When buying a home in London Ontario, and before offering on a condo or a house, understanding the significance of numbers concerning the home you are considering will make a massive difference in how much you offer.
1. Look at the currently active (for sale) listings in London Ontario. Is the home you’re considering priced within reason to others? If so, you know you’re at a reasonable starting point.
2. Now, take a look at the average selling price of homes in London compared to the listing price. You may notice that most homes in London are selling for the asking price or over. If that’s the case, you know the original offers were LESS than this amount. Take this into consideration when making your offer.
3. Now, make sure you visit similar real estate listings in the area. How does your choice compare to the others on the market? Is the home you’re considering in a similar condition? Is it bigger, smaller, better style, better landscaping, etc.? These factors will help you determine how much you should pay for your home vs. how much others paid for similar homes in the neighbourhood.
4. Now, take a look at the average number of days on the market for listings in London is.
5. What is the percentage difference from assessed values to market price? (I have an excellent formula for this and have found it over the years to be right on the money!)
Now you are ready to make an offer. The strategy here is imperative; try to keep emotion or fear of losing out of the equation.
I said there were six numbers; here is #6, my number 519-435-1600!