House Pricing Strategies Used To Get You To Buy a London Ontario Home

In real estate, four pricing strategies by home sellers and their Realtor are in place since Adam & Eve had to go out and look for a place of their own! A side note here, is real estate the oldest profession in the world?

pricing a home in London Ontario

Overpriced:

Every seller wants to maximize the amount they receive. They may have an inflated value of what their home is worth because of: getting opinions from un-informed advisors and friends, having an over-financed house, or they have renovated their home to a standard not consistent with their neighbours.

Somewhat Overpriced:

  About 75% of the homes on the market are overpriced. These homes sit on the market longer than they should as well. There are two main reasons these homes are overpriced. The seller believes that the house is worth more than the market has indicated, OR, the seller has left room for negotiating.

 Priced Correctly At Market Value: 

Some sellers understand that real estate is part of the capitalistic system of supply and demand. They have realistically priced their homes based on a thorough analysis of other homes on the market prepared by a competent and knowledgeable Realtor. These competitively priced homes usually sell in a reasonable time and very close to asking price.

  Priced Below the Fair Market Value:

A quick sale motivates some sellers. These homes could attract multiple offers and sell fast, and, at or above, the asking price!

As a buyer, do you know which strategy is in place?

Why?

Knowing how to get an offer accepted at a price you are pleased with is a skill that very few Realtors have. I hope I have raised your awareness of how real estate value perceptions are determined; a quality representation can save you a lot of time and money.

Townhouse For Sale Pond Mills, Needs TLC A Bargain At $185,000

Photo Link
Needs Some Love

•  2 bath , 3 bdrm townhouse – FOR SALE  CAD185,000 . A Wow Price

Wow, a three bedroom, 1 1/2 bathroom townhouse for sale in an excellent condominium neighbourhood. It is being sold “as is.” Open house this Sunday 2-4 PM. Great location, easy access to 401, walk to schools, parks and shopping, needs some TLC, the last two sales in this complex were $240,000 and $225,000!

Property information

When Selling a London Ontario House, Don’t Turn Buyers Off

 What Turns Home Buyers off  When Looking at Homes in London & Area?

Messy Rooms Cause Buyers To Leave

 ODOURS …Overwhelmingly, the #1 complaint among prospective buyers was unpleasant odours in the home.  The chief offenders were smoke, pet odours, and exotic cooking aromas.  Buyers turn around and walk out because of the smells so oppressive.  Most of us are unaware of the ‘peculiar’ odours of our homes because we become immune to the smells – the buyers are not resistant to these same odours.

  CLEANLINESS...This # 2 complaint was that the seller did not bother to clean.  We’re not talking about home staging (which will help) or even unrealistic expectations of the home being spotless – just simple old-fashioned cleaning.  Selling your home can be a bit inconvenient, but when you have advance notice that a buyer is coming to view your home – clean it up!!!  At the very least, remove the pile of dirty dishes from the sink.

keep your house spotless when selling it

SELLER Being at HOME…Coming in at #3 is having the owners at home while the buyers are trying to view it.  Most buyers felt very uncomfortable with the seller there.  Many said they could not take the time to look at the features of the home because they were in such a hurry to get away from the seller.  A real problem for those selling their own home as they are usually the ones showing.

  CLUTTER...The #4 complaint is related to the cleanliness point – the dreaded clutter.  We have all seen it on the home shows; many buyers have a hard time understanding your home because of all your stuff.

 UNFINISHED PROJECTS...Unfinished projects take the #5 spot.  If you are planning on selling your home, finish up any on-going home improvement projects before placing it on the market.  Homes with half-finished painting, flooring, trim, etc. gave buyers a wrong overall impression.

When your home has the right price, and you have addressed the other items on this list, it will stand out and sell!

Exclusive Envelope Real Estate Home Audit

Our ‘Exclusive Home Audit’ that we do before putting your home on MLS, on all our websites, on all our social media pages, our blogs, our signage entails these 5 and 31 other points.  We go over everything with you so that you can sell your home quicker, for more money!

  Why is That?

We devote our time in excite buyers & their Realtor about making appointments to see your home!

Lambeth London Ontario Houses And Townhouses

   Would you like to know what homes have been selling and what for how much? How long they took to sell? You can by requesting those facts here.

 In 2018, 149 houses sold in the Talbot Village,  Southwinds &  Lambeth neighbourhood of London for a median price of $591,504 which was 99.08% of the asking price and these took 21 days on average to change hands.

 Twelve condominium townhouses and townhomes in Lambeth sold in 2018 for an average $479,900 which was 99.22% of the asking prices and sold within an average of 16 days.

Lambeth London Ontario houses & condos,  including Talbot Village and Southwinds, set a record in 2017 with 232 homes selling for close to the asking price and taking about 20 days to sell on average, for condos in Lambeth, 8 sold, a median time to sell was 25 days and these sold for 98.62% of the asking price.

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

 More London Ontario Neighbourhoods

  Communities Near London Ontario

Lambeth London Ontario House Buyers

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 six golf courses! There is a newer shopping plaza at the corner of Colonel Talbot Road and 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 properties and condos. Drive through Talbot Village for new houses and condos, Southwinds Village for some sprawling dwellings, 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

 

 

 

 

Is It Possible To Get A Good Buy On A London Ontario House For Sale?

When buying, everyone that I have ever helped wanted a good buy on a London Ontario house for sale.

Saving money when buying real estate London Ontario

  What is a good buy?

  • Gobs of money off the listing price?
  • A little off the listing price?
  • The seller lets you have his lawn mower and snow blower? Their cat?
  • The house or condo is what you wanted, is in the neighbourhood you wanted and in a very good condition?
  • You bought something bigger & nicer than your friends have?
  • Was it listed at a fair price?

   So how do you know its a good deal?

  • You think it is (perspective)?
  • You feel it is?
  • Your Realtor said it is?
  • Your hairdresser said it is?
  • Facts and neighbourhood history say it is?

Buying a home and deciding on one is an emotional ride that you get to slow down with logic, but whose emotions, yours, your Realtors, your children, spouse, in-laws?

When buying a home, use logic first in whom you choose to help you, not only a Realtor but a lawyer, a home inspector if needed and a mortgage provider. Choose those first before you even go and look at a house or a condo.

  That way, you will get a good buy!

A London Ontario Realtor’s Largest Competitor

A Realtor’s largest competitor, deal breaker & stressor is themselves!

I am not popular in stating the above, I am criticized and have been threatened by others to report me to our licensing board for disparaging remarks about Realtors.

Definition of a Realtor's Competitor

Let me be clear and blunt; I can say this and prove it. I am a Realtor. I am the owner of a very small real estate brokerage in London Ontario; I am also the broker of record which means the buck stops with me, any success or failure starts and ends with me. I am 100% responsible.

My biggest competitor is me, any transactions that were not successful it would be easy to blame the buyer, the seller, the lawyer, the mortgage company, the economy, the weather, the Blue Jays had a losing season, it’s a long weekend or fill in the blanks here.__________________!

That 24 hours a day other person living in your head, do this, do that, continually talking and talking to you. If we had a friend like that we would lose them very quickly.

Being involved in hundred’s of transactions over the years, I have seen, heard and experienced the good and the bad, even the ugly.

So why am I still helping residential buyers and sellers, investors and other Realtors get what they want? I love the challenges and realize that not only am I my most significant competitor, but every person I come into contact with also have that second person inside them as well, their antagonizer! Spouting all the negatives, contradictions, positives and negatives every second.

So, am I perfect, do I have a 7 step program that will instantly change your life? No!

I know for me because I am a work in progress, I have the courage every morning to understand that I am the enemy. That frees me to eliminate ego quickly, that I must work harder, learn more, be more, see more, that any failure is a lesson and at the end of the day when I give 100% and have empathy, I have beaten my largest competitor!

That is called success. That is called freedom to excel!

Who Do You Listen To When Buying London Ontario Real Estate?

When you go shopping for a house or condo to buy, two homes are competing for your attention: the one that meets your needs, and the one that fulfils 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 study: the one type 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 straightforward financial basics, while very simple and easy to do, most Canadians do not follow, perhaps because it is so simple to make wise financial decisions.

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 says, 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 house has structural issues or a neighbourhood stigma.

It’s like losing weight; it’s easier to buy bigger pants!

Getting back to The Richest Man in Babylon, why not let your ego sit down for a while 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.

London Ontario Real Estate Market For November 2018 Saw Price Increases

The London Ontario real estate market in November 2018 was quite robust with seven hundred forty-six homes sold through The London and St. Thomas Association of REALTORS® (LSTAR) in November, up 6.7% over November 2017 & 3 short of the record 749 sales in November 2016.

November had 898 new listings, an increase of 17.5% over the same month last year. The area of London East continues to be making healthy gains in both new listings and average sales price. It had 192 new listings, up 24.7 % from November 2017, where the average sales price was $302,737, up 18.7% from 2017 and up 58.9% compared to five years ago. Going back further, that’s up 75.0% compared to 10 years ago!

In London North, the average sales price was $482,202, up 24.4% from last November and up 62.4% compared to the same month five years ago. It’s an increase of 98.7% compared to the average sales price in 2008.

The sales-to-new listings ratio was 83.1%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a rate between 40% and 60% is generally consistent with a balanced market). Looking at the major centres, St. Thomas had the highest sales-to-new listings ratio at 97.0%.

Contact me for a breakdown of prices in your neighbourhood or street, or condominium sales and prices.

The following chart is data taken from the CREA National MLS® Report for October 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 Marker Comparisons

 

Is It Possible Your Next Door Neighbour In London Ontario Is Wealthy & You Don’t Know?

Is your next door neighbour in London Ontario wealthy?

How would you know or do you even care? Is it the largest house, the most toys, the fanciest cars, the exotic vacations, their job, title or profession?

Is it appearances? Is it perception? Is it frugality? Is it cheap?

the Millionaire next door

In the first paragraph in a book called “The Millionaire Next Door, The Surprising Secrets of America’s Wealthy “ by Thomas Stanley and William Danko, these two researchers wrote:
“Twenty years ago we began studying how people became wealthy. Initially, we did it just as you might imagine, by surveying people in so-called upscale neighbourhoods across the country. In time, we discovered something odd. Many people who live in expensive homes and drive luxury cars do not have much wealth. Then we discovered something even odder: Many people who have a great deal of wealth do not even live in upscale neighbourhoods”.

As a Broker of Record and an owner of a real estate boutique in London Ontario, I do a fair amount of volume and get to see lots of houses and neighbourhoods in London, and after all these years, I have the opportunity to keep shaking my head!

I get to see first-hand; people who are mortgage poor, have high credit card debt, have depleted lines of credit as well as mortgage-free homeowners, own free and clear economy transportation, are usually debt free and in most cases, free from that regular day to day money fears.

The first group continues to spend, working harder and longer to help lenders get wealthy and waiting for someday to retire and be debt free!

Every calendar I have ever seen has seven days on it, I have never seen ‘someday’ on one yet!

Downsizing is not just for old folks, baby boomers or mobility challenged individuals. The hardest part for most people is worrying about what their family, friends and co-workers will think.

Maybe, just maybe, they too are treading water or sinking (both are very similar ) as well!

Note: This is not intended to disparage anyone, criticize or sound like a doomsayer, I am quite energetic and positive about life and have lived and experienced both sides of the scale! Only one side has the financial & time freedom, and it now will depend on what price you are willing to pay to find out on which side that is.

mortgage free or in debt? your choice

Selling A London Ontario House & Nobody Knows?

One of the biggest downfalls I see when selling a London Ontario House or condominium be it through a real estate brokerage or a For Sale by Owner (FSBO) company is that most marketers & Realtors  think that if they do the following:

Nobody can find your home for sale

  • Put a for sale sign out front

  • Get it on MLS or some websites

  • Take  pretty pictures (or doctor them)

  • Make up some fancy brochures

  • Maybe run an ad in a glossy magazine that is 1 month too late or a newspaper ad ( called tombstone ads for a reason) or, a larger ad with the Realtor’s picture larger than home!

  • Do An  Open House (did you know that less than 1% of houses are sold with an open house?)

house for sale

Who is going to buy your home? Marketing to that group, in other words, focusing on the type of buyer your home will attract is extremely effective and works!

For example, if you have a 4 bedroom, 2 car garage house which is close to good schools, of course, you would market to families, not to an empty nester or single person. Or, a one floor, 2 bedroom condo in an upscale neighbourhood of London, you would not market it to a family of 4!

Focus, narrow down, focus, focus & clarify!

Most home buyers view between 10-16 homes in London Ontario, they are very much aware of the price & condition of other homes similar to yours.  If they have a top-notch Realtor helping them, they can laser focus on the home that fits their client’s budget and criteria and not get lost on the bling and shine on properties that do not fit their client’s profile.

focus on your home buyer

You can have the fanciest billboard in the world, but if it is located in the middle of the Sahara desert, who is going to see it and if they did, how many miles and hours will it take to get to London Ontario to see it? (I googled it, 9519 KM)

Why not focus your home on that buyer?