Dorchester Ontario Real Estate Not All Realtors Are The Same

    Dorchester Ontario is a few miles east of London, a short commute and is the residential and commercial core of the municipality of Thames Centre. With easy access to the 401, this quiet community is ideal for those who travel for their employment, yet, close enough to London to shop, work & visit.

    There are four schools in Dorchester. As with most of the schools in the areas surrounding London, they are part of either the Thames Valley District School Board or the London District Catholic School Board.

    • River Heights Public School: Located on Hamilton Road. River Heights is a school for children in junior kindergarten to Grade 3.
    • Northdale Central Public School: Located on Catherine Street. Most children come here after River Heights, for Grades 4 to 8.
    • St. David’s Catholic School: Also on Catherine Street, next to Northdale. This school is for Catholic children from Kindergarten to Grade 8.
    • Lord Dorchester Secondary School: Located on Queen Street.

    Property Valuation

    As of June 7, 2019, 33 houses in Dorchester changed hands through MLS with the average selling price of $472,582  and selling for a median $469,900 which is 98.28% of the asking price, down from 2018. The 33 homes that did sell were on the market for a median of 26 days!

     In 2018, 69 homes in Dorchester sold through our MLS system; the average sold price was $495,698 which was close to the asking price and the length of time to market was a median 16 days!

     How Would You Choose a Price When Selling a Home in Dorchester Ontario?

    How to price a home in Dorchester Ontario to sell is what every homeowner wants to know so they can receive as much money as possible and sell in a reasonable time frame.  The natural inclination is to price the home a little higher, thinking they can always come down later if need be or that buyers are going to offer less anyway.

     

    6 considerations for valuating a property

     

    But listing your house in Dorchester Ontario at a price that is too high frequently nets the seller LESS money than an original price at market value.  Why is this?  Because, when most people are looking for homes in your price range, they will reject your home in favour of other homes in a reasonable price range.

    Buyers know prices, they may have already been in 6-10 homes, they can compare, and in the long run, the buyer will decide if your home is priced right! No offers on your house after 15 days, what do you think the reason was?

    So you price your home high, thinking you can come down.  The problem is, the Realtor and buyer community don’t look at it that way.  They see it as an overpriced house.  After a few weeks go by, a few open houses, signs, agent tours and not a nibble.

    Finally, to attract attention back to your home, you’ve reduced your home price more than you ever thought you would, and you’re now getting much less than if you had priced it correctly in the beginning.

      And think about this:  The money you lost is not just the lower sales price, but all the extra interest you paid on your mortgage…all the additional property taxes and other carrying costs that accrue while your home is waiting to sell.  I’ve seen it happen time and again!

    I call it chasing the market, it’s like falling off a cliff at night, you know you are going to hit bottom, but you don’t know when!

       Real Estate Fact: The Seller Is Solely Responsible For How Much, and How Quickly Their Home Sells!

                        sell a home with Envelope RealEstate

    Overpricing almost always increases time to sell and adds to your carrying costs.  The most common mistakes home sellers make when choosing a price.

    • Not choosing the right price when a property is first listed. In other words, thinking, “We can always come down.”

     

    • Putting the property on the market at an unrealistic price. A property must be priced on a comparative basis to the other similar properties. (I should add, everyone thinks their home is different, but buyers and their agent doesn’t think so.)

     

    • Thinking that buyers aren’t comparing your home, on a dollar-for-dollar basis, with every other house on the market
    • ​Below are some questions you may want to get answers. The quality of your questions will dictate how soon and for how much your home will sell.                  
      • How to set the asking price to maximize the exposure of your home and end up with a profitable sale?
      • How to define and compare market value between homes?
      • How may the total market performance affect your home sale –  the positives & negatives?
      • How to handle buyers during any showing to help yield the highest price?

        Also, with this information, you’ll never pay too much for any home you buy for the rest of your life.