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With Real Estate Prices Rising in London Ontario, As a Buyer, Are You Going To Overpay?

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.

stop overpaying for a home in London Ontario

 

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?

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Ty Lacroix

Founder & Owner & Broker of Record of Sutton Group Envelope Real Estate Inc, That's all I can say about me! You see, this is about you, not me; you do not want to hear blah blah stuff about awards, designations or that we walk older people across the street, the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; you see, success leaves clues!

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