With London Ontario house prices increasing over the past few months, I have heard the following from buyers and Realtors.
- “There is nothing I can do about it.”
- “That’s just the way the real estate market is right now.”
- “It is what it is.”
- “I am not going to get involved in multiple offers.”
Really? So, you are just going to sit there and take it?
Learned helplessness is a condition in which buyers adapt to a scarcity mindset, with the fear of loss being huge and instant gratification a must & not thinking of the second and third consequences of overpaying for a home in London, Ontario and feeling that there is nothing they can do about it.
That their offer on the house and the acceptance of that offer is entirely out of their control.
Yes, the real estate market in London, Ontario, is vibrant, and as a homeowner, that is quite positive. Yet, the consequences of overzealous buyers and their Realtor’s actions will have an adverse long-term effect, as history has proven repeatedly and that the axiom “What goes up must come down” holds.
As a home buyer in London, Ontario, you have choices, and there are strategies you can take to ensure you do not overpay and get caught up in a frenzy.