4 Things we can learn from London Ontario Real Estate in 2018
The last few years have been recording breaking for the London Ontario real estate market. With 2018 being no exception. London has historically been in a bubble, sheltered from it’s surrounding counterparts and their market trends. Be them good or bad. Finally, London Ontario’s real estate market has begun a “catch up” so to speak. With all time home value rises and increased competition due to historically low inventory a lot has changed for London Ontario home buyers, sellers and real estate agents.
So what have we learned? Here are 4 things we can all learn from what happened in the London Ontario real estate market in 2018.
Pricing Your Home Right is Still the Key to Success
Although inventory is low and prices are up pricing your home properly is still necessary in the London Ontario real estate market. Yes, in many cases home sellers have the edge up but home buyers in 2018 began to calm down and realize that being patient rather then “over paying” is still the better option. It was not uncommon to see an over priced home sit on the market in London Ontario in 2018 compared to other years and other market places. Valuing your home in a heated sellers market can be tougher but it’s possible and very necessary.
Get Used to The New Pricing of London Ontario Homes
That’s right. I said it. Get used to it. Prices are up, still going up and are going to stay up. Gone are the days when home buyers could snag a well cared for home in a hot London Ontario neighbourhood for $250,000. Long gone. That doesn’t mean affordable home ownership in the Forest City is impossible. All it means is proper planning, research and a little patience will get you the perfect home in the perfect location in no time. Which leads to number 3.
You Need a Real Estate Agent on Your Side Now, More Than Ever
You wouldn’t perform surgery on yourself. Or represent your self in a legal battle alone would you? The same should true for the largest purchase or sale in your life. Particularly in an unpredictable real estate market such as London Ontario’s. Having a trusted and licensed sales professional ( real estate agent ) will help you navigate through the fog of market demand and pricing so you can still be active in what has shaped up to be the most exciting time for the London Ontario real estate market.
Forget the Other Market News
Remember when I said that the London Ontario real estate market was in its own little bubble? Well just like our home prices, we are going to stay that way. Yes, we can come close to some of the things other markets are experiencing. Yes, we do follow the same rules and guidelines for the most part. However, London Ontario has experienced and will continue to experience massive growth and positive change for years to come. We are the “Little Big City” as I lovingly refer to it. All, of the amenities of a big city with the heart and feel of a small town. New people are drawn to London and the old stay or at the very least leave and return here. We have one of the best hospitals and universities in the country. Positive elements will only improve the London Ontario real estate market. So, we need to focus on that rather than what’s happening to our neighbors both locally and internationally.
It will be very exciting to see the growth and change for the City of London and the London Ontario real estate market in the years to come.
What did you notice about real estate in London Ontario in 2018?