Well, this past year was something!
Over the holidays, we didn't see much MLS activity in the London & St. Thomas area, however as the new year's weeks began to check mark the days gone by, more listings arrived however, London & area's overall listing availability remained low.
London has seen a mass volume of buyers. Low interest rates and low inventories continue to drive up the property prices. Even with the increase in property prices, there is a substantial amount of bidders who are able and willing to pay well over the listing price.
In the past year, London has seen an approximate 30% increase in housing prices. It has made it increasingly difficult for first time home buyers to enter the housing market. Many buyers are having a hard time comprehending the aggressive sellers market as with generations before a buyer's market prevailed where you could find a home and negotitate a price.
It's practically unheard of in the current residential market to find a desirable home that has not gone into a multiple offer situation.
I'm recommending to all of my buyer's to make sure you are prequalified for your mortgage before you shop. The ability to place a firm offer over a conditional offer provides you with an advantage over other buyers.
In a future blog post, I will discuss other do's and don'ts for this interesting and challenging market.
Feel free to reach out to discuss.
The Realty Firm