Before making an offer on a home in London, Ontario, there are four things you may want to know first, and the most fundamental element to keep in mind is:
How MOTIVATED Is the Seller And How MOTIVATED Are YOU
Has the house been on the market for over 30 days? Is it because the seller is not motivated enough to sell? Perhaps the house hasn’t sold by now, and the seller is very motivated. Or are they fishing for a price?
If you’ve been transferred, have your home listed for sale, your lease is up, you wish to downsize, another child is on the way, and your house is too small, your neighbourhood is a proctological pain, or you’ve had it with your landlord, you may be very motivated to buy!
Try To Avoid Emotional Attachment to the Home You’re Considering
If your heart is racing about the home and you can’t hold back your emotions when thinking about the house, you won’t do well when negotiating the purchase price. In some cases, money may not be the issue; it could be the layout, neighbourhood or perceived lifestyle.
What’s the single best piece of information you can have? Besides my phone number (I couldn’t resist), it’s the comparable sales and market data for the entire market and the area.
Four Important Things Before Making an Offer on a Home in London, Ontario
1. Look at the area’s active (for sale) listings. Was the house you’re considering priced within the range of other homes? If so, you know you’re at a reasonable starting point.
2. Now, compare the average selling price to the listing price. Consider this when making your offer.
3. Make sure you visit several other listings in the area. How does your choice compare to the others on the market? Is the home you’re considering in a similar shape? Better sited? Bigger, smaller, better style, better landscaping, etc.? These factors will help you determine how much you should pay for your home vs. how much others paid for similar homes in the neighbourhood.
4. Look at the average market times for listings in the area.
Now, you may or may not be ready to make an offer!
Before Buying a Home Essentials
What are your decisions when buying that particular house or condo based on?