Overpaying for real estate in London Ontario over the past few months is occurring more often than not and I have heard the following statements from buyers and Realtors.
- “There is nothing I can do about it”.
- “That’s just the way the real estate market is right now.”
- “There is nothing else out there”
Learned helplessness is a condition in which a buyer adapts to the scarcity mindset, the fear of loss and instant gratification and overpays for a house in London Ontario and feel that there is nothing they can do about it and that the acceptance of their offer is totally out of their control.
Yes, the real estate market in London Ontario is vibrant and as a Realtor, that is quite positive yet the consequences of overzealous buyers and their representatives actions will have a negative effect , as history has proven over and over 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.