potential.

You may not be able to change your home’s location or floor plan, but you can do a lot to improve its appearance. The look and feel of your home generates a greater emotional response than any other factor.

101 Ways To Sell Your House in London Ontario

Deciding upon a Realtor

You and your Realtor are partners in marketing your home. Choose carefully and wisely.

Make it easy for buyers to get information on your home.

Buyers calling for information on your home value their time as much as you do. They also do not want to be hassled or frustrated because they cannot get a hold of the listing Realtor or some of the information is incorrect.

Do not move before you sell.

Studies have shown that it is more difficult to sell a home that is vacant because it looks forlorn, forgotten and simply not appealing. As well, buyers may think because it is empty, you are motivated to sell fast and for a lower dollar.

Deadlines create a serious disadvantage.

Don’t try to sell by a certain date. This adds unnecessary pressure and is a serious disadvantage in negotiations.

10 Keep emotions in check.

Do not be offended by a low offer or certain demands from the buyer. A good listing salesperson can turn these negatives into a positive situation.

11 Be a smart seller- disclose everything.

Be proactive, by disclosing any problems or defects you are giving the buyer confidence that you are not hiding anything.

12 Make sure the contract is complete.

Ensure that all terms, conditions and responsibilities are spelled out in the offer and that you fully understand them.

.do not sign anything without checking first

All the above steps , though simple and easy to do, are not often done, perhaps because they are so simple and easy to do.

From experience, my clients have commented that thoroughness in getting their house sold and the systems I use were outstanding! (Their words, not mine!)

 Would you like to discuss how to maximize the price of your home?

Sunningdale London Ontario Real Estate Prices

    The first 6 months of 2017 for houses in the Sunningdale neighbourhood of London were quite volatile with 47 houses changing hands for an average selling price of $815,863 which was close to the asking price and the same for the 37 condos that sold for an average $463,555 , all taking about 30 days to sell!

The Sunningdale neighbourhood in London is reflective of the torrid pace of sales throughout London Ontario and the rise in prices.

Will it continue?

 

Search houses for sale Sunningdale London Ontario on MLS

2016 Numbers

75  houses in Sunningdale in London Ontario were sold in 2016 (same as in 2015)for as low as $410,000 to $866,000 and these sold for 98.6% of the asking price on average  and these took about 32 days to change hands!

31  Sunningdale condos were sold through our local MLS real estate board starting from $259,000 and as high as $629,000  which avearged 99.1% of the asking price and  took about 49 days to sell.

In 2015

  75 houses were sold on MLS in 2015 for an average price of $618,674 which was 98% of the asking price and these were on the market an average 68 days!

  19 condos changed hands at an average price of $368,408 and these were on the market an average 50 days and sold for 2% less than the asking price!

            one floor condo in Sunningdale in North London          A beautiful Sunningdale home in North London

    The Sunningdale neighbourhood is located in North London bordered by Fanshawe Park Road West, Richmond Street, Sunningdale Road West and Hyde Park Road and includes Medway Park and Hyland Estates.

   A very short drive to the Masonville shopping area and dining and the big box stores in Hyde Park. Easy access to the University of Western Ontario (UWO or Western), it’s hospital and nearby  research centre.

    5 minutes to downtown London and quick access to great beaches along Lake Huron such as Ipperwash, Pinery Provincial Park, Grand Bend, Bayfield and Goderich.

  The houses and condos in Sunningdale are tastefully laid out with many enclaves and one of a kind homes.

 

 Sunningdale Google Map

Other London Neigbourhoods

Having Trouble Finding The Right Condo in London Ontario For You?

Would you like an  easy way to find all the  MLS condos or houses for sale in London Ontario & area?

Would you like answered these 3 very important questions before you buy?

  • What is the property worth in today’s market? (most important)
  • How flexible is the seller on the asking price? (very important)
  • What’s wrong with the property? (extremely important)

One Floor Condo Townhomes (Townhouses) in London Ontario

one floor condo in London Ontario

​And of course, if you want to see any property,  let me know the property you want to see, and I’ll work promptly & quickly to get a showing scheduled for you.

I have access to the lockbox of any property listed on the London & area MLS to let you in.

For a more precise search, such as by postal code or even draw your own map, go here.

 I have access to properties for sale that are not listed for sale on MLS (Property owners have asked us to help them sell, but there’s few days lag time before they are searchable on MLS or they are doing a few bits of tidying up)

London Ontario Real Estate Information