Frustrated Buying London Ontario Properties?

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 me!

Ty Lacroix

 

Why Overpay For London Ontario Real Estate?

Over the past 3 months, we have seen a sellers’ market in London Ontario, which is great for those selling their house or condo in London Ontario and in some cases, not great for buyers.

Overpaying for a London Ontario Home

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.”

Buying a Home in London Ontario & Co-signing?

What are the consequences if your daughter and her husband want to buy a home, but recently asked you to “Co-Sign” on the loan?

buying a house in London Ontario

There’s nothing wrong with helping a family member or close friend with buying a home.  However, co-signing on a loan should be done with great care and knowledge of the consequences.  Co-signing means that you are extending your personal credit for the benefit of someone else.  Problem is, if the borrower defaults, the lender will look to you for full repayment.

So you’re not really a co-signer, you’re a co-debtor.  Here are a few tips that may prove helpful when co-signing:

Although you’re co-signing, make sure your co-borrower is putting cash into the transaction.  The more they put in, the lower your risk.

Obtain a credit report on the person you’re co-signing for, even if it’s another family member.  If they’ve defaulted on other debts, there’s a good chance they’ll default on the debt you’re co-signing.

Ask the lender to release you from the loan when the principal balance is reduced to a certain amount.

Examine how your credit rating and ability to borrow will be impacted.  Co-signing on a loan can sometimes impact your ability to get financing if you need it.

Make sure you’re name is listed on the deed as a co-owner.  And by all means, speak with a good real estate lawyer.

If the home is sold, will you share in any appreciation or gain in value?

These  are only a few of the consequences let alone the dis-harmony between family or a friend. I have advised and helped many families over the years, so not only is a competent lawyer and lender required, but a real estate person with your interests in mind.

The Only London Ontario Home Buyer Guarantee

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.

More Buyers, Less Homes For Sale in London Ontario = $$$

There are more buyers than homes for sale in London Ontario and  this London Free Press article talks about the shortage of properties for sale in London, the rising prices, bidding wars, bully offers and buyers coming from the GTA ( Greater Toronto Area) to buy.

As a buyer, there are four things people do:

  •  throw up their hands and overpay
  • wait (for how long) until prices drop
  • put their head in the sand
  • head in the sand
  • let me help you through the challenges and make a good long term decision and not get caught in the frenzy.

How?

Ahh! This is where experience, strength, posture and due diligence comes into play, these clients feel that way and you can too.

Interested?

Trouble Buying a Home in London Ontario?

Are you spending countless hours searching 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?

 Why?

searching to buy houses in London Ontario

By Yourself?

Quite a few home buyers do that in the thinking stage which is a great idea , but, when you think you are getting close, are you aware you may be missing out on some great homes that sell in a day, or a home that was priced agressively, a good income property or a home in that special neighbourhood of London?

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)? Get a deal?

Regardless, real estate changes, people change, neighbourhoods change, mortgage rules 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 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 daily. We constantly are researching properties, even For Sale By Owner (FSBO) properties.

My tastes are different than yours, my perspective of neighbourhoods, price affordability, style of home, school district, what side of the tracks, how close certain amenities are and I bet, hundreds more.

So how do I help so many home buyers in London? These clients say I listen and listen and listen and  take the time to research and plan.

There is a catch though!

What is the Catch?

I don’t know who you are! Buying a home is something I help hundreds of buyers do, why not contact me and at least see what I have to offer.

I have built my business on service, by understanding what my client’s need and want and being a provider of real estate information. The tips and ideas I provide are a great business tool and I appreciate those who see the value in them and who truly want expert advice.

If that is you, raise your hand, it will not cost you anything, you are under no obligation and I promise you, you will be happy that you did!

 

London Ontario Home Buyer Worries?

  One of the ways to solve 3 London Ontario home buyer worries and concerns that occur with almost every home buyer is to break down those worries and to fully understand the process of home buying in London Ontario.
  1. Buying real estate is one of the largest purchases for most in their life and the fear  a of not knowing whom to trust, or making a mistake that could cost thousands of dollars years later. (Check out these questions you may want to ask a home inspector, a lawyer and a Realtor)
  2. Not being sure of the prices,availability, neighbourhoods and the selection of homes and being assured of getting the most for your money, without having any regrets afterwards.
  3. Feeling out of control because there are so many unanswered questions.  Making it hard to know where even to start.

These happy buyers had their 3 London Ontario Buyer worries answered

Is there an easy way to buy or sell a home? Not really! It takes time and being careful

If any of the 3 concerns sound familiar, doesn’t it make sense that in order for you to make one of the most important decisions in your life you may want to be well informed?In the current active London Ontario marketplace, the inventory of homes is low, the interest of buyers is high and with many buyers coming from the GTA (Greater Toronto Area) the demand is high. When demand is high, prices can rise, the fear of loss can occur and then, emotions cause some to cloud their judgement!

Do you not think it would be more prudent to understand exactly what is going on in the marketplace and not rely on someone else’s perceptions or erroneous opinions, get the facts, the brutal truth, check your emotions at the door and then proceed?

That is what these buyers did!

Do You Really Know What You Want When Buying a House in London?

 Do You Really Know What You Want When Buying a House in London Ontario?

I would say that after helping hundreds of home buyers, they do know what they want and that usually changes after seeing a few homes and then they really know what they want!

I call it market education, a system I came up with that really helps buyers and these clients can attest to that!

A great way to get a handle on your wants is to take a good look at your where you are presently living, regardless if you own your home or are renting.  What do you like about it?  Do you like its open floor plan?  Do you like the kitchen and eating areas?  Do you like the common area layout?

List out everything you like about your present home, or homes you’ve visited.

Now, let’s take a look at what you don’t like about your home.  Do you hate the mansard roof?  Do you dislike the master bedroom layout?  Are the bedrooms too small?  Is the kitchen too far from the garage, or too dark? Too small?

If you dislike something with your present home, you’re going to dislike it with your new home.  So the better you can identify these items, the more likely you are to avoid them.

What do you want when buying a house in London Ontario

Here’s a good suggestion: Take out a piece of paper and draw a vertical line down the middle.  In the left column, write down everything you like about your present home.  In the right column, write down everything you dislike about your present home.  It’s also important you understand WHY you dislike something.

Now, from your list of “likes,” let’s compile a list of features you want for your house.  Here’s an important tip that will help you really narrow your focus.

Take out another sheet of paper and put two columns on it.  On the left hand side, you will be listing out the features of your home.  And on the right hand side, you’ll be listing out the benefits. For each feature, you want to list the benefit of that feature

Features tell you what something IS: two bedroom, two baths, 2-car garage, etc.  Benefits tell you what something DOES.  Benefits fulfill desires.

For example, a great room concept (feature) will be ideal for entertaining friends and family at special times (benefit).  So on the left hand side; you would put “great room.”

And on the right hand side, list out all the benefits (or reasons) for the “great room” design:  family entertaining, business entertaining, Christmas holidays with the family, etc.

Understand What Each Other Is Looking For, And Why

If you’re a husband and wife looking for a home, this exercise will eliminate many disagreements down the road.  You will both understand what the other wants, and WHY they want it.

I recommend you rank each feature in terms of its importance to you and your spouse.  You’re both going to live in the house, so it may be wise to know what the other is looking for. If you are single, do this as well, you never know when that perfect person shows up and if never, no harm in going through the exercise.

Gourmet Kitchen in London Ontario

For example, a well designed gourmet kitchen (remember, list ALL the features of the kitchen you’re looking for) may rank high with a woman, while having a man cave may rank high with a man.  Or vice-versa. Try to understand each other’s priorities. If you have been married for a long time, hopefully you know that by now.

A Lot of  People Have More Dreams than Money

Ranking will also show you areas you may need to eliminate because of price constraints.

And by having each person rank the importance of the features they want, you won’t be eliminating a high priority item and putting additional stress on an already stressful time.

More about “Market Education” 

Why Are London Ontario Home Buyers Not Prepared?

Entrusting your hard earned money with someone when buying a house or a condo in London Ontario should not be taken lightly!

Be prepared as a home buyer

Yet, most home buyers choose a sales person (actually, in a 2014 Real Estate Council of Ontario (RECO) 45% of first time home buyers and 41% of homeowners wish they had done something differently during their transaction!

A further 32% of buyers reported that they did not feel prepared & knowledgeable about the process and in the age range of 18-34, 50% felt they were not prepared!

The question is why? 

Is that why buyers are overpaying for homes, allowing their emotions to cloud their judgement ? Fear of loss is one of the biggest motivators in life. How can you lose something you never have had in the first place?

The sun still shines above cloudy skies, let the storm pass, there will always be the right home out there at the right price.

London Ontario Real Estate Sets Record

London Ontario real estate sets record for 2016 and I have  included the last 10 years of stats , will 2017 be another banner year? Stay tuned.

The London and St Thomas Association of Realtors (LSTAR) announced 2016 was a historic year for real estate, with residential sales surpassing 10,000 for the first time. In 2016, a total of 10,193 homes were sold, up 8.8% from 2015.

LSTAR

In 2016, a total of 8,260 detached homes were sold, an increase of 9.2% over the previous year, while there were 1,933 condominium sales, up 7.2% from 2015.

There was a 10.4% decrease in the number of home listings, with a total of 14,867 listings for 2016, which illustrates the high demand and low supply, with inventory (what is called Active Listings End of Period) down 39.2%.”

For London Ontario neighbourhood numbers or London Ontario Condos

St. Thomas Ontario had another strong year, with a total of 854 homes sold, up 2.9% from the previous year. The average home price in St. Thomas was up 7.7% over 2015, at $233,476.

House Style Units Sold Average Price
2 storey 2,550 $383,082
Bungalow 1,803 $226,283
Ranch 1,153 $341,800
Townhouse 895 $173,161
High rise apt. condo 460 $173,205

Real Estate London Ontario sets record 2016

 You can search all the houses and condos for sale in London Ontario and area here.

The best-selling house style in 2016 continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in 2016 was $297,480, up 5.4%, while the average price for a condominium was $200,335, up 5.6%. The average price of all homes sold in 2016 through LSTAR’s MLS® was $279,057, up 5.5%.

The table below  is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for November 2016 (the latest statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

City Average Sale Price
Vancouver $940,900
Toronto $780,047
Victoria $652,237
Fraser Valley $634,597
Hamilton $520,353
Calgary $469,766
Kitchener-Waterloo $415,136
Ottawa $380,003
Edmonton $372,565
Montreal $359,615
Niagara $338,970
Saskatoon $335,424
London St. Thomas $290,489
Canada $496,351

If you like numbers and stats, here is a 24 page report including a breakdown of sales by type, by year, by dollar amounts and the following.

  • Sales to New Listings Ratio – 10 Year Review
  • St. Thomas Statistics
  • MLS® Residential Sales, Jan.1 – Dec. 31, a 10-year review
  • MLS® Listings, Jan. 1 – Dec. 31, a 10-year review
  • Active MLS® Residential Listings, Jan. 1 – Dec. 31, a 10-year review
  • Average Residential Price in Association’s Jurisdiction
  • Total MLS® Dollar Volume, Jan. 1 – Dec. 31, a 10-year review
  • Average Residential Prices, including London and St. Thomas, 1987-2016
  • Relative Affordability
  • Fifteen-Year Condo Review
  • Here is the PDF