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.
- “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.