A Reflection on January's Market in London

By: Patricia Broadhurst

A Reflection on January's Market in London

Tags: experienced Real Estate Agents London Ontario, Sellers Market London Ontario, House Prices, Patricia Broadhurst, Broadhurst Real Estate, Upgrading your home

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.

Patricia Broadhurst
The Realty Firm
(519) 494-3370