Over the past 3 months, we have seen a seller’s market in London Ontario which is great for those selling their house or condo in London Ontario and in some cases, not great for buyers.
Jim Rohn wrote: “The pain of discipline weighs ounces, the pain of regret weighs tons!”
With some homes receiving 7-15 offers that have no conditions and some homes selling 12-18% over the asking price, is the ‘winning’ offer prudent?
I have been in several of those offer situations, have won some and some say ‘lost some’, but my clients can’t lose something they never had. My client and I do a threshold price and stick to it, we try to keep the emotion out of it and avoid one of the biggest motivators in the world, “fear of loss”.
A threshold price is one where you can be confident that you are offering a fair price and with confidence that in the future; if the market does take a downturn, your financial world will not be turned upside down.
Speculation is dreaming and though we read about the money that less than 5% of speculators say they make, we very seldom hear about the other 95% of speculators who lose. It may not be in the short term, but long term, history has a habit of repeating itself.
I have taken the liberty of rearranging one of Warren Buffet’s beliefs and changing the word stock to property: “It is far better to buy a wonderful property at a fair price than a fair property at a wonderful price.”
If you are in the market to buy a house or a condo in the London Ontario area and want a prudent advisor and Realtor, what more can I say?