London, ON Real Estate News

By Ryan Hodgson
(Coldwell Banker 1st London)
The London Free Press had an article detailing London's construction industry. It is a good read and is posted below. It touches on London's diverse economy weathering the economic uncertainly in Ontario and paints a good future for the construction industry and London's economy.With the manufacturing industry really struggling and all the negative news we hear in the media, it's good to keep things in perspective and understand where London is now and where it will be in 5 years or 10 years down the road.The value of construction in London is about to top $800 million for the first time, despite the region's economic slump. "This is going to be the biggest year ever. We are at $640 million now with four months to go, we will top $800-million," Rocky Cerminara, the city's director of bu...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
Shortly I will be updating my designation from Sales Representative to Broker. Achieving this is a multi-step education program culminating with a 10 day in class course designed to train sales representatives with a strong educational foundation on the specifics of running a real estate company.Topics I would expect to be included are:Regulatory requirements for document retentionSpecifics of legal commission / compensation packages for RealtorsRules and responsibilities surrounding real estate trust accountsVarious formats of real estate offices and operational differencesAdvertising guidelines and responsibilities with respect to registered sales people at your officeNotification processes regarding licenses, hiring and firing of RealtorsI am sure there will be many more, I am also e...
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By Ryan Hodgson
(Coldwell Banker 1st London)
London/St Thomas Association of Realtors has released stat information for the end of August. The market is still doing well. Homes are selling. We are in a much more balanced market now compared to past years. Below is the official news release. For a complete stat pack, click HERE.I bolded two important parts - 1st showing the real estate market is having a very healthy year. And the second showing why we are in a balanced market (buyers having more selection making it easier to buy) with the continued large number of homes sales.Last month, 762 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), including 607 detached homes (down 11.8% from August 2007) and 155 condos (down 15.3%). Year to date, 5,043 detached homes and 1,307 condo...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
Last week I travelled to British Columbia - I toured through the Okanagan Valley (which includes Kelowna, Vernon and Penticton), Vancouver and Vancouver Island (Victoria, Sidney, Comox Valley etc.). This has to be the most picturesque part of Canada! While there I spent some time experiencing the local real estate markets and learned how important it is to verify the scope of information you base your decisions upon.   Keep in mind this examples presented in this entry are time and date sensitive, I am including specific numbers in order to illustrate the concept.   Comparison of the Markets The real estate market in B.C. right now appears to be on a downward trend. Based on the British Columbia Real Estate Association’s website the dollar volume for B.C. real estate sales were down by ...
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By Ryan Hodgson
(Coldwell Banker 1st London)
THE HOME BUYER PROCESSYou have made a decision to purchase a house, so let's talk about what to anticipate and how to be ready for the road ahead! 1. Make a decision to buy 2. Get organized 3. Get Pre-Approved for a Mortgage 4. Shop for a home 5. Make an offer 6. Get a loan/home inspection/finalize agreement 7. Close on the home 8. Prepare to move Decide to Buy You are ready to purchase a home. Identify what you want and why. Below are a couple of questions to answer, before you begin. 1. What are your future plans? Do you anticipate on having a family, growing as a family or maybe reducing the size of your family with kids moving out? These questions need to be answered, so you can identify the house of your desire and ensure it meets your needs. 2. Do you have enough cash for a down p...
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By Ryan Hodge
(REMAX CENTRE CITY)
Attention Home Buyers, A common area of confusion arises out of Multiple Offer Situations. Many clients of mine have been in this situation in the past few years as the market has been rather hot! Multiple offers arise when more than 1 offer is presented on the same property at the same time. There are ethical issues involved in this as the number of offers(not the details of the offer), need to be disclosed to all parties involved so that everyone may have the opportunity to better their individual offer. Buyers need to realize that in a good market, they should be prepared to encounter Multiple Offers and need to realize that they may have to go above asking price if they really want the home. In any case it's the buyers choice and they will have an opportunity to get full clarificati...
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By Ryan Hodgson
(Coldwell Banker 1st London)
Stats released by the London St. Thomas Association of Realtors show that area home sales are doing very well. July was the second best July ever on record and year to date is below last year's record year but is on pace for another tremendous year. The full stats package can be found HERE.The reason for the number of sales is the same reasons I've already talked about in previous posts. Conditions are good for home buyers - good interest rates with affordable house prices. But the biggest factor is the number of available listings. There is more selection for buyers, making it easier for people to find homes to buy. It's a great time to be purchasing a home in London, Ontario.For sellers, it's a good time sell but the market has become more balanced. With the increase in inventory, don...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
You may be reading this entry out of interest - you may be reading it because you are in the market to buy and sell luxury real estate - whatever your case I welcome you! Big goals and dreams are the starting point for success in life! Please read on for an all-round taste of the luxury real estate market as it pertains to London and area.   What is a “Luxury Home”? I think the answer to this question is largely subjective. It is also a moving target! Generally speaking, the luxury home in the London real estate market today is considered over the $500,000 range. Even more specifically, over $700,000 is where you begin to see very unique, custom built dream homes. How do I know? Well, I asked LOTS of people Over time I have been developing a niche specialty in luxury homes to compliment...
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By Adam Miller
(Prudential Family Realty Brokerage)
    By Adam Miller Prudential Family Realty   Moving is an exciting time full of commotion that can be tough on everyone, including the children. The impact the move will have on kids usually is age-related. Babies, toddlers and young children tend to deal well with moving, while adolescents may resent and resist the move. Here are a few timeless tips that may help all families on the move: Clearly explain why you're moving. Children like to be in the loop and talking to them about the move, what it means and what it will entail can help limit move-related anxiety. Familiarize the children with the new location by providing them with exciting information about the area. Some useful tools include maps, news stories and pictures. Highlight some of the location's points of interest that y...
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By Tina L. Wait
(Total Home Design)
Curb appeal! Curb appeal! Curb appeal! Step back from your house with these questions in mind. * What type colors do I see? * What style is the home? * What type of mill work and the age of it? * Is their any architectural value to the home? * What can I do to captivate my audience when viewing my home?  Adding interest to your home increase your value considerable by standing out from all the other on the block. Adding color to fascia and eaves are one way, adding different textures to with color values that work in harmony with one another. If your trying to increase the interest with minimal cost then try using contrast or negative color values to achieve an interest that will speak to your buyers. Yes, if in doubt use neutrals but, if your skilled with your paint selections. You can...
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By Ryan Hodgson
(Coldwell Banker 1st London)
The home ownership program offered by the City of London has been expanded and re-released to offer renters in the city a chance to purchase a home. The initial program, launched last year, attracted some response, but wasn't used to the degree the city expected - mostly because the conditions to use the program were unfavourable to most potential buyers. One thing they have changed is the maximum purchase price is now $132,000. And there is no expire date for application, they will provide the funds until the money runs out.Full details on the program are available HERE. To sum up the program, the City of London will provide renters - who meet their specified criteria - the 5% down payment plus 1% for closing costs to purchase a single family residence in the city.Why is the city doing...
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By Ryan Hodgson
(Coldwell Banker 1st London)
Market report for London, Ontario can be found HERE. Number of sales is still very strong. Down from same point last year, but that was expected as 2007 was a record year. Historically, number of sales for 2008 is proving to be another strong real estate market. Average sale price is up 6.1% from same point last year.One thing that's changed from previous years is the number of available listings. This isn't because there are less people buying homes, it's because more people have decided to put their home on the market (I believe the total number of active listings is about 1000 higher then what we say in 2004). This is giving buyers more selection and making it easier for them to find and purchase the home of their choice. This is making the market more balanced compared to previous y...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
In the life of a Realtor, winter is the opportunity to upgrade your skills. This could be technical courses, business system performance tweaking, sales and service training or an great time for a vacation to recharge. It's quite often that people fail to recognize patterns in their life and take advantage of the natural cycles. Below is an outline of the plans I have for this year and why I think it addresses an important part of my business life in general. Perhaps some of these thoughts will be useful to you after translating to your life and your situation.1) Techincal training: I am currently enrolled in a course studying the details and regulations behind property management. I felt this would be a good foundation course to help investors understand the needs for properties they m...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
There have been a lot of changes in the real estate market since my previous posts, mainly in the U.S.A. London has been a nice, steady and strong market consistently for the past couple of years (probably even longer). I am just now starting to see evidence of a market shift from an extreme seller's market into a balanced market.Even this perception is up for debate. Many sources feel London will be strong in the following years because we didn't see the massive upsides that other major centers such as Toronto and Vancouver experienced. Compared to most cities, even ones right in our immediate vicinity, London is quite affordable. This affordability in comparison to similar cities in our region makes it an attractive destination for relocations.With all of this in mind... if we were to...
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By Thomas Dampsy
(link 2 realty ltd., Brokerage)
The other day I came upon some very interesting information. Did you know that according to the Status Certificate of 1570 Richmond renting is not allowed? For anyone who may not know, 1570 Richmond is a condominium community located close to the University of Western Ontario.Please discuss; I want to hear what you think of this.
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By Adam Miller
(Prudential Family Realty Brokerage)
By Adam Miller Prudential Family Realty Brokerage   You want to get the best price for your home, plus sell it in the least amount of time. In a buyers' market such as the one emerging now, homes will take longer to sell. Therefore, it's important that you make the right moves at the very beginning of your homeselling process to remain competitive. Here are some common traps that many homeowners fall into and how to avoid them.   1. Over-pricing - It's easy to think your home is worth more than the current market may support, particularly after the long run-up in home prices. Since home prices have cooled in markets around the country, home sellers must be prepared to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers must also keep their...
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By Adam Miller
(Prudential Family Realty Brokerage)
By Adam Miller Prudential Family Realty Brokerage   Home-price adjustments in markets around the country have opened doors of opportunity for many renters. If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming. But it doesn't have to be. Here are six common mistakes to avoid. 1. Not understanding the homebuying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. The U.S. Department of Housing and Urban Development Web site (www.hud.gov) has an entire section devoted to homebuyers with common questions of first-time homebuyers, mortgage and home-buying programs information, downloadable tools such as a wish list and home-shopping checklist, tips on sele...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
I often consider one of my greatest strengths the ability to keep composure in a tense situation. I can think of many, many situations where my role as a facilitator - a person in the middle - allowed my clients to realize financial benefit because they kept their emotions in check. Unfortunately, on the other side of the deal was someone who lost because they themselves, or their Realtor went over the top with emotions. Frequently, I hear myself saying to clients: "This is not a grudge match, it's about finances and lifestyle. You can gain in those areas or you can win this argument - but NOT BOTH". Clients are quickly comforted by the fact that this is likely the last time they will ever interact with the buyer or seller on the other side. When things get tense you can gain ground by ...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
Buying a home is a great experience. At least buying a home SHOULD be a great experience. I've encounter a number of clients who came to me wearily wondering if they would ever find their dream home. After interviewing these people, the problem was generally a matter of tactics and organization. When it is a strong sellers market - as it's been in London, Ontario for a few years - the process needs to be approached professionally and with an organized pattern of work. Let's look at an example of someone who has not yet committed to working with a Realtor. The process usually consists of open houses, calling Realtors direct and setting up appointments and searching www.MLS.ca daily. Sounds reasonable right? I agree, it does sound reasonable... UNTIL you think of the multiple channels of ...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
Keeping tabs on a mortgage "shopping" adventure is like herding cats - difficult at best! Society tells us to be a smart consumer and shop around... good advice. Still, in a situation where the item or service is particularly complicated or specialized, shopping around will not clear up the situation completely. As a person who has taken formal mortgage financing courses, I would follow the advice below personally. This is not only for the inexperienced, but also for people who are quite familiar with mortgages and the different aspects involved. I prefer to direct clients down a road of practical questioning and evaluate the lender based on answers to these practical questions. As a Realtor you would think I am pretty up to date on the mortgage market. In comparison to the average cons...
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