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Reality Time For The Byron London Ontario Real Estate Market

I look at the real estate market in London, Ontario differently than most in that while prices are important, what drives the market, facts, FOMO (fear of missing out), greed, misinformation or the informed?

Facts Don’t Lie

As most of you are aware, in my Byron monthly real estate update, I post the number of sales for houses, apartment and townhouse condos, days on the market and the sold price ratio to the asking price.

Yesterday, two of my past clients called me and asked for an update, and without going into a 3-page explanation about the market, here it is:

  • From January 1 to August 1, 2022, the average time it took for a home to sell in Byron was eleven days, at August 16, 32 days! In all of 2021, 207 homes were sold through MLS, as of August 16, 199 have sold and we still have four more months to go! The selling price ratio is down 3%.
  • Supply and demand always dictates prices that a willing informed buyer is willing to pay, hence, a difference in the Spring market and the market today. There are more choices available for home buyers who are fewer in number than a few months ago and the homes that are selling quickly are priced correctly.
  • The doom and gloom dominating the news compete with your attention for readership and viewers locally. The Byron neighbourhood is still vibrant, and in demand, and for informed buyers and sellers, you will do fine!

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Ty Lacroix

"Not All Realtors Are The Same"! This website and content are for you and are designed and constantly upgraded with the latest real estate trends, how-tos, and what is for sale on MLS. Our primary focus is guiding home buyers and sellers to make good decisions. We believe selling real estate is a process, not an event or knee-jerk reaction; we sleep well at night and ensure our clients do as well! We are not for everybody, nor can we please everybody, nor do we tell people what they want to hear; I know that may be old-fashioned and boring, but we are dealing with hundreds of thousands of your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? About Ty I am a Broker with Sutton Group Preferred Realty Inc., Brokerage and the team leader for The Envelope Real Estate Group, that's enough about me! You see, this is about you, you do not want to hear blah blah stuff about awards, designations, or that we walk older adults across the street (I used to help old ladies cross the street, but as I got older I did not want my wife to think I was flirting) the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; success leaves clues!

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