For those buyers out there who follow my e-newsletter you must be pretty tired of hearing about how the London region is in a “SELLER’S MARKET” and how the “INVENTORY IS LOW”. Although recently we have been more inventory on the market, a seller’s market persists in all three of London’s real estate areas. And on top of this, house prices continue to rise. The March 2019 stats showed that the average price of a home in London was $416,085 up 12.7% from March 2018.
So what can buyers do to increase their odds in finding and successfully bidding on a home? Here are my top three tips for ‘tipping’ the balance in your buying favour.
- Get pre-approved.
Now more than ever it is so important to have all your financial ducks in a row. Talk to a mortgage specialist (or two or three) and then chose one who will get you an official pre-approval. Some buyers confuse getting pre-qualified with getting pre-approved. It is not the same. In order to get pre-approved your mortgage specialist will need to run a credit check as well as review your employment details and other aspects of your financial situation. Then you will really know what your house-hunting budget is.
- Know what you are looking for.
The more specific you are in terms of what you want to buy, the more likely you will be a successful buyer. When I first start working with buyers, we usually spend at least one house hunting appointment getting a feel for the market and adjusting expectations. However, the sooner you can clearly describe what type of home and the preferred area or areas, the sooner you can move forwardly confidently with an offer when you find the right one.
- Hire a professional realtor.
I can’t stress enough that now, more than ever, shopping for a house without hiring a buyer agent puts you at a disadvantage. With so many buyers competing for a limited number of houses, you will find that waiting to go to the open house on Sunday, will be too late, the house will already be sold. You want a realtor who is working for you, keeps you up to date about listings that have just hit the market or even the inside scoop on listings that will soon be coming to market. You want a realtor who also knows how to craft a good offer and to strategize wisely in multiple offer situations.
Please let me know if you have any questions about buying or selling real estate in the London area. I would be happy to provide you with more information. I can be reached by phone or text on my direct line at 519-636-7827 or by email at firstname.lastname@example.org