London, ON Real Estate News

By Ryan Hodgson
(Coldwell Banker 1st London)
I had the opportunity to listen to a CMHC (Canada Mortgage and Housing Corporation) speaker recently present their information of London Ontario's real estate market and economy. I will briefly recap some of the main points discussed. This information refers to London, St. Thomas and surrounding area.CMHC predicted around 7000 real estate sales for the market for 2009. This is about a 25% drop from 2008. They had previously predicted a 10% drop prior to the fallout in the US in October.Homes for sale will be around 17,000 - which is around the same as 2008. (To compare, 2006 had about 8,500 homes for sale). One of the major reasons for the increase are homeowners cashing out their equity that they built up during the price increase from 2001 to 2008. The increase in homes for sale is th...
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By Dan & Rachael Polakovic with The Team, London Ontario Real Estate Professionals
(Realty Executives Elite Ltd Brokerage)
Learning something new everyday is our number one priority. We make it a point to find new opportunities and avenues to learn from. The best way to do this is to learn from the best! If we want to be the best, we have to do what the best does! Being a part of such a dynamic and knowledgable team like Realty Executives Elite Ltd in London ON makes this easy! Everyday in our office we are surrounded by what we perceive as "the best in the business!" ( and I am sure we are not alone in this perception.) So we have access to some of the most informative brains out there. And the greatest part about it is, they are all ao willing to share!! Being able to work so closely with such successors has made is possible for us (the rookies) to excel and provide our clients with quality service just a...
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By Dan & Rachael Polakovic with The Team, London Ontario Real Estate Professionals
(Realty Executives Elite Ltd Brokerage)
In a household with young children.. a constant background noise in our house is TREEHOUSE.. if you are a parent to a toddler or preschool aged child, you know what we are talking about. A theme song we hear quite often is from the Wonder Pets, "What's Gonna Work? TEAMWORK!! What's Gonna Work? TEAMWORK! We're not to big, we're not to tough! But when we work together, we've got the right stuff!"  ( I know it's really sad that we know this song so well right? ) We believe this song rings true. Not just in everyday life.. but in the life of real estate as well. Yes, it is a competitive business and essentially we are all working against eachother to get the deal or gain the client. But being competitive (cut throat and viciously competitive) really won't get us anywhere!! We are all workin...
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By Ryan Hodgson
(Coldwell Banker 1st London)
Real Estate homes sales numbers have been updated for the month of February. The news report can be read HERE480 Homes exchanged hands for the month. I predicted in my previous post the number would be around 500 so I was pretty close. This number is obviously down from 2008 February which was one of the best on record. Looks like the London area market is on pace for around 7000 sales for the year - which is off for the 8000 plus we've seen in recent years when the market was a strong sellers market - but is still good enough for what you would call a "normal" year.Communicating with a lot of buyers, there are a lot of purchasers ready to jump in the market. A lot of these buyers will be first time buyers - these are the buyers that traditionally make the London market move. Once the w...
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By Dan & Rachael Polakovic with The Team, London Ontario Real Estate Professionals
(Realty Executives Elite Ltd Brokerage)
We are not cold callers... it's just not in us. However, we have heard from others it's a great way to obtain new business. But that came to a screeching halt when the DO NOT CALL LIST was introduced early last fall. Millions upon Millions of Canadians were eager to sign up. Everyone knows how annoying those telemarketing/sales calls can be.. they always call at the perfect time. Right at dinner, the baby's bath time.. whenever you really don't want to answer an obscene amount of questions about lawn care, or whatever they are selling. So when the prospect of this never happening again was introduced.. this so called DO NOT CALL LIST.. of course everyone was on board.. waiting by to sign up. And they all did!! Unfortunately, for those of us the rely on gaining business by calling prospe...
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By Dan & Rachael Polakovic with The Team, London Ontario Real Estate Professionals
(Realty Executives Elite Ltd Brokerage)
A common misconception I am faced with when people ask me about my job is that I have all the time in the world... that I can come and go as I please and work very little to get a big payout. I think this comes from the public's lack of understanding on how real estate actually works. It's so much more then telling you where to sign, how much "I" think your house is worth, posting a sign and/or unlocking the door to a home you may potentially buy. There are so many things I have to be aware of, from ever changing market conditions, extensive legal terms and terminology, right down to why people think the way they do when viewing a potential home. If I don't know my stuff... I can't help my clients make an informed decision. This decision being one of the biggest in their lives.  My phil...
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By Ryan Hodgson
(Coldwell Banker 1st London)
Ten years from now, what neighbourhood in London, Ontario are going to see a dramatic change in value? Look no further then most people's favorite location to bash - East of Adelaide.The Old East Village (Dundas, Adelaide, Central, Quebec) is currently undergoing a major shift from it's 1990's - run down, crime ridden, poor demographic, falling apart neighbourhood; to a vibrant community, rich with history, and a great place to live.Now, I'm sure some people might shake their head at what I just wrote. But if you are paying attention, it's happening. I want to make one thing clear, I'm not saying it's there yet - that's clear by driving down Dundas street. To put it in perspective, if we are talking about a 9 inning baseball game, the Old East revitalization has just completed the top o...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
Have you ever run into an environmentalist who has an 'all or none' attitude? They are obsessed with perfection and often paralyzed by the same thing! I take a different approach - if a 30% improvement can be gained easily, using readily available technology without a huge investment and I can also convince 10 other people to take the same actions I think I'm doing a better service for the planet. We always need idealists, but physical progress in mass numbers is what we actually need to happen for things to move quickly. Here are some very basic steps you can take to lessen your impact on the environment and probably save yourself a chunk of money on the way! 1) Replace your lightbulbs.Get energy efficient bulbs. It seems to me LED is the trend that's gathering a lot of traction right ...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
I've seen a drastic increase in the number of listings with Wells Fargo, HomeTrust, TD Canda Trust or some other financial institution in the Seller's description. Obviously someone wasn't able to pay the bills anymore; It comes with the territory in an economic slowdown. This is just a quick entry with some tips on purchasing these properties. Buying as-is - Frequently you will see the description include all kinds of words and phrases that seem to be the opposite of selling points. Comments like "no guarantees implied", "purchased as is - no warranties", "UFFI cannot be verified". Due diligence is always important - do a home inspection, follow up any possible issues and also have some room in the budget for unknown problems. This is not neccesarily an indicator of a home that has pro...
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By Ryan Hodgson
(Coldwell Banker 1st London)
Looking at the sales activity though the first half of February,  it's not all doom and gloom - homes are selling.   From what I can see, homes sales for the month are on pace to be around the 500 mark.   This would be less then the previous 5 years for February - which would average in the 600's.   Yes, sales numbers are down, put there is nothing to suggest the market is falling apart.   Buyer's are taking advantage of historically low interest rates and great selection of homes to purchase.   A buyers market it is, and talking to potential home purchasers they are going to be ready to purchase come spring.   If you would like a free list of Bank Foreclosed properties or other distressed homes, follow the link below: These homes need work. Distress Sales, Estate Sales, Bank Sales avai...
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By Ryan Hodgson
(Coldwell Banker 1st London)
The numbers are in for January and they are down from January 2008 - which everyone knew was coming considering the current economic environment and strong sales last year. The month isn't broken down, but from what I saw home sales were very slow in the first half of January and picked up in the last half. (Picked up meaning what would be considered normal sales numbers for a buyers market in January)There were, and still are, a lot of buyers who are waiting a bit for things to settle out. The buyers are out there - particularly with historically low interest rates at 4.49% 5 year term mortgage - what will be buying. Once the weather warms up (don't discount this factor, it's not an excuse. Weather has always been a factor in any year and our very cold and snowy start the year effects ...
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By No Longer Active
  Thinking of Buying a Home?London Home Buyer's Seminar.Wednesday March 4th, 20097:00PMWestmount Library3200 Wonderland Rd. S, London  This is an interactive event; please bring your questions.Professionals available for you are: Realtor, Mortgage Specialist, Lawyer, Home Inspector Donations to the Women's Community House are being collected;Paper products, pasta and dish soap are needed    
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By Dan & Rachael Polakovic with The Team, London Ontario Real Estate Professionals
(Realty Executives Elite Ltd Brokerage)
Here we are again. Sunday afternoon and it's beautiful and sunny. Let's hope today is the day the perfect buyer for this property arrives to make a deal. I have heard in the past from others in the business that open houses aren't the way to sell a home. But from my experience open houses are never a bad idea. Common complaints I have heard about open houses and why they don't work are: 1. "They only attract nosy neighbors"  Personally... I think  nosy neighbors are our greatest asset. First off, they live in the neighborhood. They may have a family member or friend considering a move to their neighborhood. Word of mouth is everything. Or they themselves may find something they like in that particular property and consider a move within the same area. 2. "Agents don't take clients to op...
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By Daniel Polakovic London ON Real Estate Professional
(Realty Executives Elite Ltd. Brokerage)
Purchasing a home can be a very overwhelming experience for anyone... especially for a first timer.. there are so many things you don't think of.. that wouldn't dream of thinking of. You have never been involved in this type of transaction before and in most cases, you have no idea how real estate/home buying even works. I have compiled a check list of important things to be aware of and things you should do while preparing for you first home purchase. These things are merely suggestions based on experiences I have had with First Time Buyer's in the past. "Am I Ready To Buy A Home?" 1. Speak with a Mortgage Professional about a Mortgage Pre Approval. This will help you get an idea of what you can afford, and what type of down payment, if any, you require. ( Feel free to contact me for m...
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By Ryan Hodgson
(Coldwell Banker 1st London)
Are you currently renting in London, Ontario and would like to purchase a home but don't have the necessary down payment to make a purchase?    Now is your chance.   The City of London has extended and ammended it's no money down program for renters.     Details can be found HERE The major changes are the sale price of a home can be up to $140,000 and purchasers have to have an annual income of less then $55,000.   $140,000 might not seem like a good price range to purchase, but there are homes available in that price range including townhouses, condo's and semi's which are of good value.     The purchaser is still required to me able to qualify for a mortgage with a financial instituation, and the city will provide the 5% downpayment and 1% for closing costs. For a list of homes that w...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
London City Hall has eased the criteria for The Affordable Homeownership Assistance program if you are a renter and purchase a house in London or Middlesex County. To qualify, you must earn less than $55,000 in total family income and put an offer on a house or condo for no more than $140,000 before March 31,2009. As well, you must receive mortgage approval from a financial institution. As a bonus, you can also receive 1% of the purchase to cover your closing costs! These are interest free loans and offer a great opportunity for those who rent but did not have the downpayment saved up. For more details and to get the ball rolling, email me at ty@enveloperealestate.com or give me a call at 519-435-1600
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
My most recent blog about the importance of photography in promoting listings prompted a number of requests for more detailed information and tips. Below is a summary of how to ensure you're working towards a best practices. Photography Tips as they Pertain to Promoting Listings Photography is essential to effectively promoting your listings. I could make many arguments that it is in fact the NUMBER ONE priority. A picture is worth a thousand words - likewise a bad picture is also worth a thousand words. Photography is the basic building block of all marketing in real estate - in particular with consumers having so much more direct access to listing information via the internet. To qualify the importance of photos, ask yourself these questions - the answers and how photos relate to your...
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By No Longer Active
The last few months have seen very few (if any) positive real estate reports in the media.It has been said that “sex sells, baby”, well unfortunately so does doom and gloom. It must. It’s in the news everyday!  I don’t want to make light of the current economy, a lot of families are hurting these days, but at the same time before we concede to the sky falling in, let’s look at the local real estate market and specifically the White Oaks market.   Here are some excerpts of a January 7th London Free Press article: Home sales, prices fall 2008 was a good year overall, however, realtors' association president saysBy HANK DANISZEWSKI   Homes sales and prices continued to slide in December, as the fourth quarter soured an otherwise decent year for real estate in the London area. The average p...
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By Ryan Hodgson
(Coldwell Banker 1st London)
The London Free Press wrote an article on the increase of foreclosed homes in the area. It's not really that surprising, the main reason for the increase being the huge job losses in the manufacturing sector. St. Thomas in particular, as well as other small towns have been hit very hard. Job losses equal home owners not being able to pay their mortgage payments. London also hurts from this as some of the laid off manufacturing jobs were of people living in London and working in St. Thomas etc.If you are looking to purchase a home in 2009, perhaps you would like a free list of all the foreclosed homes for sale and power of sales in the London area. Can be found HERE.Here's the Free Press Article:With the economy limping, London process servers have been racing to keep up with a slew of f...
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By Greg McCarvell
(Sutton Group Preferred Realty Inc.)
A picture is worth a thousand words. Everyone has heard the phrase. More often than not this is an accurate description to illustrate the power of images. This is as applicable to real estate sales as anywhere else. It seems today that buyers filter on the internet before anywhere else. If the photography that your Realtor provided is substandard you will feel the negative effect. Conversely, if your photography is spectacular, you will enjoy the positive benefits of a great first impression. Let's test the "picture worth a thousand words" statement! Below are a series of photos from a home I have listed. It was an expired listing, so I've posted the previous listings photos side by side with the similar shot from my listing.         Wow! Do you now SEE how this can affect the amount of...
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