Riverbend London Ontario Houses & Condos Not All Realtors Are The Same
Riverbend London Ontario Real Estate Market & Hunt Club West
In 2019, 51 houses in the Riverbend London neighbourhood sold through our MLS system, from $420,000 up to $1,070.000, averaging 39 days on the market and selling for a median 99.35% of the asking price.
26 townhome & townhouse condos in Riverbend sold in the same period, from $399,000 up to, $945,000, averaging 28 days to change hands and selling for 100.21 % of the asking price.
Fifty-six houses sold through our local MLS in the Riverbend neighbourhood in London Ontario in 2018, for an average selling price of $724,665 which was 99.4% of the asking price, the median days to sell were 41. The lowest price was $403,500 and the highest, at $1,500,000.
Twenty-six townhouse & townhome condominium residences in the Riverbend neighbourhood were sold as well, selling for 101.54% of the asking price of $486,538 and the median days to sell were 39. The lowest sale price was $368,697 and the highest, at $1,145,000.
Riverbend is a very sought after neighbourhood in the south-west part of London Ontario; new homes are popping up regularly, there are very few cookie-cutter homes and worth a drive to have a look.
Take Oxford Street West to Kains Road and see this neighbourhood with street names such as Shore Road, Kirkpatrick Way, Riverbend Road, Tigerlily Road, Jack Nash Drive and the beautiful gated Riverbend Golf Community.
You are just 11 minutes or less to downtown London, great shopping nearby and great nature trails, bike paths, golfing, or just not doing anything, you will enjoy the quiet.
With five golf courses within 4 km and for nature lovers, the walking trail along the Thames River is magnificent & there is also Warbler Woods Conservation area and Komoka Provincial Park.
City of London Riverbend Neighbourhood
Why Overpay For a Home in London Ontario?
Overpaying for real estate in London Ontario over the past few months is occurring more often than not, and I have heard the following statements from buyers and Realtors.
- “There is nothing I can do about it.”
- “That’s just the way the real estate market is.”
Really?
Learned helplessness is a condition in which a buyer adapts to the scarcity mindset, the fear of loss and instant gratification and overpays for a house in London Ontario and feel that there is nothing they can do about it and that the acceptance of their offer is totally out of their control.
Yes, the real estate market in London Ontario is vibrant, and as a Realtor, that is quite positive, yet the consequences of overzealous buyers and their representative’s actions will have a negative effect, as history has proven over and over that the axiom “What goes up must come down”, holds true.
As a home buyer in London Ontario, you have choices, and there are strategies you can take to ensure you do not overpay and get caught up in a frenzy.
Why Price Matters When Selling a Home in The Riverbend Neighbourhood of London
Every home seller in Riverbend London Ontario would like to realize as much money as possible when selling their home. The natural inclination is to price the house a little higher, thinking they can always come down in the future.
But listing any house or condo in London Ontario with a price that is too high more often than not, nets the seller LESS money than an original price at market value.
Why is this?
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 a home is priced right! Not you, your Realtor, your neighbour or your hairdresser or Uncle Bob who knows everything!
If there are no offers on a listing after 30 days, what do you think the reason was?
Most price their home high, thinking they can always come down. The problem is, the Realtor and the buyer community do not look at it that way. They see it as an overpriced property. After a few weeks or even months go by, a few open houses, signs, agent tours and not a nibble.
Finally, to attract attention, the price gets reduced more than ever than they thought they would, and are now getting much less than if they had priced it correctly in the beginning.
And think about this: The money lost is not just the lower sales price, but all the extra interest on the mortgage, the additional property taxes and other carrying costs that accrue while the home is waiting to sell.
I’ve seen it happen time and again!
I call it chasing the market or more subtle, like falling off a cliff in the 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!
Overpricing almost always increases the time to sell and adds to the carrying costs.
I wrote a seller’s guide that sheds some light on maximizing the sale price:
- How to set the asking price to optimize exposure and a profitable sale.
- How do you define and compare market value between homes?
- How the total market performance may affect your home sale, it could be either positive or negative.
- 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.
Why Children Like The Gated Riverbend Golf Community in London Ontario
One child wrote the following:
We always used to spend the holidays with Grandma and Grandpa. They used to live in a big brick house but Grandpa got retarded and they moved to Riverbend where everyone lives in nice little houses, and so they don’t have to mow the grass anymore!
They ride around on their bicycles and scooters and wear name tags because they don’t know who they are anymore. They go to a building called a wreck centre, but they must have got it fixed because it is all okay now.
They do exercises there, but they don’t do them very well. There is a swimming pool too, but they all jump up and down in it with hats on. At their gate, there is a doll house with a little old man sitting in it.
He watches all day so nobody can escape. Sometimes they sneak out, and go cruising in their golf carts!
Nobody there cooks, they just eat out. And, they eat the same thing every night — early birds.
Some of the people can’t get out past the man in the dollhouse. The ones who do get out, bring food back to the wrecked centre for a potluck.
My Grandma says that Grandpa worked all his life to earn his retardment and says I should work hard so I can be retarded someday too.
When I earn my retardment, I want to be the man in the dollhouse. Then I will let people out, so they can visit their grandchildren.