I am always asked when is the best time to list a house or a condo on MLS in London Ontario, and:
- how is real estate doing?
- what are prices like?
- does this chart show why?
As you can see, there were 600 less houses or condos for sale in February 2017 than February 2016, meaning more buyers than sellers, meaning when demand is higher than supply, prices usually rise.
The most glaring part I would like to point out is, have you noticed the spread between units listed and units sold? For example, there were 1385 properties listed for sale, but only 837 sales, which means that 40% of the properties listed for sale did not sell!
I hear many excuses why homes do not sell or the rationalization of why some homes sell quicker than others and some, for more money.
Understanding the local market and facing the reality of it can be a double edged sword for many London home owners. Selling your home is not a lottery, or a gosh by golly whim, or just putting up a sign on your lawn or pricing your home because one of your co-workers and one of your friends told you your home is worth ‘x’, because they sold their home last year and know of a friend of a second cousin who has a friend who used to sell real estate part time. (whew!)
Yes, there are speculators and people from the GTA and their Realtors coming to London and buying houses and condos, (with very little knowledge of neighbourhoods in London Ontario, etc) and all too pleased to buy a home that is at minimum, half of what a GTA home sells for!
That someone is going to get hurt overpaying seems to be no concern for some.
I cannot predict the future and as I prefer to live in the moment, my experience has proven to me (and history has a habit of repeating itself) that real estate will sell based on price, condition and location and the amount of listings (competition) there are that compete with your home has an effect.
60% of the sellers got it right, 40% did not. Mr. and Mrs. Buyer decide on price in the end, not the seller.
Oh, and for buyers, why not go look at the 40% of houses that have not sold? You will find what you want once the seller realizes their price is not realistic.