House For Sale Westmount London Ontario, TLC Required

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TLC Required

•  2 bath , 3 bdrm 4-level split – FOR SALE  $318,000 . Take Advantage of the location, price and condition, no warranties and sold as is
MLS® 121060

This 4 level side split in Westmount is waiting for your TLC. 3 +1 bedrooms, 2 bathrooms, fenced back yard and large deck, great family neighbourhood, schools and parks & shopping near by.

Sold as is , no warranties , no chattels, water heater may be a rental, 5 days irrevocable all offers, all measurements, zoning & taxes to be verified by the purchaser

Property information

London Ontario Real Estate Market Down 37.9% March 2018

March Sales Down 37.9% in London Ontario and Area

Home sales in London Ontario and area in March 2018 were down 37.9% from March 2017 as reported by The London and St Thomas Association of Realtors (LSTAR), with 769 homes being sold.

  Why?

Very few houses and condos for sale, for example, there were 1,192 active listings (homes for sale), down 20.4% from this time last year and down 55.3% from March 2016. This is similar to last month with the March 2018 inventory being the lowest level for the month in the last 10 years.

London Ontario Real Estate Market

Average home sales price across London and St. Thomas continues to rise, despite the low inventory. The average March sales price in the region was $364,112 up 8.6% over March 2017.

Geographically, London South was $360,587 up 3.1% from last March.  London North, average home sales price was $438,827 up 7.1% compared to the previous year, while in London East; it was $291,161 an increase of 8.4% from March 2017. In St. Thomas, it was $295,980 up 18.5% over last March.

According to the Canadian Real Estate Association (CREA), a ratio between 40% and 60% is generally consistent with a balanced housing market. In March, London and St. Thomas had a sales-to-new listings ratio of 75.1%, which CREA says represents conditions in the marketplaces that favour sellers. It reinforces the trends LSTAR Members have been experiencing, with low supply and high demand, and also managing multiple offer situations and out-of-town interest in our region.”

St. Thomas saw a total of 73 homes sold in March, down 29.1% from the same period last year. When looking at inventory, there were 42 active listings, down 51.2% from last March.

The following chart is based on data taken from the CREA National MLS® Report for February 2018 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

London Ontario Real Estate Comparison  Across Canada

February 2018 Numbers

January 2018 Numbers

Buying a House in London Ontario? New or Re-Sale?

Over the years, we have found that one of the most common questions we are asked is about the advantages and disadvantages of buying a brand-new home. The answer is that there is really no way to generalize; each case requires its own assessment!

New Home or an Older One?

A lot of specific research and fact finding should be done before you contemplate purchasing a newly constructed home. It is easy to assume that the home will be well constructed with quality materials and workmanship, but that is not always the case.

London Ontario & area has some fine quality builders with stellar reputations, but when dealing with sub trades and being human, some make human errors.

Our many years of experience in new homes has given us the skills to know exactly what to look for in a new home, the right questions to ask and also, who to direct them to! Not only that, we can help you make the calculations that will be important to your final decision.

save with Envelope Real Estate

Who is protecting you when you buy through a sales office or a  model show house! The builder has either  a professional real estate representative watching out for their interests or their own salaried/commission sales person representing the builder  and you need and deserve the your own separtae expert representation watching out for your interests.

Lawyers are not allowed to represent both parties in a real estate transaction, buildes can and real estate sales people in Ontario can!

Before you make that big decision on buying a home in London Ontario, why not get together with us & discuss the pros and cons and then decide how to next proceed to protect you and save you some money!

There is no fee for this, you are under no obligation and I guarantee you will learn a few facts as well!

Do Not Ignore These 50 Tips When Selling a Home in London Ontario

  First impressions make a significant impact on a buyer’s decision-making process!

When selling a home in London Ontario, what a difference these ideas will make in how quickly your home sells and for what price. After every home we sell, we consult with our happy sellers and ask what they liked about our process and what they thought these tips made in the price they received. Here are a few of those comments.

Once your home goes on the market, it becomes a product. These tips and ideas allow you to highlight the best of your home 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.

make the house sparkle  Bedroom01.jpg

Try out these helpful home selling tips  from stagers and real estate pros—things you can do for little or no expense—to put a home in prime showing shape and my experience tells me, along with my clients, you can get back $2.00 for every $1.00 you spend!

How’s that for a great investment?

  • Clear out closets and clutter—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.
  • Look to home catalogs for little details on beautifying the home. For instance, group books, pictures, and objets d’art appealingly on bookcases.
  • 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.
  • Trim trees, prune shrubs, and make sure the lawn is mowed and watered regularly.
  • In summer, turn on the sprinklers for five minutes, 30 minutes before the open house. It makes the lawn and driveway sparkle.
  • Refrain from cooking anything that leaves a distinctive odor, 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.
  • Arrange fresh or silk flowers throughout the home.
  • 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, and broken fences.
  • Bring in another pair of eyes—even if it’s not a professional. That person may see problems you  have missed.

Get 50 more of these inexpensive tips and ideas to get your home sold!

    

London Ontario Real Estate Change, Go Bigger or Go Smaller

Did you know that we are programmed to resist change, even when it’s in our best interest? Changing to a larger or a smaller home is a huge change for those  interested in London Ontario real estate & for some, quite discouraging.

Chip Heath, a Stanford business professor, an author of 2 great books Made to Stick: Why Some Ideas Survive And Others Die” and “Switch: How to Change Things When Change is Hard”, covers change and why we resist change.

made to stick

He states that our analytical, rational side may say” I want a better beach body”, but our emotional side says “I want the Oreo cookie”.

So at work, we may want to change how we treat our customers and clients, but our emotional side is in love with the comfort of routine. Heath writes that we need to align those two conflicting sides of ourselves.

Or in real estate, we may want to move to a one floor home or a smaller one because the stairs are getting harder to manage or you are tired of shovelling snow or yard maintenance, but our emotional side is comfortable with the neighbourhood and even family memories.

How?

He writes that you have to convince your emotional side of yourself  to go along with the change and not just motivate the rational, analytical side.

Real estate and practitioners of real estate face change daily and some let the change beat them up. How many times  have you heard “I’ve done it this way for 10 years and that’s the way it is.”?

“Why did they make those changes at ___________? I liked “the old way” or my favorite “I hate this new system, new phone, new app, new manager or whatever new gives you a headache”.

Well, for me, I welcome change because if I stop learning and growing, I wither away & die. I don’t want that to happen yet  so bring it on, give me all the change you got, and by the way, how to sell your house in London Ontario is changing too.

 

What You Think You Know May Hurt Buying London Ontario Real Estate

Buying London Ontario real estate is not as simple as  shopping for a house or condo to buy, because there are actually two homes competing for your attention: the one that meets your needs, and the one that fulfills your desires.

looking to buy a house or a condo in London Ontario

In one of the greatest financial books ever written, ‘The Richest Man in Babylon’,George Clason writes that there are two kinds of knowledge: the one kind being the things we learned and knew, and the other being the training that taught us how to find out what we did not know.

I read this book yearly to refresh and remind myself of some real simple financial basics, and while very simple and easy to do, most do not follow, perhaps because it is so simple & easy!

When it comes to buying a house or a condo in London Ontario, I see many people , professionals especially, while well educated in their profession (I hope), buy or sell real estate without finding out what they do not know.

It is like a person complaining of a sore belly, goes to their doctor and tells the physician that Dr. Google says it is blah blah blah! The kind physician ( the one not rolling their eyes or thinking “Oh no,here we go again) will ask questions, identify the cause or the remedy and treat the problem.

In real estate the same thing, wise, intelligent people listen to what their neighbour or co-worker say, read “how to save thousands when buying real estate’, or watch all those reality shows and then become experts in buying a house or a condo.

Home sellers and their real estate representative love you, because you are the one who overpays for a home (yet brag that you got a good deal, yadayadayaa) or find out that the home has structural issues or a neighbourhood stigma .

Getting back to The Richest Man in Babylon, why not let your ego sit down for awhile and find out what you do not know about buying or selling a home? In real estate we do not have a Dr. Google, but we have everyone who has ever bought or sold a home as experts on how to buy or sell a home.

If I offended anyone by being blunt with the last paragraph, hopefully I have at least brought more awareness that perhaps you do not have all the answers and that a professional Realtor may be your greatest asset.

You may think money dictates your decision and in some cases you may be right. But about 85% of the time, you would be surprised at the results you can get when working with a professional real estate agent in London Ontario and these tools in the tool kit below.

Envelope real Estate Buyers Toolkit

 

 

 

There Are Only Two Approaches To Selling a House In London Ontario

From the early ages on to today, there are two ways to selling a house in London Ontario, the price approach or the traffic approach.

Most real estate sales people have been taught and  are still being taught the price approach . You list a house at a certain price, if it doesn’t sell in a month they want you to reduce the price, and then another month,  they ask you to reduce the price again and so on! Then when the price gets so low, the vultures come out.

 

Unhappy home seller

The second way to sell a home is the traffic approach. In other words, expose your home to get a lot of traffic (qualified buyers). That means effective websites, blogging, social media, direct marketing, an abundance of buyers already out looking and promotions to get new qualified buyers to see your home so they can buy it.

You can have the prettiest, fanciest and nicest home in the desert or the jungle but if nobody sees it, nothing happens.

  Selling a house in London and South West Ontario  takes more than putting a sign on your property and pretty pictures on a web site

How well and quickly  your home sells takes a combination of the traffic approach and the reality of the market !

The brutal truth on how to sell your house or condo quicker & and not leave any money on the table is not for everybody.

 If I want:

  • my shoes repaired, I go to a shoe repair place
  • my car fixed, I go to a professional & qualified mechanic
  • my health cared for, I go to a doctor or a related health practioner, not the internet or watch medical TV shows or ask Dr. Google.

If you want real estate advice & guidance, who do you go to? 

  • how would you know if they are any good?
  • how would you know if they can get the results you would like?
  • how would you know if they can negotiate for you and think about your bottom line and not theirs?
  • how would you know that well meaning and caring family members who are giving you advice, co-workers or friends are misinformed?
  • how would you know that what your neighbour said they sold their house for is correct?

 What Is My Point?

We sell homes as a profession, that is what we do, when you want your home sold, let’s talk!

Downsizing or Moving To A Condo in London Ontario

  Before buying a condo in London Ontario, following these ideas, tips and real life experiences and then implementing them 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.

Home Buying Tips

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.

Contact us-Sutton Group Envelope Real Estate Brokerage

 

London Ontario Real Estate Prices Up 10.8%, Sales Down 32.8%

February 2018 home sales in London Ontario & area were down 32.8% , yet prices increased 10.8%  as reported by The London and St Thomas Association of REALTORS® (LSTAR)* .

 Why?

There were 1,103 active listings, (homes for sale), down 26.4% from this time last year. This is the lowest level of inventory for London Ontario real estate since 2008!

Although inventory remains low, average home sales price in London and St. Thomas continues to rise. The average February sales price in the region was $349,848, up 10.8% over February 2017. By geographic area, London South was $375,329, up 15.3% from last February. In London North, average home sales price was $424,959, up 14.5% compared to the previous year, while in London East, it was $286,770, an increase of 10.5% from February 2017. In St. Thomas, it was $307,383, up 27.4% over last February.

One of the other factors to look at is the sales-to-new listings ratio & according to the Canadian Real Estate Association (CREA), a ratio between 40% and 60% is generally consistent with a balanced housing market. In February, London and St. Thomas had a sales-to-new listings ratio of 69.5%, which CREA says represents conditions in the marketplace that favours sellers. It illustrates the high demand and low supply trend currently happening in the region.

St. Thomas saw a total of 52 homes sold in February, down 25.7% from the same period last year. When looking at inventory, there were 71 active listings, down 32.4% from last February.

What does all this mean?

We are seeing multiple offers on houses and condos in London Ontario, sometimes as many as 8 or more offers on a property and those properties selling for more than the asking price. A well-priced home in good condition in a good neighbourhood has been selling within 3 days!

According to a research report, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario.

  *These statistics are prepared for LSTAR by the Canadian Real Estate Association (CREA) and represent a data snapshot taken on March 1, 2018, based on reported sales activity between February 1 and 28, 2018.

The following chart is based on data taken from the CREA National MLS® Report for January 2018 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

February Home Sales London Ontario

3 Do Not Do’s When Buying a London Ontario House

I intended  to name this blog  ‘house buyer oh no’s’  when buying a house in London Ontario, but these issues were not directly caused by the buyers

.Three Buying a House in London Ontario Buyer errors

1. We listed a client’s house and received and accepted an offer on it in two days. Financing and home inspection were fine but when the Buyer’s lawyer searched the title, it was discovered the builder and the City did not sign off on the final inspection and there was still an outstanding work permit.

​   My seller client called her lawyer who did her home purchase 9 years ago and his reply? “Not my fault!” Really! Yes, he blamed the City and her and would not take responsibility and blah, blah this and that.

My client and I contacted the City and after many run arounds, got everything settled. This is not unusual, I have seen it happen many times so that is why, we, the so called lowly unwashed Realtor, research the city for any outstanding work orders or efficiencies before we list a house and not depend on the lawyer to do so.

2. We sold our clients house in a newer neighbourhood, they had lived in it for two years and wanted to move to Old North London. When the buyer’s home inspector found two serious issues with the home, the new buyers wanted a price reduction. My seller client’s had a home inspection when they had bought the home and the two deficiencies were not exposed or found.

I asked the sellers who their home inspector was and how they chose him and he was gave the lowest quote over the phone. Did they ask for references? Did they ask for experience etc.?

No, they did not. Upon cooperation with the new buyers and my seller client, we worked out a compromise to the deficiencies, my seller paid for the correction and the sale went through, but at a cost to them of $3300!

Buyers remorse is not necessary, work with Sutton Group Envelope

The 3rd example is real common and very sad. I was asked to come and list a house that these folks had bought 5 years ago. When I suggested the house price to them, they said “But, that is the price we paid 5 years ago!”Well, I explained to them that they paid $21,000 too much for it when they bought it!

You can imagine what they said to me.  They decided to go with another Realtor. At this writing, 5 months later, after two other Realtors, they have gone to a 3rd Realtor and still trying to sell!

How sad because these sellers were very nice and hadn’t taken the time to pick the best Realtor for them when they bought the house in the first place. Oh, by the way, the Realtor they bought the house with is no longer in business! Wonder why?

So in summary, the above 3 errors are more common than not and as a professional Realtor, I find it callous and unnecessary.

​    7 Wonderful Home Buyer Tips