I know of no other words than “perfect storm” to describe what is happening in the London Ontario real estate market. For those of you who have been reading my blogs and reports over the years, you know I do not give opinions, I present facts backed up by reliable data and reliable sources that can be verified!
I don’t go to a doctor for an opinion, I go to get results, not I think. If I have a flat tire, I don’t need an opinion that my tire is flat or any particular tire is better than others, my tire is flat, repair it or replace it, period.
There are so many pretend gurus out there, pretend theory economists, scaremongers and pie in the sky experts! I am going to present 4 “I think you need to know facts’ and links and then you decide where our real estate market is heading.
Well, the above 4 you may be aware of, but what about:
- with a seller’s market in London Ontario, some buyers and their overzealous Realtor have allowed them to pay 10% to 30% or more in a multiple offer situation. Fact, my top 3 lenders have told me they have never experienced the number of properties that are not being appraised for the purchase amount, hence a buyer scrambling to come with the cash for the shortfall.
- The 3 properties I sold last week all had a minimum 5 offers, all for more than the asking price and the winning buyer’s offer had no conditions for financing, home inspection and in the case of a condominium, no condition for reviewing a status certificate and all sold within 3 days.
- home inspectors have seen a significant drop in inspections
- the last rental property we had for a client had 63 requests to see and 11 applications, a Realtor friend over the weekend had a one-bedroom apartment to rent and he had 22 applications and renters offering to pay more!
So, the million-dollar question is: ” As a buyer, what should I do?” As a seller, “what should I do?”