We invite everyone to visit our open house at 331 Thompson Road on 25 Jun 2017, 02:00 PM
This house is move in condition, only $219,900 and have a look at the virtual tour.
We invite everyone to visit our open house at 331 Thompson Road on 25 Jun 2017, 02:00 PM
This house is move in condition, only $219,900 and have a look at the virtual tour.
Just so you know, if you can’t find London Ontario income properties that you want, have you considered other alternatives in finding the right one for you?
Remember, you may NOT be seeing all properties for sale with the email notifications from the other various search websites you may be registered with. For example:
I have access to properties for sale that are not listed for sale on MLS (Property owners have asked us to help them sell, but there’s few days lag time before they are searchable on MLS or they are doing a few bits of tidying up)
I do not just sit around and wait for properties to become available for sale, I’m a hunter.
Are you spending countless hours searching the MLS, real estate magazines, weekend classified ads and real estate websites looking for the ideal home for a great price and in a great neighbourhood in London Ontario?
If you enjoy doing that, great. Are you aware you may be missing out on some great homes that sell in a day or two or a home that was priced quite so agressively that it sells as soon as it comes on the market or on a specific street?
Do you think you will get a head jump on others by searching daily or weekly? Avoid paying commissions? 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. Perhaps to purchase or sell.
Regardless, real estate changes, 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, as a Broker of Record and Owner keep you, the curious, the maybe, the must have by the end of the month, the retiree, the downsizer, the upsizer, the DINK’s (double incomes,no kids), the tire kicker, deal maker, bread winner or just plain ready to move informed about real estate in London Ontario?
My asociates and I view a lot of houses and condos every week. We do loads of searches daily for clients, we are constantly researching properties, even For Sale By Owners.
My tastes are different than yours, my taste in neighbourhoods, price affordability, style of home, school district, what side of the tracks, how close certain amenities are and I bet, hundreds more.
As professional house hunters in London we know the jungle, the alleys, the streets, avenues, crescents and can guide you on the right path to ensure your purchase is wise & financially sensible.
“Love it or Leave It” London Ontario’s Only Home Buying Guarantee
If you obtain a home through Sutton Group Envelope Real Estate Brokerage and you are not 100% pleased with it, we will sell your home for you for FREE! We offer this guarantee within the first 24 months after you purchase the home.
We want you to be totally satisfied with your home and will do everything to get you into a home that you will love…Guaranteed!
We are confident that we have the ability to listen to you and to being dedicated in finding the “Perfect Home” for you. We take 100% responsibility; we offer no excuses and no finger pointing.
That’s why we are willing to work for FREE if your home isn’t everything you expected it to be. You have nothing to lose,
There is some fine print and here it is:
This home buying guarantee excludes commercial properties, investors & students.
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, all you have to do is put up with me!
Where Does a Buyer See Your Home First?
96% of homes sold have been previewed by buyers on the web, either through Realtor’s websites, MLS or social media ! That is a huge number and why it is extremely imperative when putting your home on the market to have a great web presence or three!
Below is How Buyers See Homes Before They Buy
Knowing these numbers and how buyers find your home among all the other homes on the market out there will enable you to make some wise decisions when it comes time to put your home on the market.
Exposure and traffic sells homes! I sell homes, I do not just list them!
A whopping 1,539 homes were sold in London Ontario in May 2017, an increase of 33.4% over the same period last year as announced by the London and St Thomas Association of REALTORS® (LSTAR) and is the highest monthly home sales total ever recorded, since LSTAR began tracking data in 1978*.
This year, year-to-date home sales are already 27% ahead of 2016!
In May, a total of 1,209 detached homes were sold, an increase of 28.6% over the previous year, while there were 330 condominium sales, up 54.2% from 2016. The average sales price across London and St. Thomas was $344,815 down 0.6% from the previous month. The average year-to-date sales price was $330,890 up 18.6% from the 2016 average home price of $279,057.
As well, in May, there were 1,985 listings, up 15.5% from the same time in 2016. The year-to-date sales are outpacing last year by 27.0%, with a total of 5,307 homes sold. St. Thomas also had a very healthy May, with a total of 115 homes sold, down 0.9% from the same time last year. The average home price in St. Thomas was $259,491 down 4.0% from the previous month.
The best-selling house style in May continues to be the two-storey, followed by the bungalow and ranch. I have broken these down when searching for homes in London Ontario on MLS.
The average price for a detached home in May was $372,163 down 0.1% from the previous month, while the average price for a condominium was $244,619 down 1.4% from the previous month.
|House Style||Units Sold||Average Price|
|High rise apt. condo||106||$232,806|
The following chart is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for April 2017 (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.
Downsizing from a larger home to a condo or a smaller house n London Ontario and area can be nerve racking for a few people, actually for most and if you are sitting on the fence thinking ‘What should I do?” or, “How much will it cost?”, are all valid concerns and not to be taken lightly.
Here’s an informative guide to help you realize the most profit from your London Ontario home, and perhaps avoid costly repair rip-offs.
There’s a little-known dynamic in real estate that can dramatically affect the successful, top dollar sale of your home.
The Elements That Motivate a Quicker Home Sale…
Are the Same Elements That Sell Homes for Top Dollar
Each year thousands of homeowners needlessly lose thousands of dollars when selling their home. But they don’t lose the money for reasons you might think. They lose money because they unknowingly left it on the table…for the buyer to pocket…by failing to recognize the hidden profit potential of their home.
And those hidden profits exist in two areas.
First, most homeowners never discover that certain small, even inexpensive repairs to their existing home could generate many times their cost in additional home value. But on the other hand, other repairs and improvements can cost you dearly. It’s critical to know what repairs and improvements to spend money on…and which ones to leave alone.
Second, when many savvy homeowners decide to make profitable repairs before selling, they expose themselves to the ruthless world of some contractors and their potentially deceptive schemes that drive up the costs of home repairs.
Between not knowing what to repair for maximum profit, and dealing with the world of contractor woes, it’s easy to understand how you might become overwhelmed with the whole process. But don’t despair.
That’s Why I Created This Helpful Report
I am going to reveal to you exactly what areas make sense to fix and what areas to leave alone…not using “opinion,” but real world facts. Then, I’m going to give you a “behind the scenes tour” of the games some contractors play when fixing your home (by the way, not all contractors are sinister – I know many with stellar reputations).
This way you’ll be armed to the teeth with knowledge and strategies to stay one-step ahead of the game…and maximize the value of your home when you sell.
Many of the improvements that have the most value for you as a homeowner end up being the worst-performers as far as resale value is concerned.
I will cover:
Have you ever had a feeling that the price of a property is too high? That you feel your home is worth more than what a Realtor says? That you and the buyer or seller cannot agree on price?
One of the tools I use is hiring an appraiser or two.
I went on a listing presentation a month ago and the price the seller wanted for her house ( she was told by her friends, neighbours, her dentist, even her niece who was a Realtor in the GTA what her house was worth) and the price I thought it would sell for was considerably less.
After going through all the discussions and neighbourhood values, she still did not want to list her house at my number but really wanted me to be her Realtor.
I said ok, but we would put 6 names of local appraiser’s names in a hat, she would reach in and pull out 2, and get two appraisals. We then would add the two, divide by two and that would be the range we would list her house for.
I even agreed to pay for the two appraisals.
Both appraisals were within a few thousand dollars of my price but considerably lower than the price her well meaning but misinformed circle of influence advised her.
We listed the house and it sold for my original price I thought it would sell for! A hero? Not necessarily but functional and practical.
I also used the same tactic between a buyer and a seller of a commercial property who were miles apart in price. We actually used 3 appraisals and add those up and divided by three!
So, in ending, there are many ways to consummate a sale and see the article below, it may help as well.
The following article was written by the Appraisal Institute of Canada (AIC) and will validate what I believe can be another solution to help buyers and sellers of real estate in London Ontario.
Real estate bidding wars are now the new norm in the over-heated Toronto and Vancouver property markets. Sales can end up hundreds of thousands of dollars above asking prices.
It’s a bonanza for sellers, with head-spinning multiple offers giving them a tidy sum of extra cash. For buyers, the process of finding a home is frenzied and emotional. If you are the REALTOR® caught in the middle, you may need an unbiased independent opinion to ensure that all involved have the information and research they need to make the best decision possible.
Market volatility is a concern for the Appraisal Institute of Canada (AIC) which is why the organization is encouraging REALTORS® to engage professional appraisers to get unbiased, independent opinions of property values to help them advise their clients.
“The more information you have in your hand, the better off you’re going to be,” says Keith Lancastle, chief executive officer of AIC, a self-regulating organization that has more than 5,000 members across Canada with Accredited Appraiser Canadian Institute (AACI) and Canadian Residential Appraiser (CRA) designations. “It’s prudent to help your clients make one of the most important investments in their lifetime with both eyes open.”
AIC members perform approximately 1 million residential appraisals in Canada of properties worth a total of more than $500 billion, and this amount is increasing every year. The majority of residential appraisals are completed for lenders for the purpose of mortgage financing. The lender wants to ensure the value of the collateral and that the Loan–to-Value ratio meets their guidelines. Mr. Lancastle says. “If your client buys a piece of property that is higher than the appraised value, it is important to remember that the lender will not underwrite the loan on that emotion.”
Dan Brewer, AACI, P.App president of AIC and a senior appraiser at Appraisers Canada Inc. in booming York Region north of Toronto, says that under guidelines set out by the Office of the Superintendent of Financial Institutions, on-site appraisals are required to ensure that buyers do not borrow an amount larger than a property’s value.
“You can’t finance your dreams,” Mr. Brewer comments, noting that much of the escalation in homes price in Toronto and Vancouver comes from a lack of inventory, time pressures and the fact that buyers and sellers are often “making decisions without knowing all the facts.” Bidding wars skew market values, and those who pay “out of whack” prices should be prepared to “pull a lot of money out of their jeans” and to consider whether they can recover that amount if they sell, he notes. “Cost is not synonymous with value.”
AIC-designated appraisers undertake comprehensive curriculum, experience and examination requirements and are experts in estimating the value of a property; real estate agents are experts in selling and purchasing property and home inspectors determine a property’s structural integrity, Mr. Brewer explains. An appraisal report helps property owners better understand a market’s sales and listing history, the exposure time to sell a property, supply and demand for similar properties, structural characteristics, assessment data, title restrictions, zoning and land-use controls.
“You’re interpreting the marketplace,” says Mr. Brewer, noting that qualified appraisers “are an integral part of the process,” helping homeowners do everything from understanding their equity positions to evaluating the value of particular upgrades they opt for. “We quantify those things, we monitor them, we measure them, we give guidance and direction.”
Mr. Lancastle says that in a larger sense, appraisals ensure that there are true values in the marketplace. “We are protecting everyone involved in the real estate transaction including the REALTOR®, the financial system and Canadian consumers.” He adds that AIC members also do appraisals for purposes such as estate planning, property tax assessments, mortgage refinancing and to help homeowners plan for and follow up after renovations.
I get calls or emails everyday about fixer uppers in London Ontario. It is usually after someone has watched reality shows on TV or read a get rich quick book with no money down or a book about how easy it is.
What if you bought a fixer upper to live in for a few years and then repeat the process?
What about a couple who are handy or even want to be handy and who do not have to keep up with the Jones’s for appearance sake? Instead of buying that $200,000 or $300,000 home with the finished basement, nice schools, close to work, 2 car garage and then busting your butt to ensure all your monthly bills are paid? And, hoping that your home will increase in value in 5-10 years.
What about the couple who buy a small home outside the city for cash or 5-10% down, are prepared to drive a bit to get to work and have a 1-2 year plan to fix the place up and sell it and repeat this 4-5 times in 10 years?
Look at the math. Instead of a $1000 plus going to interest every month, you buy something where that interest goes perhaps $600-$800 goes to fixing your place up. after 1-2 years you sell it, you may earn $10,000 plus but lets say you only net $15,000? That’s low but stay with me here.
You do that 5 times or more? If you compared the couple who has had only one house after 10 years, mortgage poor or to keep up with their friends, go deeper in debt and get a bigger home, or the couple who uses their sweat equity and common sense after 10 years?
I have 14 couples now who followed this plan and let me give you 3 scenarios:
Are the above 3 different than most? Yes. you see, they are willing to pay the price in time, effort and ego to build their financial stability. Now, at the end of the day, 10 years from now, who is living the good life?
Is it easy? Safe? Nope! Is it wise and financially prudent? You bet! So I ask, do you have what it takes or are you going to go through the rest of your life in debt and looking well off or no debt and feeling well?
Jim Rohn wrote: “The pain of discipline weighs ounces, the pain of regret weighs tons!”
With some homes receiving 7-15 offers that have no conditions and some homes selling 12-18% over the asking price, is the ‘winning’ offer prudent?
I have been in several of those offer situations, have won some and some say ‘lost some’, but my clients can’t lose something they never had. My client and I do a threshold price and stick to it, we try to keep the emotion out of it and avoid one of the biggest motivators in the world, “fear of loss”.
A threshold price is one where you can be confident that you are offering a fair price and confident that in the future, if the market does take a down turn, your financial world will not be turned upside down.
Speculation is dreaming and though we read about the money 5% of speculators make, we very seldom here about the other 95% of speculators who lose. It may not be in the short term, but long term, history has a habit of repeating itself.
I have taken the liberty of rearranging one of Warren Buffet’s beliefs and changing the word stock to property: “It is far better to buy a wonderful property at a fair price than a fair property at a wonderful price.”