London Ontario Condominium Buyers, Common Sense or Impulse?

Mark Twain wrote that humans have a lot of common sense because they don’t use it very much! I was looking at the daily home sales in London Ontario today and saw some houses & townhouses in London Ontario sold at 110% – 125% over the asking price!

Mark Twain

It seems to me that home buyers either act on impulse or self-discipline! Impulsive action is emotion (keeping up with the Jones’s or fear of loss) rather than common sense.

Acting impulsively has consequences, and for a buyer of London Ontario real estate, that could mean, when it comes time to sell, the market has not kept up with inflation, being house poor and in turn, having to become more frugal in the other areas of their life.

In the heat of negotiating, counter offers and multiple offers, most buyers act impulsively, even their sales representative.

 How I think a buyer should act.

Be prepared! First, know the facts, neighbourhood prices, your financial limitations and lifestyle and secondly, psychological preparation.

Facts are the easy part and make sure they are facts and not opinions. Mentally being prepared to walk away takes courage and good old common sense.

With common sense, you’ll have more cents!

All our clients have more cents! Here’s proof!

Mortgages Explained When Buying a Condo In London Ontario

 Mortgages Explained When Buying a Condo In London Ontario

When purchasing a real estate property, be it a condo apartment or a townhouse, unless paying cash, consumers typically finance all or a portion of the purchase price. Financing means borrowing money from a financial institution to buy, using the intended house or condominium as collateral for the loan.

getting a Mortgage London Ontario

Mortgage payments include the principal (the amount borrowed), and the interested (the amount charged for borrowing the money). Payments can be made once a month, bi-weekly, or weekly, depending on availability from the lender. A typical mortgage is for an amount that does not go over 75% of the appraised value of the property or the purchase price, whichever is lower. That means 25% of the purchase price is the down payment. However, with a high-ratio mortgage, you may pay less than 25% of the cost of the home as a down payment.

Home mortgages are available from several types of lenders: banks, mortgage companies, trust companies and credit unions. Different mortgage lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You may also get a home loan through a mortgage broker. Brokers arrange financial transactions rather than lending money directly; in other words, they find a lender for you. A broker’s access to several lenders can mean a more comprehensive selection of loan products and terms from which you can choose.

Typically it takes a few days to receive approval for a mortgage. It is recommended to get pre-approval for before you start and go out looking at properties. When you put in your offer to buy, this is almost always on the condition of getting mortgage approval as this assures everyone involved that you can pay back the mortgage without defaulting.

Qualifying For A Mortgage

  The process involves submitting your financial paperwork to a potential lender and receiving approval for a pre-determined mortgage amount. The pre-approval agreement may also guarantee an interest rate for a mortgage taken out during the 60 to 90-day pre-approval term. The mortgage lender will inquire about such things as your marital status, some dependents, age, current employment (including how long you have worked there), salary, as well as other sources of income. They will ask for a list of your assets (i.e. vehicles, cash, etc.) and liabilities (i.e. credit card balances, car loans, etc.). Lenders also do a credit check to find out if you pay your bills on time.

 To qualify for a mortgage, the applicant’s gross annual income, credit history, and assets and liabilities (past or present) all impact the outcome. Here is a mortgage calculator to help you figure out the amount of mortgage you may get..

Types of Home Loans

 Types of Mortgages

Read More

New Downtown London Ontario Apartment Buildings

      Downtown London Ontario Highrise Apartment Buildings

Vertical living in downtown London Ontario is becoming more and more popular and proof of that is the existing properties being built or being planned.

Downtown London Ontario Apartment Condos

Rezoning: It means the city will allow it to be built on that site.

Site Plan: A proposal from the developer on how the development will be built, considered the final major hurdle before construction, necessary to get a building permit.

505 Talbot St.

  • Tricar Group
  • 29-storey, 200-unit luxury condo named Azure
  • Status: Complete

515 Richmond St.

  • Old Oak Properties
  • 32-storeys, 175-units.
  • Status: Under construction.

40 York St.

  • Tricar Group
  • 24 storeys, 212 units
  • Status: Under construction

131 King St.

  • York Developments
  • 30-storeys, 266 units
  • Status: Approved by city council. No site plan.

809 Dundas St.

  • Paramount Inc.
  • Twin, 24-storey towers, 480 units
  • Will offer 25 affordable housing units for 25 years,
  • Status: Approved by city council. No site plan.

147-149 Wellington St.

  • Jam Properties Inc.
  • 18-storey residential building
  • 0.44 hectares
  • Rezoned. No site plan.

195 Dundas St.

  • Danforth London Ltd.
  • Former London Mews at King and Clarence streets
  • $300-million, three-tower development
  • 700 units
  • The first tower: A 25-storey, 140-unit tower at 195 Dundas is the first of the three planned highrises.
  • Status: Rezoned. A site plan application has been submitted.

391 South Street

  • Medallion Corp.
  • 19 and 23 storeys proposed for the SoHo area on the site of the former Victoria Hospital lands
  • The first phase of proposed multi-phase development
  • About 600 units.
  • Status: Zoning approved. No site plan.

479-489 Talbot St.

  • Rygar Properties
  • $300 million, 700-units.
  • A nine-storey building flanked by towers of 38 and 29 stories between Fullarton street and Dufferin Avenue.
  • On the site of the former Camden Terrace
  • Status: Rezoned. There is a site plan application.

661 and 667 Talbot St.

  • Drewlo Holdings
  • 16-storeys, 236-units
  • Locust Mount Estate site.
  • Status: Rezoned. No site plan application.

560-562 Wellington Street

  • Auburn Developments
  • 22-storey tower, 151 units
  • Wellington Street at Wolfe Street, across from Victoria Park.
  • Status: City staff recommended denying the application. It has been referred back to staff.

96 Ridout St. S.

  • Tricar Group
  • 22-storey, 191 units.
  • Status: Zoning approved. No site plan application.

455 Clarence St.

  • Landowner George Anastasiadis
  • 32-storey, 182-units.
  • Status: Rezoned. No site plan.

183 King St.

  • Southside Group
  • 25-storey, 200-units.
  • Status: No zoning approved. No site plan. A dispute over building demolition.

50 King St.

  • Middlesex County
  • 30-storey, 200-units.
  • Status: Rezoned. No site plan.

Mid-size in the core

Richmond and York

  • 36 unit apartment, on site of former New Yorker cinema
  • For Youth Opportunities Unlimited (YOU)
  • Status: Site plan is in, YOU is still fundraising

356 Dundas St.

  • 69 affordable housing units
  • Status: Under construction

The above was reported by The London Free Press on Saturday, November 24, 2018, here is the article

Existing Downtown London Ontario Apartments For Sale

When Buying a Condo in London Ontario, Are Buyers Still Overpaying?

Are buyers still overpaying when buying a condo in London Ontario? In 61% of the time, yes!

Overpaying for real estate in London Ontario over the past few months is happening quite often and I have heard the following from buyers and their Realtors.

do not overpay for a home in London Ontario

 

  • “There is nothing I can do about it”.
  • “That’s just the way the real estate market is right now.”
  • “It is what it is”
  • “Get with the times”

Really? So, you are just going to sit there and take it?

Learned helplessness is a condition in which  buyers adapt to a scarcity mindset,  with the fear of loss being huge and instant gratification a must & not thinking of the second and third consequences of overpaying for a home in London Ontario and feeling that there is nothing they can do about it.

That their offer and the acceptance of the offer is totally out of their control.

Yes, the real estate market in London Ontario is vibrant and as a home owner, that is quite positive, yet the consequences of overzealous buyers and their Realtor’s actions will have a negative long term  effect , as history has proven over and over and that the axiom “What goes up must come down”, holds true.

As a home buyer in London Ontario, you have choices and there are strategies you can take to ensure you do not over pay and get caught up in the frenzy.

Let me know if you do not want to overpay, I won’t let you!

Problem Solvers Or Just A London Ontario Realtor?

 People buy or sell a home in London Ontario for one reason and one reason only, to solve a problem! So when you want guidance from a London Ontario Realtor, you sure as heck do not want any more problems, do you?

  Our happy buyers & sellers

  • Tired of Renting? -Solve the problem by buying a house or a condo

  • House or condo too small?Too big? Solve the problem by buying something bigger or smaller

  • Too Expensive? Solve ……..
  • Relocating? Solve …….
  • Don’t like the neighbourhood? Solve ……
  • Divorced? Living Together? Getting Married? Solve ……
  • Fill in the blanks ___________________? Solve ………

I have been a Realtor for quite a few years and own a real estate brokerage and have learned that people do not hire us because we are just a Realtor who can help buy or sell a home, anybody can do that, that is what the average do.

People hire us because we solve problems, we identify them, take a focused view and solve the problem, end of story!

  Find a solution that works!

You don’t hire  a Realtor because you need a taxi driver,  or because they are pretty, ugly, skinny, fat, bald, young or old, you have a problem(which can be good or bad) and you want someone to listen and solve the problem quickly and save some money as well.

And, can back it up with proof, not talk!

Selling a Townhouse In London Ontario Quicker?

When thinking about selling a townhouse in London Ontario & area, where do you start?

Ask about selling a condo in London Ontario

When do you start?

Is there a difference if it is a townhouse or an apartment?

A freehold or a regular condo corporation?

How would you feel if you knew some surefire ways to prepare before selling a townhouse or a town home or an apartment condo in downtown London, if you knew about the timely steps to take, the questions to ask, the caveats to be aware of?

From experience of selling 100’s of condominiums in London Ontario, this will get you thinking and keep you on track before, during and after you list your condo for sale on MLS

   Here it Is!

 

In This London Ontario Real Estate Market, Make It Easy For Buyers To See Your Home

When putting your house or condo in London and area up for sale, have you thought about how and when buyers will see your home?

selling a house with Envelope Real Estate

If possible, schedule showings in the same way that is used by a majority of the homes in your area.  This may be by special appointment or by a lockbox system.   Remember that this will be the buyer’s first contact with your home, and it should set a positive tone.

Make the buyer and agent feel welcome.  Be as flexible on timing as possible.  The buyer may be viewing many homes over a large area.  (The average buyer sees 4-9 homes before making a decision)

Being flexible is very important and while inconvenient or disruptive at times, when a buyer is willing to spend hundreds of thousands of dollars for your home, be flexible.

If you wanted to buy a car on a Thursday afternoon but one of the dealerships is closed, would you go someplace else? Or, you are in London with your family for the weekend only and some homes you would like to see you cannot because the home seller is too busy or tired? ( True story, a $550,000 house and the seller was too busy & did not have the time to keep the house tidy!) By the way, that house did sell eventually, 1 month later for $529,900!

I can recall instances in which the seller came to the door in a hostile way and demanded to know why we were 5 minutes late. Last weekend my clients and I got to a house that we had made an appointment to see (11:30 AM to 12) and we got there at 11:55 AM and the man in the house ranted and raved that we were disrupting his day and yadda,yadda yadda! We left, never even left the hallway and by the way, in this very vibrant housing market, the house has been on the market 51 days! Hmmmmm! I wonder why?

Many people have a strong reluctance to intrude or bother other people.  Remember that the decision to buy a home can be emotional & stressful, you most likely feel the same way when you are selling your home.

I tell my sellers and my buyers, one of the reasons I have less hair on my head (bald) , is let me take the stress and worry, that’s why you are paying me!

What Turns Buyers Off When Looking At Condos in London Ontario

     What Turns  Buyers off  When Looking at Condos in London Ontario & Area?

A messy House does not sell

 ODOURS …Overwhelmingly, the #1 complaint among prospective buyers was unpleasant odours in the  home.  The chief offenders were smoke, pet odours, and strange cooking aromas.  Some buyers turn right around and walk out because they found the smells so oppressive.  Most of us are unaware of the ‘peculiar’ odours of our homes because we become immune to the smells – the buyers are not immune to these same odours.

CLEANLINESS...This # 2 complaint  was that the seller simply did not bother to clean.  We’re not talking about home staging (which will help) or even unrealistic expectations of the home being spotless – just simple old-fashioned cleaning.  Selling your home can be a bit inconvenient, but when you have advance notice that a buyer is coming to view your home – clean it up!!!  At the very least, remove the pile of dirty dishes from the sink.

keep your house spotless when selling it

SELLER AT HOME…Coming in at #3 is having the owners at home while the buyers are trying to view it.     Most buyers felt very uncomfortable with the seller there.  Many said they could not take the time to really look at the features of the home because they were in such a hurry to get away from the seller.  This is a real problem for those selling their own home as they are usually the ones showing.

CLUTTER...The #4 complaint is related to the cleanliness point – the dreaded clutter.  We have all seen it on the home shows, many buyers have a hard time seeing your home because of all your stuff.

 UNFINISHED PROJECTS...Unfinished projects take the #5 spot.  If you are planning on selling your home, finish up any on-going home improvement projects before placing it on the market.  Homes with half-finished painting, flooring, trim, etc. gave buyers a bad overall impression.

 

If your home is priced correctly and you have addressed the other items on this list, it will stand out and sell!

Exclusive Envelope Real Estate Home Audit

Our ‘Exclusive Home Audit’ that we do before putting your home on MLS, on all our websites, on all our social media pages, our blogs, our signage entails these 5 and 31 other points.  We go over everything with you so that you can sell your home quicker, for more money!

  Why is That?

Because we excel at exciting buyers & their Realtor about your home!

Searching For London Ontario Condos To Get The Right One

As another way of helping past clients, they said that learning about how they went about searching for London Ontario condos, helped them make  wise decisions and a good financial choice.

Would it be of benefit to you to if you could get what I call ‘market education’, (to look at 3-4 properties that are similar to  what you are looking for,  not to make an offer or buy  on any of those 4, but to learn a little about the market?

take my car

Then, when you are ready, you will know what to expect and to better clarify your wants & needs.

As well, I will leave you with a 40 page in-depth buyer manual loaded with tips and ideas, from the just looking stage to the day you move in.

There is no obligation on your part, no signing anything, just an old fashion face to face meeting that again, past clients said really helped them.

Again, we see 3 or 4 places, the idea is not to buy these but to get to know what you can buy for your money.

Again, let’s go look at a few and keep your cheque book at home!!!!!

PS:

  • No signing anything
  • No blah blah blah stuff , such as ,”we’re #1, we sell gazillions of homes, 
  • No, “I’m a miracle worker and can find your dream home for 1/2 price
  • No begging ,” Please buy from me or they are going to take away my house, kids and Mercedes!
  • No  BS 
  • No coffee, tea or lunch (if you are not bringing your chequebook, I’m not buying either!)

Could You Get $10,000-$50,000 If You Sold Your London Ontario Condo?

If you could get $10,000 to $50,000 more for your London Ontario condo, would knowing what  buyers are looking for or don’t care about make a difference? In a recent survey of 3167 Realtors, here are a few insights.

what is in and out when buying a home

IN

  • walk-in closets
  • bright modern bathrooms
  • Energy Star appliances
  • little or no carpet
  • e-smart thermostats 
  • granite or quartz counters

​                                                            OUT

  • laminate counter tops
  • white appliances
  • dark window covers
  • noisy ventilation fans
  • low bathtubs 
  • carpet 

When it comes time to sell or update, keep these in mind, but what if you do not have any of these, or your condo is older or you do not have the funds or time to update?

This is where skill in marketing shines! Where pricing is very important and ‘Molly Maid’ or good old soap and water will make your home shine!

house cleaning

If you could have a room to room breakdown of your whole house or condo that would point out what could be done to improve the home’s value, if it would matter or not; or; would you get that money back if you did the fix ups?

It takes less than 1 hour to do and you will definitely have ideas to increase your home’s value. Many client’s have told me they got anywhere from $10,000 to $50,000 more, SO you can too!

  If $10,000 to $50,000 more in your bank account is important to you, let’s get together. There is no fee for this, there is no obligation and I won’t hold your children , your pets or your spouse as hostage.

 Why not see how you can get more money now!