Is the London Ontario real estate market mirroring the Greater Toronto Area (GTA) in multiple offers, no conditions and overpaying for a house or a condo?
We are getting real close!
When you see a house listed for sale in London for $375,000 and it sells in one day with 6 offers and the offer that was accepted with no conditions and a price of $425,000, sound similar?
When you see a condominium townhouse listed for sale at $149,000 and it sells in one day with 9 offers and the offer was accepted with no conditions and a price of $165,000, sound the same?
When you see a house listed for sale in London for $626,000 and it sells in one day with 4 offers and the offer that was accepted with no conditions and a price of $689,000, we’re getting there!
What about the 157 houses for sale that have been on the market for close to 60 days and they have not sold?
What about the 63 condo townhouses or apartment condos that have been on the market and they have not sold?
What about the 518 properties that have sold in the London and St. Thomas Association of Realtors (LSTAR) MLS area for an average 99.1% of the listing price from January 1, 2017 to today , January 24, 2017?
To answer the first sentence, though not experiencing the dollar amounts that the GTA experiences, over pricing is occurring, buyer frenzy is occurring and financial prudence seems to be a concept that is not adhered to.
I council my home buyers to be cautious, keep your emotions in check and what happens if you move in 3-5 years from now, will the rest of the properties on your street or in your apartment building or townhouse complex catch up on price?
For my sellers of property, price it right, show it right and market it right and you will be packing real soon!