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 shaped by interest rates, mortgage availability, competition, and the public’s perception of the overall 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 reflect your property's open-market value.

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

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

What are free home valuations worth, and why are they offered? Almost every Realtor includes “Free Home Valuations” in their messages; all you have to do is click. 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 reviewing similar homes currently 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 how long these have been on the market. 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 wouldn’t attract buyers.

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

More Home Seller Ideas or Contradictions

It should not be a mystery of how 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 will pay.

You are correct in thinking, “If I left it 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 whether it is 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.  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!

Real estate fence-sitting in Canada seems like a pastime for anyone thinking of buying or selling a home. Why? Is it a buyer’s market or a seller’s market? Are prices too high? Are they unaffordable? Interest rates going up or down?

If Numbers Do Not Lie, Is It How The Numbers Are Created or Interpreted That Is Wrong?

I talk to buyers and sellers, Realtors, and mortgage brokers daily about the London, Ontario real estate market. At the end of most conversations, I ask, “Where did you get this information from?”

Now, perceptions of reality come to the forefront, reminding me of a quote from Miles Kington: “knowledge is knowing that a tomato is a fruit. Wisdom is not putting it in a fruit salad.”

• Opinions are not facts.

• Biases are not facts.

• Are perceptions facts? Beliefs? Emotions? A gut feeling? Social media? Dreamers?

Where Do The Real Real Estate Facts Come From?

• In London Ontario, The London Ontario St. Thomas Association of Realtors (LSTAR).

• For Canada and all the Provinces: Canadian Real Estate Association (CREA).

• However, from the two above, the numbers are at least one to two weeks old and are history. What was, is, today?

• Your local Realtor, ONLY if he or she is in the market every day, talks to a minimum of 10 people a day about real estate and will tell you what is for sale today, what the prices are today, what sold today, and what did not.

Where Not To Base a Decision About Real Estate

• Social media.

• Your neighbours, your co-workers, your mechanic, your hairdresser, your pickleball friends or your golf friends.

• Economists.

• Provincial or Federal Government Forecasts.

• Bank of Canada Forecasts.

• Your financial advisor or pastor.

Now, you may think I am biased as I am a Realtor in London, Ontario. Nope, I am a realist. I know where most people get their advice, and when that advice is wrong, it is the real estate market’s or the Realtor’s fault.

In summary, real estate fence sitting could end up being a pain in the butt! Or not!

Have you considered who would buy your home in London, Ontario, if you were to sell? How could you attract the right buyer who would love your place and pay your desired price?

One of the biggest downfalls I see when selling a house or a condo in London, be it through a real estate brokerage or a For Sale by Owner (FSBO) company, is that most marketers & Realtors think that if they do the following:

• Put a for-sale sign up?

• Put it on MLS, Kijiji, or Facebook?

• Take pretty pictures (or doctor them)?

• Make up some fancy brochures?

• Maybe run an ad in a glossy magazine that is one month too late, a newspaper ad ( called tombstone ads for a reason), or a giant ad with the Realtor’s picture larger than the home?

• Do an Open House? (Less than 1% of houses sold are through an open house!)

  Who is going to buy your home? Marketing to that group, in other words, focusing on the type of buyer your home will attract, is beneficial and works!

Don’t Worry About How, It is Who!

  For example, if you have a four-bedroom, two-car-garage house near good schools, you would market it to families, not to empty nesters or singles. Or, if you have a one-floor, two-bedroom condo in an upscale London neighbourhood, you would not market it to a family of four!

   Focus, narrow down, focus, focus, & clarify!

  Most homebuyers view between 10 and 16 homes in London, Ontario. They are aware of comparable homes in your area. If they have a top-notch Realtor helping them, they laser-focus on the house that fits their client’s budget and criteria. They do not get lost in the bling and shine of properties that do not meet their client’s profile.

You can have the fanciest billboard in the world, but if it is in the middle of the Sahara Desert, who will see it? If they did, how many miles and hours would it take to get to London, Ontario, to see it? (I googled it, 9519 KM)

  I hope this and other tips are helping you prepare your home for sale. Your thought processes should be more transparent. Though selling a home creates anxiety, if systems are in place and your what-ifs are covered, your home will sell!

All you have to do next is choose wisely who will help you make it all happen.

House Seller Tips Condo Seller Tips

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

I should warn you before you read further that my comments about why some London Ontario apartment condos take longer to sell are based on frustration and exasperation. I do not imply that the events that occurred will happen again. (Can pigs fly?)

My clients were interested in downsizing from their 2-storey home and in seeing 2-bedroom units in this particular building, all within $35,000 of each other in price. 

We chose a Thursday for the viewings, so I arranged showings on Tuesday morning. Five were listed for sale because we were interested in only this building.

One Realtor replied within an hour that the scheduled time would be fine. Another responded the following day, and one responded in the afternoon that it was acceptable to show the units. As I had not heard from the other two, I called their offices and used our appointment scheduler, Broker Bay. One called back immediately and apologized, stating that she had forgotten to confirm.

I have not heard from the other realtor, even after three attempts. Three weeks later, this condo is still listed for sale.

Checking The Facts

The evening before the scheduled showings, I did some homework. I retrieved all sales in the building over the last two years. Even called a past client (who had purchased from me years ago) in the building. I asked how happy she was and if she had any complaints. How the property manager was, and how solid the condo corporation was. Other pertinent questions that would enable me to inform my clients about the building's condo culture.

I retrieved the city’s current unit taxes, and two out of five were accurate, as shown on the listing data form. I don’t mean by a few dollars; in one case, there was a $ 1,732.00 difference.

The condo fees shown for all five units differed by $166.19. How can that be? Subsequently, after checking and speaking with the property manager, I found that only one condo unit had an accurate, current condo fee. That was because the listing Realtor had a current status report ready.

Fair is fair, I thought. Mistakes happen, and I will include clauses if my client decides to submit an offer to verify all condo fees, taxes, and any other discrepancies.

The Day of Reckoning

On the day of the showings, I meet my clients in the lobby, where lockboxes hold the keys for entrance to the building and individual units. My day is not starting well. Nine lockboxes were identified, only one of which included the unit number. Opening a few, some keys were tagged with the unit number, but some weren’t. My male client thought this was funny or laughed at me because I have only 4 pockets on my pants and could only keep track of 4. He also had four pockets, so he helped!

A couple of the units we saw were, according to the listing data, equipped with appliances, room sizes, and amenities. One unit was a disgrace, one unit, the occupant would not let us in (Nobody told me you were coming, she said). Two units were out to lunch in the price.

We return to the lobby and play Russian roulette with the keys and lockboxes again! I say to my clients, “ Well, what do you think?” with a straight face.

Other than the usual comments like poor layout, overpriced compared to others, and the condition of the units, my clients just kept shaking their heads and asking themselves, “Is this what they want to do or move here?”

The Outcome

They did not purchase anything that day. One week and two buildings later, they purchased a beautiful unit they liked. They know, and my past clients know why I work with just a few clients at a time. Preparing thoroughly before every showing due to a lack of confidence in the listing data is time-consuming. It creates some mistrust of MLS listings among buyers.

Again, I want to reiterate that not all real estate agents are like those mentioned above. If you do list your condo, check weekly that the information on the listing is accurate. This will ease the buyer’s uncertainty and prevent you from having your condo sit on the market while others sell!

Note: I wrote this four years ago. Pigs have not yet learned to fly; I have encountered similar challenges twice this year.

More Tips When Selling a Condo in London Ontario

Contacting your condo manager before listing your apartment or townhouse condo could prevent or delay the sale.

99% of the time, when you and the buyer agree on the price, there will be a conditional clause that states that the buyer’s lawyer will have 7-10 days to review the status certificate provided by the condo management company.

The buyer’s lawyer is reviewing the corporation’s financial records to determine whether there are any unpaid condo fees or assessments from you, infractions (such as a missing screen), or unauthorized additions (such as a deck or satellite dish).

You will be surprised at the number of hasty remedies and discussions if a lawyer discovers some things you were unaware of.

To ensure a smooth sale, take the time and effort to identify any issues that could affect the sale of your condo, whether an apartment or a townhouse, in London, Ontario.

For more condo tips in London, Ontario: This condo guide will save you a few nights of unrest.

London Ontario Condo Seller Guide

Why a Status Certificate When Buying a Condo In London, Ontario?

When people think of a condominium status certificate, they believe it concerns the amount of money in the reserve fund. A Status Certificate, when buying a condo, contains information regarding the condominium corporation’s operational, legal, and economic dimensions.

Read More

Every apartment or townhouse owner in London, Ontario, who is considering selling a condo wants to sell for the highest price possible.

That’s understandable, and it’s not luck that makes that happen! It’s applying proven marketing strategies and experience to encourage condo buyers in London to reach for their chequebooks!

Price or Time When Selling a Condo in London, Ontario?

Which is more critical: price or time? Believe it or not, this question underlies and controls:

• Every seller’s decision to sell. The need to sell within a set time frame or to hold out for the best possible price

• Every buyer’s decision to buy. The need to buy within a set time frame or to purchase for the lowest possible price

You Cannot Bank Time.

The #1 Principle Before Selling Your Condo In London, Ontario.

• It’s not what you think your condo is worth.

• It’s what a reasonable buyer will think it is worth and is willing to pay.

Wait a minute here: if I left it up to a buyer, they would pay me as little as possible for my condo.

True, they would. In the real world, every buyer knows that you, the seller, have no obligation 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.

Focus on the Major Key Issues & Be Realistic

Some of the most common mistakes sellers (and some Realtors) make when choosing a price:

• Putting the property on the market at an unrealistic price compared to similar properties.

• Not cognisant of the current real estate market.

• Thinking that buyers aren’t comparing, on a dollar-for-dollar basis, with every other apartment or townhouse condo on the market

Some sellers believe their condo has an insurance replacement, appraised, or tax-assessed value. However, unless your insurance agent, banker, or tax assessor will write you a cheque – guess what? None of that matters. A condo without a buyer has no value in the marketplace.

Sure, it might have value to you. It might have value to your banker, insurance agent, Uncle Bob, hairdresser or barber, work friends, drinking buddies, bridge club, or appraiser.

None of these are buyers!

Pricing your condo to sell in London, Ontario, should not be taken lightly!

A few more tips on selling a condo in London Ontario and area