Great Tips Buying a London Ontario Condo

  Condominium living is a popular option for many as it can be a relatively carefree housing option and London Ontario is no exception and by following these tips, it will definitely be carefree!

happy condo buyers in London Ontario

    Most  newspapers now include a condominium section which recognizes the increasing number of people who already live in—or aspire to live in—a condominium.

  The Canada Mortgage and Housing Corporation (CMHC) has created a  guide to help you become an informed condominium buyer and to help you make the best choice. At the end of the CMHC Guide you will find full definitions of some of the terms used.

   It will identify important questions to ask—and the people you should be asking—before you make this important purchase.

  Millennials buying a condo in London Ontario

 At the end of the report, there is a selection checklist to help you narrow down the choice between the different types of condominiums you might see.

  Another great Condos in London guide is one that I have been providing to Londoners for the last 15 years, in it you will see price ranges and styles of condos, neighbourhoods, specific buildings or complexes, local London Ontario links and telephone numbers, maps and tips.

I hope you will find it as helpful as hundreds of clients have.

Cadeau Terrace Condos in London Ontario Sales 2016

2,5,6,7,9,10,14,18 Cadeau Terrace is an  adult orientated condo community  in  Byron, Warbler Woods neighbourhood of London Ontario. Most of these one floor condominium town homes  have a double car garage and some backing on to green space.

Cadeau Terrace  Condos London Ontario

An excellent quiet location for nature lovers, golf enthusiasts and for those who travel and would like a safe upscale neighbourhood. depending on the Cadeau Terrace address, some of these are detached with walk outs.

A very well maintained area, easy access to shopping, services and downtown London located off of Commissioners Road West.

 2 Cadeau Terrace 75 Units 

5 Cadeau Terrace 48 Units 

6 Cadeau Terrace 13 Units

7 Cadeau Terrace 34 Units

9 Cadeau Terrace 39 Units

10 Cadeau Terrace 9 Units

14 Cadeau Terrace 36 Units

18 Cadeau Terrace 43 Units

These are all the condos & houses currently listed for sale on MLS in Byron.

                        

                         Average Prices as per MLS

Address 2015  2016
2 Cadeau $289,788 $334,400
5 Cadeau $294,600 $315,000
6 Cadeau $358,900 $313,750
7 Cadeau No MLS Sales $274,250
9 Cadeau $265,000 $278,000
10 Cadeau $369,900 No MLS Sales
14 Cadeau $360,167 $330,000
18 Cadeau $314,199 $344,950

Note: When you see a large spread between the 2015 prices to 2016, there can be many reasons for such an increase or decrease from year to year. There is no question that demand and appreciation have an effect, but also condition of the property, location, updates and the motivatiion of both the seller and the buyer.

For my clients I do a detailed comparison to explain why!

My Top Picks London Ontario Condos

My Top Picks London Ontario Condos may be helpful to you as I have shown buyers 736 condo apartments, townhouses and town homes in 2016. 

If you are finding it confusing searching MLS, newspapers and magazines or agent websites for a condo in London Ontario, I do too sometimes!

Top picks London Ontario Condos

Knowing the price, styles, location and amenities that every condo apartment or town home or townhouse complex has in London can be daunting and my goal when working with a buyer  is to first educate you, the buyer, about what is available, then assist you in narrowing down the search and then offer you  guidance and my experience & negotiating skills to get you the property that fits.

In London at present there are these apartment condos for sale in London Ontario:

  • 23 from $71,900-$99,900
  • 41  from $100,000 – $150,000
  • 33 from $150,000 – $200,000
  • 31 from $200,000 – $275,000
  • 18 over $275,000

Townhouse Condos that are currently for sale:

  • 6 from $71,000 to $99,900
  • 27 from $100,000 to $150,000
  • 31  from $150,000 – $200,000
  • 58  from $200,000 – $275,000
  • 66  from $275,000 – $350,000
  • 22 from $350,000 – $450,000
  • 37 over $450,000
 Apartment Condos For Sale in London  (My Picks)
Bedrooms Bathrooms Price Description
2 1 $114,500 1000 square feet Plus, bus route UWO
2 2 $137,000 insuite laundry, freshly painted
2 1+1 $163,900 Downtown, hardwood, fireplace, 5 appliances
2 1+1 $197,000 5 appliances, pool, underground parking
2 2 $249,900 9′ ceilings, hardwood, ceramic, master ensuite
2 2 $279,900 Luxury, green space, underground parking
2+1 2 $389,000 Downtown, luxurious, spacious
2 2 $449,000 1850 square feet +, a wow factor
2 2+1 $678,000 Great View
 Townhouse Condos For Sale in London (My Picks)
Bedrooms Bathrooms Price Description
3 1+1 $119,900 Forced air, finished basement
3 2 $147,900 Finished Basement, Patio, 5 appliances
3 2 $169,900 Master ensuite, garage, bus route UWO
4 2+1 $199,000 ,garage, finished basement, large rooms
3 2+1 $249,000 Walk to UWO, garage
2+1 2+1 $279,000 one floor, double garage, finished basement
3 2+1 $369,900 one floor, detached, double garage, finished basement
3 3 $431,000 End unit, park like setting, one floor, double garage
3 3+1 $469,900 Exclusive area, 3500 square feet +, double garage

So, looking for a condo in London Ontario that is right for you should not be guess work or by luck. I know condos, where they are, the best locations, the better built ones,  the better managed ones, the best values, the safest ones, and buildings or complexes to stay away from.

Because of the volume of business I do, I also from time to time have listings that are not on MLS, it could be because they are doing last minute touch ups or my client knows I have many active buyers ready to buy if the right condo becomes available.

1030 Coronation Drive London Ontario

1030 Coronation Drive is another fine, quality built 182 unit condo apartment building built by Tricar and is in the Hyde Park neighbourhood in North West London Ontario.

Easy access to the University of Western Ontario and downtown London, 2 minutes to the big box stores, restaurants, banks and service providers.

In 2016, there were 20 sales, averaging $258,677 and they took about 61 days to sell which is above the average days on the market in London Ontario. I have researched the 20 units and of those, 17 could either have been marketed better or priced more aggressively.

In 2015 on our MLS system, there were 13 sales, from $245,000 to $285,000 excluding the penthouse suite that sold!

The condo fees include heat, water and air conditioning, there is underground parking, lockers available, an exercise room if you don’t want to use the stairs and a media room to fall asleep if you do use the stairs!

Google Map

Search for 1030 Coronation Drive N6G 5P6

1030 Coronation Drive

1030 Coronation Drive, a complex to relax in

1,5,9,15 Jacksway Cr London Ontario

1,5,9,15 Jacksway Cr condos near University Western Ontario

1,5,9,15 Jacksway Cr condos near University Western Ontario are called  Masonville Gardens is a condominium complex located across from Masonville Mall. Plenty of restaurants, shopping and services all within walking distance.

There are  332 condominium units located in 4 buildings. They consist of  2 bedrooms with 2 bathrooms, some with 1 1/2 bathrooms, a few three bedroom units & a few one bedroom units. Lots of free open parking, units have balconies except the ground floor units and all have gas fire places!

1,5,9,15 Jacksway Cr condos near University Western Ontario

The complex is less than 1 mile to the University of Western Ontario & on a direct bus route.

As you can see, for condos in London Ontario, Masonville Gardens has the location going for it and definitely the price.

1,5,9,15 Jacksway Cr condos near University Western Ontario

Note:

 This complex has gone through and still going through extensive exterior maintenance with new roofs, windows and doors, balconies and the exterior recladded, wood fireplaces converted to gas and landscaping.

In turn, special assessments were required from each unit owner to pay for these necessary improvements and when completed, even more popular because of the location.

The turmoil and construction took a toll on sales for 2016 but as mentioned, when the work is completed, sales will sky rocket again!

  2016:

  • 1 bedroom $110,000
  • 2 bedroom $132,500
  • 3 bedroom $144,125

 

  2015 

  • 1 Bedroom average price $110,000
  • 2 Bedroom average price $128,150
  • 3 Bedroom average price $157,900

Improve The Chances of Getting a London Ontario Condo Sold

   How to Improve the Chances of Getting a London Ontario Condo Sold  For What It is Worth & In a Reasonable Time Frame

Selling a condo for hundreds of thousands of dollars is not something you do every day and  for most people, it is the largest investment or, for a few, the largest liability you have!

Over the years I have helped hundreds of condo owners sell their properties and most, if not all, had fears, some had poor information  or even false information and all had concerns about pricing , how long will it take, what will it cost and choosing the right brokerage and representative to guide them.

getting a London Ontario condo Sold

The decision to list your condo on MLS can involve a number of stresses and strains.  Many home sales are motivated by job relocation, family challenges, financial issues, divorce or the need for a house, a better neighborhood, schools, etc.

So there comes a day when it’s time to move on.  You have taken the time to reflect on old memories, and prepare to build new ones.

You have decided it is time to leave the past behind for a new future.  It’s no wonder why buying or selling a home is often emotionally charged and potentially overwhelming.

  Here Are Ways You, a Condo Seller, Can Go About Selling Your Condo & Get The Net Results You Deserve!

Before getting ready to put your property on the market, there are a number of things to think about, to prepare for, and to organize.  Below are seven of the many steps you can take, implement to ensure you are making the right choices.

  Right Step #1:  Dress Your Condo for Sale

Buyers look for HOMES, not condos.  They want to buy a condo in which they FEEL they would like to live.  One of the major factors in getting a condo to sell quickly is very simple: make it feel like home!

  Most buyers select their condo based on emotions.  Once their decision is made to buy, they justify their purchase with logical reasons:  facts and figures.

So, it’s most important to make a condo appeal to all senses.  Your property is not the only condo the buyers will see, in fact, the average buyer may see between 10- 16 condos before making a choice.   You are competing with all the other condos for sale in London  in your price range or even neighbourhood.

  The Way You Live In a Condo, And the Way You Sell A Condo Are Very, Very Different!

When showcasing your condo for sale, it’s going to look very different from the way it looks when you’re living there.  Here are a few tips for showcasing your condo for sale:

  • First impressions set the tone for a buyer visit, and they’re LASTING!  Approach your condo in your car like any buyer would.  Examine the outside as you’re approaching.  How does it look?  Are shrubs away from the walkways?  How clean is the foyer?  How does the grass and landscaping look?  Cluttered looks detract from the architecture of the property.  A clean, polished neighbourhood says your area and neighbours care about their units and keep them well-maintained!

 

  • Take a look at your actual building.  Is the paint fading or chipping?  Is the colour outdated or impersonal?  How does the roof look?  As you drive up to or away from your condo, what do you see first?
  • Now go inside just like a buyer would.  You want to be aware of four senses: smell, touch, sight, and hearing.  Go through room-by-room and test all four senses.  Check flooring and carpet for stains and odors.

Most importantly:  Pack away all counter appliances, get rid of excess furniture, put away unused  dishes, and make your home neat and orderly.  If you’ve ever visited a model home, you’ll notice it’s clean and uncluttered.  You have to move anyway, so you might as well pack early, and make your home more saleable.  If you have a garage, make sure it’s tidy.

clean up your London Ontario condo

  • Perhaps hire someone to professionally clean.  Top to bottom!  Cleaning and cosmetic fix-ups, especially in the kitchen, bathrooms, and master bedroom can many times yield you up to $10 in extra sales price for every $1 you invest.
  • Pets should be out of sight (and smell!).  Get rid of pet odours for showings.  Remember the four senses.  Also, some people are uneasy around pets, and they may distract attention from the features of your home.
  • Pay particular attention to lighting.  During the day, open all your blinds and curtains.  If it’s cloudy out, turn on all lights for showings.  At dusk, leave your front drapes open and turn on all the lamps and lights.

At night, do the same, but close your blinds and curtains.  When showing your home, turn off all appliances, television, radio, and anything that will distract attention from your home.  You might want to play a little light music to enhance the emotional experience for your buyer.

If you wish, you can download “101 Ways to Show Your Home like a Model Home” to help you.

   Right Step #2:  Pricing Your Condo Correctly

Every seller wants to realize as much money as possible when selling his or her condo.  The natural inclination is to price high, thinking you can always come down in the future.

But a listing price that is too high frequently nets the seller LESS money than an original price at market value.  Why is this?  Because, when most people looking for condos in your price range, they will reject your place in favour of others in a reasonable price range.

Buyers know prices, they may have already been in 6-10 places, they can compare and in the long run, the buyer will decide if your condo is priced right! No offers on your place after 30 days, what do you think the reason was?

And here’s the real clincher:  Sales Representatives who would readily bring buyers through will automatically cross it off their showing schedule because it’s priced too high.  They’re only motivated to show properties with the highest probability of selling.

A lot of weak agents simply will not show overpriced units because they work by commission and do not have the confidence to make a less than asking price offer!

do not price your London Ontario condo too high

So you price your condo high, thinking you can come down.  Problem is, the Realtor and buyer community do not look at it that way.  They see it as an overpriced condo.  After a few weeks go by, a few open houses, signs, agent tours…and not a nibble.  So you decide to lower your price again.  But it’s too late…your unit has already been “branded” by the agent community.  So you reduce your condo a little more. And little happens.

Finally, in order to attract attention back to your condo, you’ve reduced your price more than you ever thought you would, and you’re now netting much less than if you had priced it correctly in the beginning.

  And think about this:

The money you lost is not just the lower sales price, but all the extra interest you paid on your mortgage…all the future property taxes, condo fees and other carrying costs that accrue while your condo is waiting to sell.  I’ve seen it happen time and again!

I call it chasing the market or to be subtle, like falling off a cliff in the night, you know you are going to hit the bottom but you don’t know when!

  Real Estate Fact: The Seller Is Solely Responsible For How Much, and How Quickly Their Condo Sells!

Overpricing almost always increases time to sell, and adds to your carrying costs.

The most common mistakes sellers (and Realtors) make when choosing a price.

  • Not choosing the right price when a property is first listed. In other words, thinking “We can always come down”.
  • Putting the property on the market at an unrealistic price. A property must be priced on a comparative basis to the other properties which are similar. (I should add, everyone thinks their home is different but buyers and their Realtor doesn’t think so.)
  • Not relating marketing time to price. Generally, the quicker you want to sell, the less you should be willing to take.
  • Calculating brokerage fees on top of the sales price. A home is worth what it is worth, with or without a commission.
  • Thinking that buyers aren’t comparing your home, on a dollar-for-dollar basis, with every other home on the market

 Below are 5 things to think about:                           

  1. How you can set the asking price to maximize exposure for a profitable sale?
  2. How to truly define and compare market value between all the other condos out there?
  3. How the total market performance can affect your sale – positive or negative and what to do about it?
  4. How and why the first 10 days of your listing is critical?
  5. How to handle buyers during showings & offers to help yield the highest price?

Once you understand these important issues, you’ll know how to price and sell your condo for the fastest, most profitable sale.  Also, with this information, you’ll never pay too much for any real estate for the rest of your life.

   Right Step #3: Maximizing the Marketing Exposure of Your House

The most obvious marketing tools everyone uses (Open Houses and classified ads) in 2016 is not very effective anymore.  Successfully marketing  your home (getting the highest price, at the right time, and with no hassles and problems) requires much more.

Not surprisingly, less than 1% of homes are sold at an open house! Realtors use open houses to attract buyers, not to sell your home.  And marketing studies show that less than 3 % of people purchased their condo because they saw it in an ad.

That’s why a listing champion will have a broad spectrum of marketing activities, emphasizing the specific strategies that will work best for YOUR particular property or area

ONE MORE THING…  Did you know that most home buyer inquiry calls come in during business hours when Realtors are away from their offices?  Even when I want to take out my client’s to see a property, I have experienced some who respond 12-24 hours later or even 2 days!

Knowing that 96.1% of home buyers search on line for a condo to buy, that if they see a condo they like they then appreciate professional pictures, a virtual tour and a proper description of the unit, is that not where your place should be exposed?

praying that your condo in London sells

You see, marketing a condo takes more than just sticking a sign in your yard and putting your property up on the MLS (Multiple Listing Service) and praying and wishing it will sell, anyone can do that!  It takes aggressive, innovative marketing to sell your condo in today’s market place!

What do I mean?

Well… in today’s market place there are only so many buyers out there who are ready and able to purchase.  So, if you want to sell your condo, your Realtor® has to aggressively identify these potential buyers before others “get their “hands on them” and guide them into a different property.

The fact is, when you enter the market to sell your home, you enter one of the most competitive businesses in existence… anywhere!  Competition can be fierce and if you’re not ready for it… your condo just sits on the market.  So, the first major key to effectively marketing your condo is to identify potential buyers.

Remember, there are only so many buyers to go around… and your listing champion has to find those buyers first – before one of the hundreds of other real estate sales people  out there reaches them and guides them into a different property!

So, how does a champion lister identify these “hot” buyers before the competition?  This is where the “rubber meets the road”!  This is what separates the weak average sales person from the alert, business-minded marketing professional you want to hire.

  A REALTOR® Absolutely Must Have An Aggressive Marketing Strategy!

The best Realtors® use every available marketing tool, technology, approach, contact or potential avenue to generate prospective buyers for your property!

One key element is they understand the value of “effective” marketing!  They realize that in today’s competitive market they can’t just splash their name out there and expect people to call… they have to craft their message… and give buyers a compelling reason to call.

So, how does the Realtor® you’re considering separate him or herself from competitors?

If you pick up any real estate magazine or flyer, all content look virtually the same. There is 2 -6 homes in a little box and a huge picture of him or her and #1 this, #1 that, or a member of you name it club. Or, (I can see your eyes rolling now!), they say stuff like, honesty, integrity, we care etc. Well, they better care, they better be honest and they better have all of that and more, it’s your home and your money!

So, what’s unique about your Realtor® that’s going to grab buyers and get them to pick up the phone and call? In today’s market place, it’s tough!  Potential buyers have been harassed, high-pressured and pushed around so much… it’s no wonder it’s hard to get them to call!  I’m tired of pushy salespeople too… I can relate!

          They use razor-sharp strategy & cutting-edge technology as THE ADVANTAGE!

The champion lister overcomes this huge obstacle with a razor-sharp marketing strategy, (not the usual 3 bdrm, 2 bath, beautiful home, nice floors, clean, good neighbourhood and close to schools. Put’s you to sleep doesn’t it?

some 'busy' Realtors

Your home has a story, it is your past and the marketing of your home must reflect the feel and energy of your home, not necessarily the quantity of rooms. Most people who can afford to buy a home can count!), combined with cutting-edge technology, to generate buyer after buyer!

Now, everyone says they have technology but then they lack the personal touch or hide behind their keyboard. Or, what really gets me is that it is like pulling hen’s teeth for a return phone call ( in a reasonable time frame) Wow, they have a home listed and they don’t return calls? It’s bad enough not calling a real estate person back for information, but, not calling a potential buyer back? Think I’m kidding?

In a recent Canadian Real Estate Association poll, the biggest frustration potential home buyers had been the tardiness or never even getting a return call.

Remember, the major key to generating a buyer for your home is to reach your buyer first.  And to reach buyers first, a listing champion will use an up to date automatic response notifier, virtual tour system, great marketing copy personalized for your home, neighbourhood reports and calls to action.

So again remember, the first one to reach your buyer wins the sale.  So, if you want to get your home sold… don’t settle for anything less!

The first two questions then are:  1. How are you going to make the phone ring with lots of new buyers for your home?  and 2.  What’s going to give them the edge and get them to the “starting line” first?

  Right Step #4: Knowing That an Appraisal, an Assessment or What Your Uncle Harry Says Is Not the Market Value of Your Home

An appraisal is an opinion of value for an entirely different purpose than selling your condo.  Usually an appraisal is to provide bank or mortgage institution information to fund a loan.  If a lender is motivated to loan you money, their appraisal may come in higher than the true market value of your property.

When a buyer looks at a home, they look at all the factors:  foreclosures, distressed sales, bankruptcies, divorces, and area fluctuations.  Don’t make the mistake of thinking the “appraisal” value of your condo is what a diligent buyer would pay.

A real estate listing champion will show you the facts of the market and because true information is king, not being swayed by the ‘outside experts’ like well-meaning relatives or co-workers perceive what your market value is.

  Right Step #5:  Understanding Your Rights and Obligations

Real estate law and regulations can be very complex.  When you sign an offer for the sale of your property, it’s a legally binding document.  An improperly written offer can create many problems for you:  a sale could fall through, cost you thousands in forced repairs, inspections, and remedies for items included or excluded in the purchase offer.

You must understand what repairs and closing costs you are responsible for in a contract.  Have you disclosed everything? The courts do not accept “Oh, I forgot to mention that” as a defense.

You also need competent review of your title, and whether or not your property is in conflict with local restrictions or laws. (I just recently helped a buyer purchase a home and there were 3 outstanding work orders from the city that were 4 years old. And get this, the seller did not even know they existed. So, 2 real estate people and 2 lawyers did not do due diligence. All I did was check city hall, it is just one of the to do’s on my check list!)

If you have to remedy these items yourself, you can spend thousands on legal bills, fines, contractors, and other costs.  In the above case, it was $5318. 43! Using a competent listing champion up front can help identify and avoid these issues before they become “problems.”

  No Surprises!

  Right Step #6: When You Sell, Do You Know Where You Are Going?

Notice that I did not start out this Choice # 6 by “If you sell, do you know where you are going?

This may not be an issue for some but what about?

  • You have found your dream home but you cannot finance it until your home sells. Do not be misled with this statement “Oh, not a problem, your house will sell or should sell within a week or in a month” Really?
  • You make an offer on your dream home but the sellers will not take a conditional offer on you selling yours, or worse, the sellers take your conditional offer with a 24 hour or 48 hour bump clause and you get bumped! That hurts.
  • You are counting on clearing or netting x amount of dollars from the sale of your home and you either get no offers or the offers you get are nowhere what you thought you were going to clear. Not Good.
  • You have bought another home without the selling of your home clause and that home is going to close at the end of the month, now what?

These are only a few scenarios that can crop up and I could name you 31 more that I have seen or heard of.

Don’t go there.A professional champion real estate lister will not let you gamble with your largest investment of your life, will not give you false hope or convince you to take what could be a very expensive risk on your part.

A true professional will explain the pros and cons of the options available and if you choose that professional, your house will sell for the market price in the time frame you want and you can move with confidence.

Again, choose wisely!

Ty Lacroix

Ty Lacroix A House Sold Name

   Right Step #7: Choosing a Real Estate Professional Who will Sell Your Condo, Not Just List It!

There is an old riddle that goes, “What do you call the person who graduated dead-last in their medical school class?”

Answer: “DOCTOR!”

Well, it’s the same with real estate professionals.  Someone with vast experience and extraordinary professionalism usually costs the same as someone with little or no experience, or with compromising standards.  You need to know how to tell the difference up front.

Bringing competence and experience into your transaction may mean the difference between a higher negotiated sales price and losing money, selling in less time or in more time (costing you potentially thousands in added interest), and experiencing problems and hassles or a problem-free transaction.

Some do not do much business so they will tell you anything to get a listing or a sale. Overpriced listings happen and then 30 days after they ask you to price the home where it should have been in the first place.

Experience is like fashion, it changes and what worked ten years ago, five years ago or last year may not work today to attract buyers to your home!

In Summary

Focus In On the Major Key Issues, Be Realistic, And… Most Importantly! Choose the Right Person to Help You

Then comes the next question.  How sharp are the sales person’s negotiating skills?  What kind of results have they produced for past clients?  This is so crucial!

Most people think that selling a home is like being a tour guide.  Show the buyer around, ask if they like it and write up the paperwork.  Well, if that’s all there was to it, any Realtor could sell your home!

  Your Realtor Absolutely Must Have Strong Fundamental Negotiating Skills!

If you want to get your home sold, your sales person absolutely must have a deep understanding of “The Art of Negotiating”.  These skills are vitally important!  Without these skills, you could lose big!  With these skills, your listing champion will ensure you get the highest possible price for your home.

Do Not Take a Chance With Just any Realror

So, how do you find out about your prospective Realtor’s negotiating skills?  Meet with them! Do they have testimonials from past clients?

   Suggested Questions for Real Estate Agents When You Interview Them

  • Do you work as a full-time Realtor?
  • How Many potential buyers and sellers do you talk with in a week? A month?
  • Of those you speak with, how many actually contact you as opposed to cold calling?
  • How many buyers are you currently working with?
  • In what ways will you encourage other Realtors to show and sell my home?
  • What can you tell me about the real estate market in this area?
  • What price do you recommend for my home, and what is it based on?
  • What are your average days on market?
  • What is your list to sales price ratio?
  • What kind of marketing do you do?
  • May I see some samples?
  • How often will my home be marketed and updated, and where?
  • Will there be a virtual tour?
  • How do you attract buyers from outside the local area?
  • Will you prepare an informative feature sheet for my property?
  • May I see a sample?
  • Where and how will the feature sheets be distributed, and to whom?
  • Do you have a system to follow-up with other agents and brokers so that we get valuable feedback after every showing?
  • Can you show me a sample?
  • How often, and in what way will I be kept informed?
  • Are you associated with a national referral network that refers their buyers to you and gives you the opportunity to refer me to the top agent in the town or state I may be moving to?
  • Do you have a Team to help with the details, or are you a one man / woman wonder show & do it all yourself?
  • Do you have a Specific Marketing Plan designed to sell my property quickly and for top dollar?
  • How does it go beyond placing a sign in my yard and notifying the Multiple Listing Service?
  • May I see a copy of your last listing as it appears to other Realtors on the MLS?  (Called a “Realtors Full Report”)
  • How many homes have you sold in the past 6 months? Year?
  • Do you have references that I may call?
  • What happens if I am not happy with your service?
  • Do you have a 100% satisfaction guarantee policy?
  • Do you have a flexible commission fee structure to fit my budget?

         FACT…

In today’s market, buyers are increasingly savvy.  Many sellers are “testing the market” resulting in a high number of listings.  This means the competition is stiff!

What that means to you is…

Your home will sell at highest profit and in the quickest amount of time when all the ingredients are combined perfectly.

If only one ingredient is left out of the formula or is out of proportion to the others…

Your home will take longer to sell and will, quite possibly COST YOU MONEY

So, in conclusion, really think these things through!  This is such an important decision.  Get prepared!  Really fire away with questions when interviewing a Realtor®.  Make them stand the test of fire… the best  thrive on it!

They can’t wait to tell you all about the innovative methods that separate them from the others that’ll poke a sign in the ground and act like that’s enough!

In today’s market, it’s most definitely not enough!

The need for ever more skilled & knowledgeable real estate professionals continues to grow because our population is increasing while land is not, hence, the pressure of people on the available space will intensify, leading to more & more complex real estate arrangements!

 

My Last Ten Condo Sales

Our List Price Actual Selling Price Difference % 0f List Price
$404,000 $404,000 0 100%
$245,000 $244,000 $1,000 99.6%
$129,000 $127,000 $2,000 98.4%
$475,000 $470,000 $5,000 98.9%
$275,000 $300,000 $25,000 109%
$300,000 $297,000 $3,000 99%
$257,500 $256,000 $1,500 99.4%
$650,000 $647,000 $3,000 99.5%
$339,000 $340,000 $1,000 100.2%
$319,900 $319,000 $900 99.9%
Total

$3,394,400

Total

$3,404,000

Total

$9,600

 

Total

100.3%

 

 The average in London is 97.4 %, my average 100.3%, so, would getting 2.9% more for your house or condo make a difference for you? 
I sell condos &  houses in London Ontario; I do not just put up a for sale sign!

Get Results When Selling London Ontario Condos

To get results when selling London Ontario condos, marketing effectively to get you, the owner, the results you want, what do you think it takes?                

Marketing a condo for sale in London Ontario takes more than just plopping a ‘for sale sign’ (and only if your condo corp allows signs, some don’t !) in front of the building or getting a Realtor to put it on the MLS (Multiple Listing Service), then, praying and hoping it sells!\

In today’s market place, it takes assertive & innovative marketing to sell a condo for the right price !

let buyers know your condo is for sale

  What do I mean?

Well… in this market there are only so many buyers out there who are ready and able to purchase a condo. So, if you want results when you list a condo for sale, a wise Realtor® should aggressively identify those potential buyers before other’s “get their hooks into them” and guide them into a different property.

The fact is, when you enter the market to sell a condo, you enter one of the most competitive businesses in existence… anywhere!  Competition is strong and if you’re not ready for it… your condo can sit and sit and sit, on the market.  The first major key to effectively market your condo is to identify those potential buyers.

So, how do you or your Realtor identify those “hot” buyers before the competition?  This is where the “rubber meets the road”!  This is what separates the weak or the lazy from the shrewd, business-minded marketing professional you want to hire.

 Your Realtor Absolutely Should Have A Way to Attract Those Buyers!

An effective Realtor use every available marketing tool, technology, approach, contact or potential avenue to generate prospective buyers for your property!

One key element is they understand the value of “effective” marketing!  They realize that in today’s competitive market they can’t just splash their name out there and expect people to call… they have to craft their message… and give buyers a compelling reason to see your condo.

So, how does a good marketing Realtor you’re considering separate him or herself from competitors?

If you pick up any real estate magazine or flyer, all ads look virtually the same. There is 2 -6 homes in a little box and a huge picture of him or her and #1 this, #1 that, or a member of you name it club. Or, (I can see your eyes rolling now!), they say stuff like, honesty, integrity, we care etc.

Really? They better be honest, care and have integrity, it’s your condo and your money!   When someone tells you they are honest, tighten your purse and hide your wallet!

Focus selling London Ontario Condos

 

The best overcome this huge obstacle with a razor-sharp marketing strategy, (not the usual 2 bedroom, 2 bath, nice condo, nice floors, clean, good neighbourhood and close to shopping. Yawn! Put’s you to sleep doesn’t it? 

Your condo has a story, it is your past and the marketing of your condo must reflect the feel and energy of your home, not necessarily the quantity of rooms, (most people who can afford to buy a condo can count!), combined with cutting-edge technology, to generate buyer after buyer!

Remember, the major key to generating a buyer for your condo is to attract the buyer first. So, if you want your condo sold … don’t settle for anything less!

 Two things you may want to consider  

1. How is someone you are considering going to make the phone ring with lots of buyers?

2. What’s going to give them the edge and get them to the “starting block” first?

Then comes the next question.  How sharp are your Realtor’s negotiating skills?  What kind of results have they produced for past clients?  This is so crucial!

Most people think that selling a home is like being a tour guide.  Show the buyer around, ask if they like it and write up the paperwork.  Well, if that’s all there was to it, any Realtor could sell your condo!  But, I can assure you many peoples’ condos just sit on the market because they chose the wrong person or they take the first offer that comes along!

   Your Realtor Absolutely Must Have Strong Fundamental Negotiating Skills! Do Not Be Misguided Into Thinking That Because They Are Associated With A Large Franchise or The Largest In The City That That Is What You Need.

 A buyer does not care whose sign or name is on the listing, they care about your condo and want the information now, accurately and without being pressured!

I focus selling London Ontario Condos

So, how do you find out about your prospective Realtor’s negotiating skills?  Meet with them! Do they have testimonials from past clients?

So, in conclusion, really think these things through!  This is such an important decision.  Get prepared!  Really fire away with questions when interviewing.  Make them stand the test of fire… the best thrive on it!  They can’t wait to tell you all about the innovative methods that separate them from the unwashed who will plop a sign in the ground and act like that’s enough!  

In today’s market, it’s most definitely not enough.

New Mortgage Rules To Affect London Ontario Condo Sales?

New Mortgage Rules To Affect  London Ontario Condo Sales?

Effective October 17, 2016, Ottawa has taken measures that affects everyone when selling their home and for anyone taking out an insured mortgage to buy a home.

At the bottom of this post I have included the 4 major changes  and you can read them at your own peril!

read more about condos in London

What I mean is, they are easy to read and comprehend, however, these changes may slow down real estate sales ( not good for home sellers) , affect house & condo  prices, another form to fill out when filing your income tax and prevent some buyers from being able to afford buying a home.

I know why Ottawa did this, it was to slow things down in Toronto and Vancouver, but do the decision makers in Ottawa know that 70% of Canadians do not live in these two cities?

One thing that no one will answer for me yet is:

 “How will these changes affect those who mortgages are coming up for renewal?”

 If you are unsure how any of these changes will affect you, feel free to drop me an email or call me at 519-435-1600.

I plagiarized the following from The Globe and Mail October 3, 2016

As of Oct. 17, a stress test used for approving high-ratio mortgages will be applied to all new insured mortgages – including those where the buyer has more than 20 per cent for a down payment. The stress test is aimed at assuring the lender that the home buyer could still afford the mortgage if interest rates were to rise. The home buyer would need to qualify for a loan at the negotiated rate in the mortgage contract, but also at the Bank of Canada’s five-year fixed posted mortgage rate, which is an average of the posted rates of the big six banks in Canada. This rate is usually higher than what buyers can negotiate. As of Sept. 28, the posted rate was 4.64 per cent.

Other aspects of the stress test require that the home buyer will be spending no more than 39 per cent of income on home-carrying costs like mortgage payments, heat and taxes. Another measure called total debt service includes all other debt payments and the TDS ratio must not exceed 44 per cent.

Who it affects

This measure affects home buyers who have at least 20 per cent for a down payment but are seeking a mortgage that may stretch them too thin if interest rates were to rise. It also affects lenders seeking to buy government-backed insurance for low-ratio mortgages.

Why

The government is responding to concerns that sharp rises in house prices in cities like Toronto and Vancouver could increase the risk of defaults in the future should mortgage rates rise.

The change

As of Nov. 30, the government will impose new restrictions on when it will provide insurance for low-ratio mortgages.

What it is

The new rules restrict insurance for these types of mortgages based on new criteria, including that the amortization period must be 25 years or less, the purchase price is less than $1-million, the buyer has a credit score of 600 and the property will be owner-occupied.

Who it affects

This measure appears to be aimed at lowering the government’s exposure to residential mortgages for properties worth $1-million or more, a category of the market that has increased sharply in recent years in Vancouver and Toronto.

Why

Vancouver and Toronto are the two real estate markets that are of most concern for policy makers at all levels of government. These measures appear to be targeted at those markets.

——

The change

New reporting rules for the primary residence capital gains exemption.

What it is

Currently, any financial gain from selling your primary residence is tax-free and does not have to be reported as income. As of this tax year, the capital gains tax is still waived, but the sale of the primary residence must be reported at tax time to the Canada Revenue Agency.

Who it affects

Everyone who sells their primary residence will have a new obligation to report the sale to the CRA, however the change is aimed at preventing foreign buyers who buy and sell homes from claiming a primary residence tax exemption for which they are not entitled.

Why

While officials say more data are needed, Ottawa is responding to extensive anecdotal evidence and media reports showing foreign investors are flipping homes in Canada and falsely claiming the primary residence exemption.

——

The change

The government is launching consultations on lender risk sharing.

What it is

Currently, the federal government is on the hook to cover the cost of 100 per cent of an insured mortgage in the event of a default. The federal government says this is “unique” internationally and that it will be releasing a public consultation paper shortly on a proposal to have lenders, such as banks, take on some of that risk. The Department of Finance Canada acknowledges this would be “a significant structural change to Canada’s housing finance system.”

Who it affects

Mortgage lenders, such as banks, would have to take on added risk. This could potentially lead to higher mortgage rates for home buyers.

Why

The federal government wants to limit its financial obligations in the event of widespread mortgage defaults. It also wants to encourage prudent lending practices.

Before Buying a London Ontario Condo, What About?

 Before buying a London Ontario condo,  even before you start looking for condos in London Ontario to purchase, size, style, price & condition are all taken into consideration, but before you make an offer, have you given any thought to ?

   buying a condo in London Ontario

  1. Who lives here? What age group? Children?
  2. What are the average prices for the last 12-18 months?
  3. What are the average days on the market for these condos?
  4. How long has this unit been on the market & how many times?
  5. Are there any planned construction nearby that will effect or destroy your views or traffic flows?

And then , if you do make an offer ,what you and a good Realtor will do:

  1. A Financing Clause if necessary
  2. A Home Inspection- Yes it is a condo and the roof, windows and doors may be covered by the condo corporation, but -Put it in!
  3. A Status Certificate- The financial situation of the condo corporation & don’t just rely on your lawyer’s opinion, they know law, they are not accountants or financial advisers.
  4. What are the condo rules, are pets allowed, visitor parking, etc? (A good real estate lawyer will be able to tell you that after he or she has reviewed the status report)
  5. What percentage of units occupied are owner occupied vs renters? (A good real estate lawyer will be able to tell you that after he or she has reviewed the status report)

 

    So , it can get quite exciting and fun  looking for and selecting a condo to buy in London Ontario, but if you let emotions cloud your judgement , it could get costly  or cause you to be dissatisfied in a few months!

Like any great meal or a piece of cake,  it helps to know what the ingredients are that make it great and in what order they have been entered!

Why Some London Ontario Condos Sell For Less

 London Ontario condos took an average 47 days to sell in 2016!  However, some sold in 6-9 days while others were 57-66 days!  When the asking price of condo in London Ontario is  higher compared to others that are for sale or have sold in the last few months , here is what  happens!

              London Ontario Condo Market                                 

  • LOW Final Sales Price – An overpriced condo, still on the market beyond the average selling time, usually leads to a lower selling price. To sell it, you will have to reduce the price, sometimes several times. In the end,you’ll likely get less than if it had been properly priced at the start.
  • Limited Buyers – Potential buyers may not view your condo, because it would be out of their buying price range range.
  • Limited Showings – Realtors may be reluctant to view your condo or bring their clients as it may be perceived as a “stale’ listing.
  • Extended Stay on the Market – When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what’s wrong,” or “why hasn’t this sold?”
  • Wasted Time and Energy – For example, a buyer who gets a bank appraisal on an overpriced condo will quickly determine that they’ve wasted their time because the appraisal will not support the inflated sales price and therefore not be able to get the financing.

Weeks on Market For a London condo to Sell

Well maintained, correctly priced condos always sell quicker and at or very close to asking price!

A reminder, I sell condos, I do not just list them and hope they sell!