Condo Buying in London Ontario Is Like Fashion, Changes Occur Rapidly

Are you spending countless hours searching the MLS, real estate magazines, classified ads &  real estate websites looking for the right condominium at the right price in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses?

Have you missed out a few properties because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some excellent properties that sell in a day or two or one priced so aggressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious, or you are in the ‘just thinking stage’ of real estate. Possibly to purchase or sell.

Like fashion, real estate changes quickly, people change, neighbourhoods change, real estate markets change, and the motivation of buyers and sellers change.

So how do I, as a real estate professional & problem solver help?

We view a lot of houses and condos every week. We do loads of searches daily for clients; we are continually researching properties, even For Sale By Owners.

Search Lpndon Ontario Condos For Sale

 

We are out looking at properties every day, we know the jungle, the alleys, the streets, avenues, crescents, what a reasonable price is, what junk is and what the games are that some play.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near-sighted home inspectors, just put up with us!

Small price to pay to get what you want!

  These folks did, and they are still with us!

London Ontario Condominiums 2018 And What To Expect in 2019

One of the best ways to understand the condominium market in London Ontario is to look at how many days these were on the market before being sold and what was the sale price percentage versus the asking price.

condo sales in London Ontario

Our real estate board LSTAR ( The London St.Thomas Association of REALTORS*) breaks London down into three geographical areas, North, South and East. ( I know, why not the West?) I plead silence with my opinion on why!

Sold Condominiums in London Ontario  2018
Area % of Asking Price Average Days on Market
North 102.2% 22
South 104.92% 17
East 103.49% 24

What does all this mean? The inventory of townhomes and townhouses for sale is low, and with more buyers than sellers, we see bidding wars, hence, higher sale prices. Apartment condos remain strong as well, and where townhouses and townhomes used to dominate the market, apartments are catching up, not only in the volume of sales but in price as well.

Is this a good time to sell a condominium? Yes!

For buyers, be prepared to act as there are more buyers than sellers, but do your homework and do not let emotion override prudence and common sense.

The hottest segment right now is the one floor detached or attached bungalow townhouse with a two car garage, seconded by attached townhouses.

What will 2019 bring?

2019 prediction condominium sales London Ontario

  Building permits for new construction are higher than ever for both high-rise buildings and townhouses and townhomes. Affordability is a powerful motivator for first-time buyers and downsizers over single-family homes.

  Until I can walk on water and be exact, all condominiums in London Ontario and area will experience a rise in prices because of demand.

 

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

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!