No, not all homes in London are overpriced! Yes, we are now in a buyer’s market, but that does not mean every seller will reduce their price.

There is no question that some sellers have overpriced their homes, but it is essential not to compare these overpriced homes with those that are priced well.

Here, then, is the crux of this market.

Most buyers and their Realtor are going in with low offers, regardless of the comparables and the value of an individual home.

The ‘throwing out the baby with the bath water’ mentality is distorting the market. I contend that mentality harms a buyer because they are missing out on fundamental value in favour of perceived value.

If I may, here is a classic example that not all homes are overpriced.

A townhouse condo is listed for sale at $650,000, and it is the only one available. Five months earlier, one sold for $565,000. Realtors and their clients will think that the $650,000 unit is overpriced. I dug further and here is what I discovered:

• The seller was underwater. (Meaning, they were in financial difficulty and had to sell quickly or lose the property to the mortgage holder)

• Nine photos, no video or floor plans.

• No staus certificate available, up to the buyer to order one.

• Initially listed for sale at $639,000, no offers. The listing was either cancelled, reduced, or expired three times before eventually selling.

• Everything in the unit was original from the builder, no upgrades.

• The listing Realtor was from the GTA area, and the only way for local Realtors or consumers to arrange a showing was by calling the brokerage’s switchboard, usually an answering service, then waiting hours for a call back, if ever, and by email, two to three days later!

• The unity was dusty and had a stale air odour as the place was vacant.

• The rugs were slightly soiled, and the walls required paint.

The $650,000 unit?

• Upgraded throughout with quality flooring, lighting, window covers, appliances and decorated.

• One more bathroom

• The backyard view was of a green space, not a six-foot wall.

Now, Are All Homes in London Overpriced?

What do you think happens when a Realtor and their client see the $650,000 place? They love it but think it is overpriced because a unit sold five months previously for $565,000.

Even though others that sold in 2024 in that enclave were in the $619,000 to $640,000 range!

In one instance, an offer was refused on the $650,000 unit because the offer was at $575,000, which was perceived as insulting not only the seller but also his Realtor. Refusing to counter-offer, a verbal offer was declined at $589,000.

Two weeks later, that buyer purchased a unit in another area of town for $595,000. The unit was older and of lesser quality than the $650,000 unit, and the condo fees were $285.00 higher.

Hmmmm! Who was the winner here?

Want more examples? I see houses and condos that are a great value sitting on the market waiting for the right buyer with foresight! Those sellers are not desperate or need to sell, so why play the game that you are going to lose as soon as you start?

Don’t get me wrong here, this is an excellent opportunity for buyers to take advantage of the softening real estate market. The homes that are priced right, their Realtor and the owners are realists and have price their property accordingly!

Are you finding your house too big? Do you no longer need all that space, or is the upkeep and cleaning becoming a chore? Or, now or sometime soon:

• The stairs are becoming a challenge?

• The landscaping and gardens are not fun or relaxing anymore.

• The expenses to upkeep and maintain are getting out of hand.

• All your long-time neighbours have moved, and you feel isolated.

• Has your neighbourhood changed? You don’t feel comfortable anymore?

• You want to cash in on your equity and travel or move closer to family?

What I have listed above, clients have related to me.

What holds them most back is that they currently feel comfortable in their home. The memories are strong, and they even feel that their home has a hold on them!

Unfortunately, time and circumstances change.

Noah did not start building the ark when it was raining!

I will not discuss all the social or financial options you have when you find your house too big. On Google alone, there are over one million articles to read! Then, you have the opinions of your children, relatives, accountant, money manager or financial advisor, church group, golfing buddies, and the unwashed.

As a Realtor, it’s a good idea to start thinking about a move within a six—to twelve-month timeframe at the latest. My most contented and happy clients are those who planned two to three years prior to the move!

For those of you who want to downsize soon, there are some best practices you may want to know to ensure that you are not leaving money on the table—or worse, that your choices were not the best move for you!

No grandstanding here, but I know your challenges, the emotions, and how hard it is to evolve your comfort zone. I have been there, and I have also helped hundreds of clients over the years buy and sell their homes.

I have learned more than a few things and still have lots to learn. One thing I know for sure is that a process of proven steps and practices works far better than winging it.

Thinking of a move, now or in the future? You are under no obligation when you contact me. No signing anything, just a brief conversation to see if we are both on the same page!

More About Downsizing

Unfortunately, 83.7% of home buyers and their Realtors believe they can only fulfill two sides of the London home buyer pyramid. I strongly disagree that a motivated, patient, and knowledgeable buyer working with a Realtor who has systems in place can fulfill all three; maybe not 100% in some cases, but I would take 90% plus over 66% any day!

As a home buyer in London, Ontario, and the area, I am sure you would, too!

Price

This may sound flippant, but price is what you are qualified for. If you are qualified to buy up to $800,000, why look at places that are $900,000 or more? You will either discourage yourself or discredit the seller’s ego if you can get $80,000 to $100,000 off the price.

Yes, I have seen a few cases where a seller with pie-in-the-sky fantasies has dropped the price by $100,000 or more after a few months of no showings or offers.

A reasonable buyer can easily fulfill the left side of the pyramid when there is a reasonable seller!

Location

Location may be #1 on the London home buyer pyramid. Regardless of price or features, you ain’t buying. You have your reasons and comfort zone, if you are going to move, feeling good about your environment is a good thing.

Features

What are your must-haves in a home? Would be nice? Don’t care? I have yet to find a home that checks 100% of the boxes. Think about your must-haves and if necessary, draw a line in the sand, no ifs, buts or what the heck -don’t cross the line.

Please tell me, if you took the time to understand the three sides of the London home buyer pyramid, why would it be difficult to find that home? If you find it challenging, one of the three sides is not aligned.

Have you ever wondered what a savvy home buyer is? Or is not? I may ruffle a few feathers here, warning those who like to pooh-pooh on everything.

You Don’t Know Everything!

Wise, savvy buyers know what they don’t know. They will then expend the energy to learn or get factual, qualified advice from those who do know. Notice I did not say get an opinion? You can ask 50 people for their opinion, read 50 articles, or view 50 social media feeds; cumulatively, you will most likely get 150 opinions!

Be Real—This Market Isn’t Hard

David Greenspan wrote, “It’s hard because too many people are operating with false expectations, and not enough honest conversations are happening to fix it. Buyers are chasing homes they can’t afford, and sellers are living in the past, stuck on 2021 prices.” 

Trying To Time The Market.

Timing the real estate market to sell or buy a house or a condo is a guessing game. If anybody tells you differently, run!

The market doesn’t care when we want to sell or buy, which is why so many quality and well-located homes end up on the market longer, or, heaven forbid, unsold! I learned a long time ago that there are things I can control and cannot, and the market is not in your or my control. You are the market.

Not Understanding The Process

Winging it is going to cost you. Buying and selling real estate is a process, not an event. Yes, it can be exciting, fearful, dreadful, hopeful, exhilarating, greedy, bountiful, forgiving, and scary simultaneously. Ok, I’m exaggerating. All within 24 hours! Or two weeks, or for a long time.

Be aware that Realtors have a process mandated for handling a purchase and sale, timelines, and a fiduciary duty to their clients. Your lender, lawyer, a home inspector, or a condo management company also has a process mandated for handling a purchase and sale.

Meet with all who may be involved BEFORE you start looking at properties. If you do that, I guarantee you will be a savvy home buyer with a huge advantage over other buyers.

We can all go through phases of temporary amnesia, try not to when buying a property!

Be Boring

Yes, speaking with the professionals takes time and is not as much fun as driving all over the place looking at properties. Boring is similar to the story of the turtle and the hare. The turtle’s pace is slow, boring, and plodding; however, the price is right.

Your time and effort will be rewarded exponentially, equivalent to the time it takes you to understand the process. Spend the time now and be rewarded later. Boring, I know, it’s your choice.

When you feel the timing is right to start the buying process, you’ll likely view several homes on the market that match your criteria. Below are the usual run-of-the-mill ideas.

Duh?

Bring a notepad. Take notes on the home’s characteristics and how you feel. Can you imagine yourself happily relaxing in this place or entertaining family and friends?

Bring a measuring tape. Do you know if the furniture you plan to bring fits? Exercise equipment or a couch? Will anything, such as windows, appliances, or flooring, need to be replaced soon?

Check out the area. Do other homeowners take good care of their properties? This shows pride in ownership. What is the noise level? Is there a playground or another area feature nearby?

Make a list of compromises. For example, is the kitchen doable or a deal breaker? Two bathrooms instead of three, and if so, can you live with that? Four bedrooms instead of three? Garage/ no garage?

Make a list of likes/dislikes. What features does the home have that are not necessary but would be nice to have? For example, a dining room, a fenced backyard, exposure to the sun or shade?

Remember your budget. Is the price within your range and allows some wiggle room for updates or repairs? The savvier you are when viewing properties on the market, the more likely you will be to find the right home for you.

Well, there you go, and oh, a little self-promotion.

Timing the real estate market to sell or buy a house or a condo in London, Ontario is a guessing game. If anybody tells you differently, run, don’t sign anything!

The market doesn’t care when we want to sell or buy, which is why so many quality and well-located homes end up on the market longer, or, heaven forbid, unsold!

I learned a long time ago there are things I can control and things I cannot, and the market is not in your or my control.

You are the market.

There may be five like you or a hundred, but they are not the market.

Since we can’t control what others think, feel, or do, we can control what we do. You control your mindset, the strategies you set, and the knowledge you have or think you have.

Circumstances happen.

• If you are a Snowbird and want to sell your place in Florida in 2025, you may face the situation of ten or more of your neighbours who also want to sell. You cannot control their motivation on price and risk, only yours. If you are committed to getting out, commit and pay the price.

• You decide to list your condo for sale at a price you feel is justified. A week later, another one gets listed for 15% higher or lower. What can you control?

• When interest rates were below 2%, you waited because you thought they would go lower. When they were 4.5%, too high, you waited, and on and on it goes. Merry-go-rounds are for children, not you.

• The greatest opportunity expense is time.

Yes, I am a Realtor and cannot control the market. Timing the real estate market is not in my realm of expertise. If I have an opinion, in reality, it is a guess. What I can control is my work ethic, values, learning, adapting and patience.

Who decides the real estate market?

The London home seller formula has four ingredients. Like baking a cake, if you leave out one or disregard it, you will not meet your expectations!

Excited that we sold your home is good, leave some energy to start packing!

In selling hundreds of homes in the London, Ontario area, these four core ingredients make up the London home seller formula. Yes, you can add a dash of this to match your taste, but you will still want these four to be the main content.

Location

The pricing should reflect the location.  Enough said.

Condition

The pricing should accurately reflect the condition, both inside and out. 

The Market

The market is made up of interest rates, mortgage availability, competition, and the public’s perception of the general economy. If you must sell, price and condition will help. If you are fishing for a price, you may not have enough compelling bait.

 Price

 Price is the #1 most important factor in selling a home. The consequences of making the wrong decision can be painful. If you price your home too low, you will give away thousands of dollars that could have been in your pocket. If you price it too high, your home will sit unsold for quite a while, developing the reputation of a problem property (everyone will think there is something wrong with ii)

• What you pay for your property does not affect its value.

• The amount of money you need to get from selling your property does not affect its value.

• What you think it should be worth does not affect value.

• What another real estate agent says your property is worth does not affect its value.

• What your uncle, your hairdresser, your parents, or your children say it is worth ( even though they have your best interests) does not affect its value.

• An appraisal does not always indicate what your property is worth on the open market.

The value of your property is determined by what a ready, willing, and able buyer will pay for it in the open market, which will be based on the value of other recent closed sales.

A Home Seller’s Guide With Hundreds of Tips, Ideas and Solutions To Sell Your Home or Condo & Start Packing!

I have hundreds of blog posts about these ingredients that describe each formula in more detail.

Most of us have been in real estate denial. At times, we confuse our situation or circumstances as problems. Bear with me a bit here, and in my simple way, try to explain.

 Is it a Situation or Circumstances?

• You don’t have enough money for a down payment; that’s your situation or circumstances.

• Mortgage payments are too high; that’s a situation.

• You can’t find a house you like in the area you like with everything you want; that’s a situation.

• Your spouse, mate, children, parents, or dog don’t want you to move; that’s not a problem, that’s a situation.

• Your house is too big or too many stairs, but you love your garden and neighbours, that’s a situation.

• As a real estate investor, you can’t make any money; that is not a problem, that is a situation.

I am not being glib, but when most people say they have a problem, they either quit, sit on the fence, or deny themselves the right frame of mind. They get angry, blame someone else, criticize someone or everyone, and deny any responsibility for their situation. Albert Einstein said that if you use the same mindset that got you where you are now, that same mindset will not get you out!

The single parent who works two jobs, denying their comfort for their children, has a situation but is doing something about it, as is the young married couple, or the newly arrived family in Canada, saving and sweating for a better life, that is a situation because they are doing something about it and don’t see setting aside money every paycheque, busting their butts to feed their family as a ‘problem’ but an opportunity! They find a way, they don’t complain about their circumstances, they do something about it.

Stock market going down, your RSP taking a hit, that’s not a problem; it’s a situation, a circumstance that you have some control over, do something about it, and if you don’t know what to do, that’s on you!

Trying to lose ten pounds for the last ten years is not a problem; that is a situation; there are millions of articles on how to lose weight, so is it a problem or a situation? Or how most solve the situation is by buying bigger pants!

Is the weather a problem? The temperature? Our government policies, local, provincial or federal? 

“You shouldn’t give circumstance the power to rouse your anger, for they don’t care at all.” Marcus Aurelius, Meditations

Note: If your situation or current circumstances elevate your commitment to improving your lifestyle for you and your family, isn’t that wonderful and better than denial of the truth?

Situations, circumstances, or so-called problems are not solved by sticking your head in the sand.

What are free home valuations worth, and why are they offered? Almost every Realtor has “Free Home Valuations” all over their messages; all you have to do is click on their message. They will gladly prance and parade to your residence with the primary purpose of hoping that you will sell your home with them.

In my experience, 50% of those valuations are in the ballpark. The remainder tell people what they want to hear or are afraid to tell the truth because they do not want to upset a potential seller. They gather all the glamour B.S. and dump it on you to impress you. Or try to!

Wanting you to like them.

You don’t have to like a heart surgeon if you’re having heart problems. You don’t have to like a paramedic if you’re in an accident. I know I want professionalism and to be cared for 100%, nothing less.

Free has no value; there will always be a price to pay, now or later. I don’t know who said this, but I love it: “Pay the price once and only cry once”!

What is a Comparable Market Analysis? (CMA)

My interpretation of a CMA is the following:

A Comparative Market Analysis (CMA) helps determine a property’s correct selling price. Ultimately, the best price the market will bear is the correct selling price.

A market analysis is divided into three categories:

1. Comparable homes that are currently for sale

2. Comparable homes that were recently sold

3. Comparable homes that failed to sell

By looking at similar homes currently offered for sale, you can assess the alternatives a serious buyer has. You can also be sure that we are not underpricing your home.

Looking at similar homes sold in the past few months, you can see a clear picture of how the market has valued homes comparable to yours. You can also see the days on the market for these to sell. Homes that sell for the correct price sell the quickest.

Banks and other lending institutions also analyze these sales to determine how much they can lend to qualified buyers.

Looking at similar homes that failed to sell or had price reductions, you can avoid pricing at a level that would not attract buyers.

I ask you, now what do you think are free home valuations worth?

More Home Seller Ideas or Contradictions

Are you unaware that spouses differ selling a home? If not, you are not married, you may never get married. If you remain unaware, your life is not going to be easy.

In a recent survey, male and female home sellers were asked. “What did you find to be the most difficult part of your home sale transaction?”

The most intriguing part of the above survey was that determining the list price of their home was the least complicated part of their home sale transaction.

When couples decide to sell a home, they have a price range in mind; they do not wake up one morning and decide on a price. The process of selling a home from thinking to doing will, on average, take nine to twelve months.

The paperwork and disclosures were almost equal in difficulty. That surprised me at first, but then, not everyone is organized. Or has systems in place to ease the process for home sellers. Thoroughly clarifying and understanding the process before signing anything is prudent.

Getting their home ready to sell, such as painting, repairing, and cleaning, was a 10% difference on the difficulty score. For good reason, you are going to have people going through your home, so first impressions count. You can guess with certainty which spouse will be cleaning and decluttering.

There are three phases in the selling a home process:

Before

During

After

Ensure you understand the before, during, and after of your listing. 

Who does what, and when?

How and when will you be informed?

I know that when clients are informed and understand the home-selling process, there is less anxiety and disruption. Regardless, spouses differ in selling a home, along with the rest of the family, Aunt Thelma and your third cousin on your first husband’s mother’s side!

It should not be a mystery to price a condo to sell in London, Ontario. It’s not what you think it is worth. It’s what a reasonable buyer will think your condo is worth and willing to pay.

Hey, wait, if I left it up to a buyer, they would pay me as little as possible! True, they would. In the real world, every buyer knows you are not obligated to sell your condo at any price. To purchase your condo, the buyer must make you an offer you can’t or won’t refuse. One that will motivate you to pack, hire a local mover, wave goodbye, and sayonara.

Successful condo sellers understand that a Realtor’s responsibility is to provide marketing, expert advice, and negotiating services. Your Realtor does not own your property or make the final pricing decisions. You do, and ultimately, your asking price will determine how quickly and at what price it sells.

Focus on the Major Key Issues & Be Realistic

Common mistakes sellers (and some Realtors) make:

• Putting the property on the market at an unrealistic price and not pricing it on a comparative basis to similar properties. (Yes, your place may be different, will buyers think so?

• They are unaware of a seller’s or buyer’s market.

• Not thinking that buyers aren’t comparing your place, on a dollar-for-dollar basis, with every other apartment or townhouse condo on the market.

Many sellers will argue that their condo has an insurance replacement, appraised, or tax-assessed value. Unless your insurance agent, banker, or tax assessor writes you a cheque, none of that matters.

A condo without a buyer has no value in the marketplace. Sure, it has value to you, and again, it might have value to your banker, insurance agent, Uncle Bob, hairdresser, friends at work, drinking buddies, bridge club or appraiser.

None of those are buyers!

Want Buyers?

Who would you want representing and protecting your interests, a transactional or transformational Realtor in London Ontario?

What is transactional? Transactional means there is an expectation that if one gives, one will receive. Study.com. In the real world, in it for the money, not you.

What does transformative mean? Causing or able to cause a significant and lasting change in someone or something. Merriam-Webster. In the real world, in it for you and when successful getting you what you want, you get rewarded.

Transactional

It’s like going to a doctor’s office and saying you are not feeling well. The Doctor goes to a shelf and gives you four different pill bottles and says, “Take these. These will help.” Also, drink lots of water, stand on one leg, and whistle Dixie. If you are not feeling better, make an appointment in a month or so! The Doctor made little effort to know about you, your concerns, fears, and history or to listen.

There is no difference with a Realtor who will tell you anything and show you anything to get you to buy or sell.

Transformational

The Realtor, who takes the time to understand your wants, needs, fears, goals, and concerns, will not tell you what you want to hear, but will walk you through the process and ensure he or she protects you and your family.

Who will have your best interests at heart and be there for you during the process and after you move in? You may be surprised at the questions you may have after a transaction closes. Or the names of some tradespeople.

How will you know if a transactional or transformational Realtor? Or Lawyer? Home inspector or mortgage lender? Listen to your gut. Feel it in your bones. Give yourself some credit; you can tell the difference in a heartbeat!