How To Set a Price For London Ontario Houses

Setting a Price on A London Ontario Houses, Exciting or Scary?

When most home sellers sit down to interview a Realtor, it’s easy to get caught up in the excitement of choosing a sales price. More money means more financial opportunities . Perhaps it means you can afford to buy a larger home, help pay off some debt or take that long overdue vacation.

Unfortunately, some home sellers often choose the Realtor who suggests the highest list price, which is the worst mistake a seller can make.

Establishing Value 

The truth is it doesn’t really matter how much money you think your home is worth. Nor does it matter what your Realtor thinks or ten other Realtors think. The person whose opinion matters most is the buyer who makes an offer.

Pricing homes is part art and part science. It involves comparing similar properties, making adjustments for the differences among them, tracking market movements and taking stock of present inventory, all in an attempt to come up with a range of value, an educated opinion.

Even in the present hot market we have in London, choosing a price higher than your neighbour’s house that sold a month or two ago can come back to haunt you.

Why?

The market can shift very quick and even though our market is strong, there are still great homes for sale that have been on the market for 40-60 days, unfortunately, they are price wrong.

pricing a home ls like chess

This method is the same way an appraiser evaluates a home. And no two appraisals are ever exactly the same; however, they are generally close to each other. In other words, there is no hard and fast method  to slap a price price on your home. It’s only an educated guess and the market will dictate the price.

 Is it Too Low? 

Homes sell at a price a buyer is willing to pay and a seller is willing to accept. If a home is priced too low, priced under the competition, the seller usually will receive multiple offers to drive up the price to market value. So there is little danger in pricing a home too low. The danger lies in pricing it too high and selecting your Realtor solely on opinion of value.

How It Starts To Go Wrong :  

Here is a story of a seller who did not even interview Realtors. She plucked the first one off the Internet because, “He looked like such a nice guy and he is with that big real estate company in London.” He priced her home at $499,000.  After 27 days, no offers.

Continues To Go Wrong She then lowers the price to  $489,900 . Lots of showings but not offers. Eventually , another 30 days pass and the price is reduced to $479,900.  A few lookie-loos, tire kickers and eventually an offer of $449,900!

The sad part is the comparable sales in the neighborhood fully justified a price of $475,000, but the home had been on the market for too long at the wrong price, and now the market had softened.

London Ontario House

 Protect Yourself 

The question is how much money does it cost the sellers if a home takes a long time to sell? The financial loss often exceeds the extra mortgage payments paid and goes beyond the uncompensated hassle factor of trying to keep a home spotless during showings. It affects the value that a buyer ultimately chooses to pay because it’s not a fresh listing anymore.

It’s now stale, dated, a market-worn home that was overpriced for too long.

So, how do you protect yourself? An experienced listing Realtor who is willing to tell you the truth about the value of your home and have the strength & skills to back it up  is a start.

Homes that sell within 30 days usually sell for asking price or even more!

Will Energy Costs Affect The Sale Of Your London Ontario Home?

   Will energy costs affect the sale of a home in London Ontario?

It is possible.

With predictions that energy costs may increase by as much as 40% over the next few years, if not all ready, have you had a look at your hydro bill lately?

energy costs could affect the sale of your home

 The Affordability Rule for Home Buyers Called PITH

The monthly housing costs shouldn’t be more than 32% of gross monthly income. Housing costs include monthly mortgage payments (principal and interest), property taxes and heating expenses.

  • Principal,
  • Interest,
  • Taxes
  • Heat

For example, if income was $50,000 a year, the gross monthly income is $4,167, therefore to stay within the 32% range, the PITH rule is $1,292. If the mortgage payment is $1200 a month and utilities such as water, electrical, gas averages $360 per month equaling $1560 per month, you would be over the 32% rule, it is actually at 37% and in most cases, not qualify for a mortgage.

At $60,000 per year, which is $5,000 a month, the 32% would be $1,600.  Here is a great link for you to learn more about debt percentages and rules.

So, what has that got to do with selling your home in London Ontario and area?

You will attract more buyers in your price range because more buyers would qualify for a mortgage if energy costs were below average.

It holds true for a $100,000 plus income earner as well.

Before upgrading your home and doing improvements, your first priority may be to see how to get the energy use down.

As well, when buying a home in London Ontario, do not just look at the purchase price. What is it going to cost to maintain it? It would be real wise to know exactly what the utility costs are, it will help get approval for a mortgage easier and if you were ever to sell your home down the road; you know your home with a low energy use will sell quicker than a home that has not been energy efficient.

In two separate instances last week, my buyer clients chose homes that were more energy efficient over others in the neighbourhood, even over better priced ones, and in one case, over one that they loved but could not get their head around the expense it would have taken to get the home energy efficient

One was a condo townhouse with electric baseboards and the other was a 23 year old house with original windows and the original furnace.

Thinking of Moving to London Ontario & Buying Real Estate?

London Ontario is seeing a boom in people realizing that the price of a house or a condo is considerably less than the majority of other major cities, that the lifestyle here is less tense and that the amenities that London has to offer is second to none.

I work with couples every week who have decided to sell their home and move to London for many reasons , the number one reason is they are capitilizing on the equity in their home and buying here in London and still have 50-60% of their equity left!

 Where to start?

Moving to London Ontario

 

Have you ever wondered what it’s like to live in a particular neighbourhood or style of a home? Perhaps you’ve driven through an area and fallen in love with it. Maybe you have a friend who lives in a neighbourhood you’d like to live in some day.

How do you find out more about that area or condo complex?

Well, you could Google it and get some preliminary information on that community. You can go to Realtor.ca and get confused,

 OR

A better, and certainly faster and more accurate method is to call me.You see, I know the marketplace. I can provide you with in-depth information on the things you’ll want to know about real estate before you buy or sell.

For example, I can provide details about:

  • Type and style of homes.
  • Pricing over the past 12 months or the last few years.
  • Age.
  • Local amenities such as schools, parks, community centres, etc.
  • Commuting routes and access to public transit.
  • Properties currently on the market and recently sold.
  • Inexpensive touch ups that can help sell your home faster!

 

So, if you’re in the thinking stage, I most likely can give you all the information you need and if not, I’ll get it for you.

Frustrated Buying a Home in London Ontario?

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?

looking to buy a house 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.

we  find houses in London Ontario

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

100% Home Buyer 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.

Why? 

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 us!

Ty Lacroix

 

Beautiful House For Sale in Westmount, London Ontario

Photo Link
Excellent Condition

• 3 1/2 bathrooms , 3+1  bedroom beautiful house for sale in Westmount in London Ontario, only  400000 CAD . Tremendous Value

A stunning 2 storey 3+1 bedroom, 3 1/2 bathroom house that has been impeccably maintained & updated in sought after Westmount.

New 50 year warranty roof installed June 2017, maple hardwood floors, beautiful designer kitchen with granite counter with a built in office nook, high end appliances and french doors to a professionally designed back yard with a potters shed and gazebo.

Separate dining room with pocket doors and a nice family room with a brick fireplace that you will love. Main floor laundry room.

Upstairs the large master bedroom has a walk in closet and master ensuite, the second bedroom has a walk in closet and the third bedroom is a very nice size along with a modern four piece bathroom.

The basement has been professionally designed and built with a fourth bedroom and a spacious family room

Interlocking brick drive way, 1 1/2 car garage with an inside entry along with an automatic garage door opener.

If you are looking for a house in a desirable neighbourhood, with great schools, close to shopping, on a bus route and more importantly, a home that has been carefully looked after with details that you would expect in a house twice this price, then this one may be for you.

Showings start on Friday August 11, why not book your appointment today!

Property information

Has The London Ontario Real Estate Market Slowed Down?

Depending on whom you ask, you are going to hear quite a few viewpoints and the issue I have with viewpoints  is that they are opinions only and as each of us are predisposed to our personal likes and dislikes, biases and even moods, what ever happened to making decisions based on facts?

For example, in July of 2017, the London Ontario real estate market was balanced but still very active, a fact, the Toronto market was down 18% and prices down 9 % ! A fact

So of course, where ever you get your information, be it the National news, Toronto papers or Vancouver or your barbershop or hairdresser, one of the greatest lessons I ever learned was to ask:

“Is it true?”

 I cannot predict the future, I can only control my actions and thoughts for the day so if I want to help a client buy a property today or sell one, I act and take massive action today and everyday  until I succeed, no excuses.

Who cares what the market is doing, if anyone applies the principles of marketing and real estate facts, action occurs!

Moving Up or Downsizing in London Ontario?

  “We’re thinking about downsizing to a smaller home. Having been out of the real estate market for many years, how do we find a representative to help us buy and sell?”

Senior couple in front of home.

When it comes to buying or selling a home in London Ontario, one of the first steps many people take is choosing a real estate professional to work with. Much like you’ll be searching for a home to meet your needs, you’ll want to take a few steps to choose the real estate professional who is right for you.

Regardless of how you find the real estate professional, it’s always a good idea to meet with at least a few different representatives before selecting the one you’d like to work with. When you have your short list and are ready to meet with a few candidates, consider asking these questions:

1. What is your experience? Experience is about more than how many years someone has been in business. Take the time to learn about the types of properties they typically work with, which neighbourhoods they work in and how many homes in the type you are looking for they helped buy or sell in the past year or two.

2. What is your approach to the buying or selling process?For the buying side of things, how will the representative search for suitable properties and what is their approach to negotiations? When selling, how will your home be marketed to help attract the right prospective buyers? By understanding their approach, you’ll know what to expect and will be able to determine which representative’s philosophy and methods align with your preferences.

3. What services will be included? Discuss your particular needs and expectations with prospective representatives to ensure they are able to provide the services you want. For example, when selling, will the representative have professional photos taken of your home or prepare multimedia promotional materials? How will they promote and market your home? Understanding exactly what services will be provided, and later documenting them in your written contract, will help avoid misunderstandings later on.

4. What are the commissions or fees that I will need to pay? Commissions and fees can vary between brokerages and the services provided, so be sure to understand what will be provided and what it will cost. Keep in mind that, as with most things, the cheapest deal is not necessarily the best one.

5. Do you have references? As with most job interviews, getting in touch with references is an important step before hiring someone. Speaking with past clients is a great way to learn more. Were past clients pleased with their experience? Was the representative responsive and easy to get in touch with? Would they recommend them to others?

Buying and selling a home is a major decision, so it’s key to take the time to find the right representative for you. Whether it’s homes within a certain price range, in a specific neighbourhood, income properties or condos, it’s smart to find a representative experienced in buying and selling your kind of place.

 Ask these 11 Questions Before You Hire Any Realtor

Talbot Village Lambeth London Ontario Real Estate is Hot

Houses in Lambeth Talbot Village  London Ontario and Southwinds neighbourhood have sold quite well from January 1 to July 14, 2017 with prices up and the days to sell down!

170 houses sold through our MLS system at an average price of $552,647 which was 101% of the asking price and these took about 33 days to sell. 5 condos changed hands, averaging $429,500 and were on the market about 18 days.

As you can see, great if you are selling and if you are a buyer, if you really take the time to know the market and try to keep emotions out of the picture, your purchase strategy will prevent you from overpaying.

Search all the houses & condos for sale in Lambeth, Talbot Village

142 houses in the Lambeth, Talbot Village, Southwinds Village neighbourhood in London Ontario were sold in 2016 from as low as $284,000 to $2,400,000 and these were on the market an average 38 days and sold very close to  asking price!

 4 condos were sold for an average $432,594 as per our MLS.  These took about 18 days to sell!

  In 2015

113 houses changed hands in Lambeth and  Talbot Village neighbourhood in south London in 2015 for an average price of $447,162 and sold for 97% of the asking price and took on average 44 days to sell!

In the same period, 8 condos sold at an average price of $380,475 which was 2% less than the asking price and were on the market an average 60 days.

  In 2014

2014 was quite active for Lambeth houses and condos with 119 houses exchanging hands for an average price of $412,343 and these sold for 97% of the asking price and sold within 42 days!

9 condos sold in the Talbot Village area at an average $395,333 and these were on the market an average 59 days and sold for 99% of the asking price.

 More London Ontario Neighbourhoods

 

Lambeth houses & Condos London Ontario

Lambeth is a neighbourhood in the south west of London about 10  minutes to downtown.

The 401 and 402 highways are 3 minutes away and within a 20 KM drive are 6 golf courses! There is a newer shopping plaza at the corner of Colonel Talbot Road amd Southdale Road West with groceries, a pharmacy, dining and fast food, banking etc. As well a newer neighbourhood  called Talbot Village.

Schools and churches are bountiful  along with professional services. Lambeth has homes from  entry level to executive homes and condos. Drive through Talbot Village for new houses and condos, Southwinds Village for some sprawling homes, or the Outer Drive area going south on Colonel Talbot Road or the heart of Lambeth, some quaint shops and a multitude of services.

 

Lambeth in London Ontario

Elementary Schools

Lambeth Public School

St. George Catholic School

High Schools
Saunders Secondary School

Regina Mundi Catholic College

St. Thomas Aquinas Catholic Secondary School 

Sports

Lambeth Minor Hockey

Lambeth Youth Soccer

London Area Sportsfields

Churches

Forest City Community Church

New Hope Community Church

St.George Roman Catholic Church

Trinity Anglican Church

Uplands London Ontario Houses & Condos

Uplands London Ontario houses & condos was no different with the rest of the real estate market in London Ontario which has been very vibrant so far in 2017 and houses and condos in Uplands in North London Ontario were no different.

From January 1 to July 17, 2017, 60 houses in Uplands were sold for an average price of $553,086 which was 108% of the asking price and these took about 11 days to sell.

24 condos in Uplands were sold in the same period, averaging 368,417 which was 102% of asking abd about 15 days on the market.

 In 2016

  102 houses sold in the Uplands neighbourhood in London Ontario in 2016 , from as low as $331,000 and up to $848,000 and on average, sold for  99.2% of the asking price and took about 27 days to sell.

house sales in Uplands in London Ontario

44 condos were sold in the Uplands neighbourhood of London through MLS in 2016 from $241,000 to $467,000 and were on the market for about 32 days & sold for about 98.6% of the asking price.

Look at these houses and condos for sale in Uplands in London Ontario.

In 2015,  97 houses changed hands in Uplands in North London on the MLS system and 42 condos. The houses took 40 days & 40 nights to sell for 98% of the asking price of $452,871 and the  condos took an average 57 days to sell  for 98% of the $319,004 asking price!

Uplands  is located in the north end of London and is bounded by Richmond Street to the west, Sunningdale Road to the south, Adelaide Street North to the east and London municipal boundary to the north.

Uplands London Ontario Map

  Uplands is a relatively newer area of London with a great cross section of executive style homes, one floor bungalows and a great selection of one floor condo homes, both attached and detached.

Living in Uplands is convenient to major shopping, churches, schools, dining, golf courses and other recreation venues and attractions.

Other London Neigbourhoods