Are you considering buying an apartment condo in London Ontario, or the surrounding area? Here are a few things to consider to help you make an informed decision.

 I have viewed hundreds of apartment condos over the years. Buyers look at the size of the balcony, kitchen, and bathrooms.

• How clean and tidy are the entrance, the lobby and the elevators?

• Are the security, entrance, and monitoring systems operational and up to date with the latest equipment?

• Are the elevators all operable and were they last inspected promptly?

• If underground parking is available, I am looking for moisture, security systems, and odours.

Before You Make an Appointment To View an Apartment Condo in London Ontario, Find Out: 

1. Who lives here? What age group? Children?

2. What are the average prices for the last 12-18 months?

3. What are the average days on the market for these condos?

4. How long has this unit been on the market & how many times?

5. Is planned construction nearby that will affect or disrupt views or traffic flow?

Before Making an Offer, Consider:

1. A Financing Clause, if necessary

2. A Home Inspection? Sometimes, it is unnecessary; I am concerned about the electrical, plumbing, heating, and cooling systems in an older building.

3. Ordering a Status Certificate—The financial situation of the condo corporation. Don’t just rely on your lawyer’s opinion. They know the law but are not accountants, financial advisers or Realtors.

4. What are the condo rules? (A good real estate lawyer will be able to tell you after reviewing the status report)

5. Are there pet restrictions? You may want to do that before buying a condo.

6. Ample visitor parking?

7. What is the percentage of units occupied by owners vs. renters? (A good real estate lawyer will be able to tell you after reviewing the status report)

Finding and selecting a condo in London, Ontario, can be an exciting experience. However, letting emotions cloud your judgement could prove costly or lead to dissatisfaction within a few months!

Like a meal or a piece of cake,  it helps to know what ingredients make it great and in what order!

Read More in Our Condo Buyer’s Guide

In a recent survey, 73.7% of apartment condo buyers said they wish they had known what they know now and would be more diligent in future purchases. That is why I wrote this.

   When you go shopping for a house or condo to buy, two homes are competing for your attention: the one that meets your needs, and the one that fulfils your desires. 

Offering a Price Without The Correct Comparisons

What price do you offer a seller? Is the seller’s asking price too high? Is it ideal? Without conducting market research and reviewing comparable condos, you are bidding blind. A professional Realtor who represents you should offer an unbiased opinion on the place’s value based on market conditions and the building.  I said they should, but how would you know if it is unbiased, what comparables are used, and in what time frames? Without this knowledge, you could quickly bid too high or miss a great buying opportunity.

Buying the wrong place.

    What are you looking for in an apartment? It’s a simple enough question, but the answer can be pretty complicated. More than one buyer has been swept up in the emotion and excitement of the buying process, only to find themselves the owner of a place that is either too big or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many fixes they want to address now that the excitement has died. Take the time now to define your wants and needs, discuss them with your Realtor, put them in writing, and use them as a benchmark to evaluate every property you visit.

Unclear title

Before signing any documents, ensure the property you are considering is free of all encumbrances. Your lawyer will do this for you as part of their fiduciary duty, but please ensure your Realtor includes clauses to protect you. The last thing you want to discover before you move in is tax liens, debts, undisclosed owners, leases, contracts or easements or special assessments.

Unexpected repairs

Don’t expect every seller to disclose every physical detail that requires attention. Use common sense and double-check everything!

Unfortunately, anyone can call themselves a “Home Inspector,” and no Provincial Governing Body can monitor or verify credentials. I have seen some doozies, some unbelievable, erroneous, and some great reports over the years.

Not Getting Mortgage Pre-approval

Pre-approval is quick, easy and free. It’s essential to know in advance what you qualify for to avoid disappointment. Did you know that shopping for the best rate and terms could save you $50,000 or more over 20 years? Getting the best terms for you for a mortgage is more important than a condo’s price.

Note: Be careful with pre-approvals. Not all pre-approvals are the same.

Hidden Costs

 There may be additional costs or fees you have not yet considered. A good Realtor will discuss this with you, and you should consult your lender, lawyer, and any other professional regarding all fees and costs. 

Rushing the Closing

Take your time during this critical part of the process.

• Do you understand your mortgage details?

• Has anything been forgotten?

• Do the paperwork and documentation reflect your understanding of the transaction?

Will your Realtor take you through your planned purchase 2 to 3 days before closing? (To ensure that there are no unusual changes in the condo’s condition or that is supposed to stay, stays).

Plan for Flexibility

Allow for contingencies and have a backup plan in place. If you or the sellers need more time to finalize the arrangements, keep these delays from becoming frustrating or upsetting.

   If it’s not in Writing, It Doesn’t Exist.

 Don’t make any assumptions or believe any assurances.  Have your real estate professional keep an ongoing log (in writing) of all discussions and get the seller’s written approval for all agreements.

How long do you plan to live in the condo?

Buying & selling an apartment condo in London or anywhere, in fact, can cost money.  If you may need to move in the short term, your property's value may not have been fully appreciated to cover the costs of buying and selling.  The time required to cover those costs depends on various economic factors.

What features do you need to suit your current lifestyle? Five years from now? People tend to stay in places longer than they initially intended, primarily due to the time and cost of moving.  Therefore, it is worth considering a home with room to grow.  Having an idea of what you’ll need will help you find a place that meets your needs for years to come.

I left the best for last: Make sure you know what you want!

Knowing what you want may sound simple, but many buyers need a reality check before they start searching.

When buying an apartment condo in London, Ontario, you may fall in love with one or another one for entirely different reasons. Far too often, people buy a place for the wrong reasons and later regret their decision when the apartment condo fails to meet their needs.

Do not shop with stars in your eyes: satisfy your needs first. Work with a good Realtor who will sit down with you and listen to your wants.

To help you know what you want:

What do I NEED in my apartment condo?

1____________________________________________________________

2_____________________________________________________________

3_____________________________________________________________

4_____________________________________________________________

5_____________________________________________________________

What would I LOVE?

1_____________________________________________________________

2_____________________________________________________________

3_____________________________________________________________

4_____________________________________________________________

We bring people and properties together. We take the time to listen and understand your goals and concerns, then design a plan to achieve them and execute it.

When you’re ready to move, Michael or I, Ty Lacroix will make sure you do so safely, wisely and thriftily!

Be careful how you choose a real estate lawyer in London, Ontario, when buying a house or a condo. Please use this as a guideline; I am a Realtor, not a lawyer.

A real estate lawyer’s role in purchasing a house or condo involves more time than that in a sale. The purchaser’s lawyer does most of the heavy lifting—or should!

The purchaser’s lawyer’s role is to protect you, the buyer, throughout the transaction. To ensure that you obtain a good title to your new property.  Traditionally, the purchaser’s lawyer also represents your mortgage lender’s interests in preparing and registering the documents in accordance with your mortgage commitment. At the end of the transaction, you and the lender each receive a report from your lawyer.

When should I get a real estate lawyer?

As soon as you have an Agreement of Purchase of Sale. Your lawyer can begin preparing documents and conducting the time-sensitive searches needed.

How do you select a lawyer?

Ask your family and friends to recommend a lawyer who has given them good service.  Or, ask your Realtor for a list of reliable real estate lawyers.  At this stage, many first-time buyers make the mistake of asking how much. Unfortunately, they think the lowest price is all that matters!  Remember, this is your home, get it done right the first time and protect yourself!

You want a law firm that provides good advice.  Why would you accept poor advice to save $200.00 on a purchase of $500,000.00 or more?   Use the initial interview to assess the law firm for basic courtesy and professionalism and to probe for information:

• If I retain your firm, what exactly are the next steps?

• What is the lawyer’s experience?

• Will I meet the lawyer personally?

• When?

• Will you keep me informed as the transaction progresses?

• May I phone you occasionally for progress reports or advice?

• When will you tell me about the final closing costs?

• When do you require me to bring in the funds?

• Sign the papers?

• How soon after closing will I get my reporting letter?

LEGAL FEES, DISBURSEMENTS, “ADJUSTMENTS,” CLOSING FUNDS.

Your lawyer should quote a block fee for all professional services related to the transaction.   Expect this figure to be firm unless something unusual happens, such as a Court application.  Your lawyer should also estimate the disbursements, which are the lawyer’s expenses over and above fees. 

Disbursements include a Title Insurance premium, the cost of a title search, government registration charges, Land Transfer Tax, HST, courier charges, and other related costs.

Your lawyer can also prepare you for adjustments to the closing.  Here are two examples of “Adjustments”:

• The seller has paid municipal taxes for the entire calendar year, and your purchase closes on July 1; therefore, at closing you owe the vendor a reimbursement of one-half of the year’s taxes.

• The seller paid the condo fees a month in advance.

• Or consider the following: it is not strictly an “adjustment,” but rather an additional closing cost that may be an unpleasant surprise: you have selected a high-ratio mortgage with mortgage insurance to protect the lender; the lender deducts the insurance premium from the mortgage, reducing the available funds for closing.

If you do not require a mortgage, your lawyer will ask you to bring a certified cheque or bank draft the day before closing, covering the lawyer’s fees, disbursements, and the balance due on closing. Those funds are placed in the lawyer’s trust account.

In most transactions, the mortgage holder transfers the funds to the seller’s lawyer’s account.

What Does a Buyer’s Lawyer Do?

Your Realtor should have read and explained all the Agreement of Purchase and Sale clauses to you, including important dates and what you may be required to tend to. Your lawyer will look primarily for clarity in the conditions inserted to protect you in the Purchase and Sale Agreement.

Some purchases may be contingent on a satisfactory property inspection and mortgage financing (even if you have a pre-approved mortgage, the lender may still want to appraise the property). Your lawyer will request and examine the status certificate if it is a condominium.

Every rural purchase should be conditional upon proof of potable water and a legal septic system.  Each condition should specify the fulfillment time, whether it may be waived, the notice required if the condition is satisfied or waived, and the consequences.

Time is vital in a real estate transaction.

Be sure you or your Realtor gives your lawyer a copy of the Agreement of Purchase and Sale along with any waivers, fulfillments and amendments as soon as possible.

Your lawyer will arrange Title Insurance.   (Great link explaining title insurance from the Financial Services Commission of Ontario) Title Insurance is not a substitute for a title search, which your lawyer must perform.  Title Insurance aims to give you insurance protection for title defects that your lawyer might have missed and any other defect that a title search, such as a survey problem or a technical violation of a zoning by-law, would not typically reveal.

You pay a one-time premium on closing.    In most cases, the Title Insurance premium cost is more than offset by the expense of searches your lawyer will not have to perform because the potential problems are insured.

The most notorious disbursements, made unnecessary by Title Insurance, are the fees formerly charged by a municipality to issue a letter confirming that it has no record of a zoning or property standards violation on your property.

Your lawyer will prepare the closing documents, including the transfer (deed) and the mortgage.  In London, deeds and mortgages are created and registered electronically rather than on paper.   That means the “closing” will occur in your lawyer’s office, not the Land Registry Office.

The money and keys are exchanged between the vendor’s and purchaser’s lawyers by courier under an “escrow” agreement. Your lawyer can give you the keys only after the electronic registrations are complete. The funds are in the vendor’s lawyer's hands—usually by the mid-afternoon closing date.

WHAT IS A SURVEY, AND DO I NEED ONE? WHO PAYS FOR IT?

In a real estate purchase, the only “survey” that counts is one signed and sealed by an Ontario Land Surveyor. This shows the boundaries of your property, along with the locations of buildings, fences, and other physical features.   If you have retained the surveyor and paid his professional fee, you have a claim against the surveyor for any inaccuracy.  An engineer’s sketch is not a survey nor a copy of the subdivision plan.

For most new construction, relatively new resale houses, and properties created by severing an existing building, a survey document is likely available and may provide helpful information if you need additional legal protection.

Many people will tell you that a survey is unnecessary because of Title Insurance.  This is partly true—if you have Title Insurance, your mortgage lender will not require a survey. But remember that you have a greater personal and legal interest in the property than your lender does.  Knowing exactly where the foundation and fences are related to the lot lines before buying the house may benefit you, not after trouble arises.

Your best protection is a new survey prepared for you by an Ontario Land Surveyor who reports to you and to whom you pay a professional fee. The lesser and cheaper protection is for the seller to give you whatever survey they have, “updated” by an affidavit prepared by your lawyer. The seller declares that the property has not changed since the survey date.  You may find this sufficient to convey helpful information, though you may have no recourse if it is inaccurate.   You may decide not to survey if you have title insurance.

Whether you choose to incur the expense of a new survey is your decision.

Insurance.

“Insurance” will come in many forms upon your purchase.  Your lender will require you to obtain fire and other perils insurance for the property and provide proof before closing.   Ask your Insurance Broker for a “Binder Letter”. The policy should list you as the owner and your mortgage lender as the first mortgagee. 

If you have a high-ratio mortgage, Mortgage Insurance (CMHC) will protect your lender against default, and you will pay a significant premium, typically deducted from your mortgage.

Mortgage Life Insurance has obvious benefits – it may be a great relief to you or your dependents if your mortgage is repaid upon your death or that of a co-mortgagee.   However, it would help to compare the premium rates your insurance broker charges for ordinary term insurance before deciding whether to accept the mortgage lender’s group insurance plan.

Definitions

Adjustments. Your purchase price is “subject to the usual adjustments,” which you should review with your Realtor and lawyer to avoid surprises. 

Agreement of Purchase and Sale. This is the Offer to Purchase document for your transaction, prepared by your Realto. Once signed by both parties, it becomes a contract that binds both of you.

Disbursements.  These are transaction expenses in addition to legal fees. They may include:

• Title Insurance premium.

• the cost of a title search,

• government charges to register documents,

• Land Transfer Tax,

• HST if applicable

• Whatever the lawyer wants to charge ( I had to add that, I’ve seen it in a few cases).   

Closing Date.   The date stipulated in the Purchase and Sale Agreement for the purchase to be completed. Your money is exchanged for the possession (keys), and the documents are registered.   Remember that the closing may occur at any time during that day. Discuss this with your lawyer to know when to expect the keys.

Note:

Get legal advice from a lawyer. Get real estate advice from a Realtor!

Over the years, I have worked with more than 100 lawyers in London. When my clients request a referral, I typically provide 2-3 names to choose from. I am prompt, on time, dot the i’s and cross the t’s. I expect the law firm to do so.

Buying or selling a home can be stressful, especially when you’re unsure how efficient or thorough your lawyer is. After a successful offer acceptance, we forward and submit the paperwork to your lawyer at no extra charge. We follow up to ensure the lawyer and their staff are aware of essential dates and conditions. We also pay for a condominium status certificate to expedite the transaction and forward it to your lawyer.

I have always said purchasing or selling is easy; the detailed follow-up separates a top-notch Realtor from the masses!

In any real estate transaction, there is a chain of events and people involved. Expect a few challenges.

How problems with condos start in London, Ontario, is when you buy or sell one! What would you do if you knew there was a problem?

If there is a problem with a condo you are thinking of selling or buying, no need to hide!

As a Buyer, Do This

• You, your Realtor, and your Lawyer have reviewed the status certificate. You know the rules and regulations, as well as the corporation’s financial status. You also know the reserve fund’s amount and the last engineering on-site study.

• How many units are owned by investors, and what is the ratio between tenants and owners?

• Be very observant when visiting, not only with your eyes but also your nose.

As a Seller, Do This

• You can give the buyer’s representative an up-to-date status certificate.

• Are there any red flags in the status certificate minutes and financials that could prompt a buyer or their lawyer to walk away?

• Disclose, disclose, and disclose. If you are aware of any issues or defects, disclose them.

Every condo may have a problem, just as a single-family dwelling, a car, or a workplace can. It is your responsibility to know what the problems are or could be. If you don’t want to take responsibility, ensure the realtor you hire will be diligent enough to protect you. The law firm you select is knowledgeable about financial statements. Knowledge of the Ontario Condominium Act, how to read a status certificate and by-laws.

The problem with condos will be in your hands, hopefully never in court! Are you capable of handling them?

“Don’t find fault; find a remedy!” Henry Ford

When it comes to condos, be it an apartment or a townhome, I have solutions!

The smartest move in a London, Ontario Buyer’s market is to buy now! When the real estate market tips in favour of buyers, opportunity is everywhere. More choice. More negotiating power. Less competition. Yet oddly enough, instead of seizing the moment, many would-be buyers do… nothing.

They’re not buying homes. They’re buying into negative headlines and half-baked advice.

Think about it:

• In a seller’s market, buyers were tripping over themselves to bid on homes—sometimes paying well above asking—because they feared missing out. The advantage was firmly with the seller, yet buyers dove in headfirst.

• In today’s buyer’s market, the tables have turned. Prices are softer. Conditions are negotiable. It’s easier to get exactly what you want. But now? Buyers are hesitating, worried they’ll “pay too much” if prices slip further.

It’s the ultimate market irony: when fear should have been high, buyers felt fearless. Now that fear should be low, buyers freeze.

Here’s the truth—you’ll only know the exact bottom of the market once it’s already passed. The same goes for the top. Wait too long, and you’ll miss the sweet spot entirely.

In my experience, the smartest buyers in London, Ontario, right now are not reckless or greedy. They understand the market. They’re strategic. They see the bigger picture and act while the advantage is theirs.

Capable Buyers

Capable buyers are often paralyzed by the sheer volume of information, much of which is incorrect, the numerous choices available, and the numerous opinions. This leads to confusion and prolonged waiting, as they fear making a mistake.

Too many capable buyers get stuck in “analysis paralysis”—drowning in conflicting media stories, well-meaning but unqualified family advice, and outdated assumptions. The result? They wait. And wait. And wait… until the market shifts again, and opportunity is gone.

Market expectations are often more emotional than factual. If you want to make a confident, well-timed move, talk to someone who’s on the front lines every single day, not just speculating from the sidelines.

Bottom line:

This is a fantastic time to buy in London and the area—if you have the right information. As an experienced local Realtor, I’ll make sure you have the facts, the strategy, and the advantage.

Want The Truth?

Smart London Ontario home buyers know how to make an offer that wins, without low-balling!

When you’re buying a home in London, Ontario, it’s tempting to start with a “throwaway” offer—something low, to see what happens.

But here’s the risk:

• Sellers can dismiss your offer outright.

• A skilled seller’s agent can expose your lack of preparation (and make you look unserious).

• You lose credibility with the other side.

• And sometimes, you lose the house you actually wanted.

Strong offers aren’t always about price—they’re about strategy. That means:

• Using data to justify your number.

• Structuring terms that appeal to the seller.

• Having a Realtor who knows how to negotiate without burning bridges.

“Most deals don’t fall apart because of buyers or sellers—they fall apart because of Realtors who don’t know how to negotiate. Here’s how low-ball offers actually reveal who’s skilled, who’s guessing, and how to protect your price.”

Every offer is filtered through two people:

• The buyer’s agent (who frames the property’s value).

• The seller’s agent (who protects it).

If one of them lacks skill—or lets ego drive the conversation—the deal can collapse.

A firm strategic offer or a low-ball offer, what is your Realtor advocating?

Five Realtor Archetypes That Sabotage Deals

1. The Ghost – Disappears or gives vague responses.

2. The Bulldog – Pushes hard but forgets that the goal is an agreement.

3. The Rookie – Nervous, inconsistent, overly script-driven.

4. The Bluffer – Creates false urgency or twists facts.

5. The Performer – Loves drama more than results.

After helping hundreds of home buyers and sellers in London, Ontario, I’ve learned this: the right Realtor isn’t transactional, they are transformational, they’re your shield, strategist, and negotiator.

Smart London homebuyers understand the difference between price and value and do not confuse the two.

Ready To Start Looking? Let’s put a strategy in place!

See how we can help

Will a real estate spreadsheet help you decide on buying a home in London Ontario? In my many years as a Realtor, I hear “I’ll add it to my spreadsheet and get back to you.”

Or, “I’ll do a spreadsheet and see if the numbers work”.

Does a spreadsheet have:

• Rationality?

• Reasonability?

• Common sense?

• Optimism?

• Patience?

• Happy or being right?

• Uncertainty, doubt, regret?

• Analysis by paralysis?

Does a real estate spreadsheet rationalize a private backyard, a particular view, a unique layout or room sizes?

Your commute to work or work from home space? Schools? Walkability? Demographics?

When I worked with investors, most of them ran spreadsheets. The most successful investors used a spreadsheet with a twenty-year time frame and removed emotion from the equation.

Those wise investors also considered future changes, such as new construction, altered traffic flows, or government interference that could affect their ability to achieve a decent return on their investment.

Morgan Housel wrote,” Financial decisions are not made in spreadsheets or textbooks.”

A real estate spreadsheet for a home buyer helps calculate utilities, taxes, and mortgage payments, but that is it.

A home may not be the wisest investment you will ever make, but a home is you, your family, your retreat, your safety zone, your comfort zone.

How can you put a price on that? Yes, prudence in theory may be bantered about, but home ownership is more powerful!

Would you like to better understand the London, Ontario real estate market and avoid being swayed by uninformed opinions?

First, a few common ways:

• Scroll through Realtor.ca or a real estate website to view the prices of available properties.

• Go to Open Houses

• What the economists say or predict.

• Your local newscast or newspaper

• The National Average, or what the GTA or Vancouver market is doing.

• Your parents

• Your children

• Your relatives, co-workers, pickle-ball friends, golf buddies, church members, neighbours.

• Your local bank representative, mortgage broker, Realtor, financial advisor, lawyer, doctor or nurse, your shrink, hairdresser, barber, plumber, electrician.

• The doom-sayers.

• Or, anyone who you think has their sh*t together.

What we do for our clients, and we highly recommend that all buyers and sellers do.

A Market Education

 Visit the market and view 3-4 properties that are similar to what you are looking for, or to your current home.

Not to make an offer or buy on any of those 4, but to learn realistically about the market.  Then, when you are ready to buy or sell, you will know what to expect and be able to clarify your wants and needs more effectively.

When we offer market education.

• There is no obligation on your part, no signing anything, just an old-fashioned face-to-face meeting that, again, past clients said, helped them.

• Look at a few homes and keep your chequebook at home!!!!! 

• No signing anything

• No blah blah blah stuff, such as, “we’re #1, we sell gazillions of homes.

• No, I am not a miracle worker who can find your dream home for ½ the price

• No begging,” buy from me, I’m starving, my Mercedes payment is overdue, I’m honest, I’m a friend, a neighbour, a relative, yadda, yadda, yadda?

• No coffee, tea or lunch (you are not bringing your chequebook, I am not either!)

In summary, this involves a commitment of time and energy from both the Realtor and the buyer and seller.

Does this market education work? Below are what two of our clients wrote:

 “Ty, your market education system is wonderful!” Marilyn Cuthbert 

” Ty, you made our decision so much easier with your market education, thank you,” Philip Rosenburg

Would you like to book a personal London Ontario real estate market understanding?

Unfortunately, 83.7% of home buyers and their Realtors believe they can only address two of the three sides: price, location, or features. 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 properties priced at $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 beneficial.

Features

What are your must-haves in a home? Would it 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.

More Home Buyer Ideas

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 anyone tells you otherwise, 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 will 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 an extended period.

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

We can all experience temporary amnesia; try not to when buying a property!

Be Boring

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

Your time and effort will be rewarded exponentially, in proportion to how long 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.

Bring a notepad. Take notes on the home’s characteristics and your impressions. 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 any 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 acceptable 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 desirable? For example: a dining room, a fenced backyard, sun exposure, 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.
More Prudent Buyer Tips.

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.  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, it's in it for you and when you are successful, 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!

The most essential thing homebuyers want from a Realtor is risk management! Yes, arranging for showings, referring mortgage providers, home inspectors, and lawyers is not risk management. That is providing a service and a responsibility of the profession.

Over the years, I have helped hundreds of buyers from all income groups, ethnicities, and cultures, from investors to first-time buyers. Ultimately, buyers want to feel confident that their decisions were correct and aligned with their comfort zone.

Some buyers’ perspectives: 

• “Am I paying the right price for this home?”

• “What if something major goes wrong with this place I’m buying?”

• “Are the interest rate quotes I got from my bank good or bad?”

• “Are interest rates going to go down?”

• “What will happen if I feel in one year that this place is not for my family and me?” “My kids hate the schools more than I do?”

• “What happens if I get transferred, or laid off, or my company shuts down?”

• “I want to buy a place. What about down payments, insurance, home inspections, lawyers, and movers?”

• “Is this a Realtor who is transactional or transformational? How can I tell?”

• Add your fear or concern here: ___________________________________________________________________________

Buying a home today can be an emotional experience, not a financial high-wire act.

How do I define risk management for home buyers?

• Listening and understanding a buyer’s needs and wants, ‘it would be nice,’ and if?

• Explaining the reality of what they want and need regarding their buying power with facts, not opinions.

• Investing the time to explain the buying process from start to finish and afterwards can be boring for an excited buyer; they want to see properties! However, without reviewing the buying process and the what-ifs, jumping into a purchase off the bat leads to emotional exhaustion and buyer’s remorse.

The two links below will help you find more ideas, tips, and prudent methods for buying a home in London, Ontario! This is what I think homebuyers want from a Realtor and nothing less!

Home Buyer’s Guide London, Ontario
Condo Buyers Guide London Ontario

What does a threshold price for buying a home mean or matter?

A threshold price is one at which you can be confident that you are offering a fair price and that, in the future, if the market does take a downturn, your financial world will not be turned upside down.

I have been in several offer situations, won some, and some say ‘lost some,’ but my clients can’t lose something they never had. My clients and I set a threshold price and stick to it; we try to keep emotion out of it and avoid one of the biggest motivators in the world: “fear of missing out.”

Not long ago, homes received 7-15 offers without conditions, and some sold 12-18% above the asking price.

Jim Rohn wrote: “The pain of discipline weighs ounces; the pain of regret weighs tons!”

Speculation is dreaming, and though we read about the money that less than 5% of speculators say they make, we very seldom hear about the other 95% of speculators who lose. It may not be in the short term, but second and third-order consequences can come back to haunt you.

History does not repeat itself; only humans do.

I have rearranged one of Warren Buffett’s beliefs and changed the word stock to property: “It is far better to buy a wonderful property at a fair price than a fair property at a wonderful price.”

If you are in the market to buy a house or a condo in the London, Ontario, area and want a prudent advisor and Realtor to help you with your threshold price, what more can I say?