Getting The Best Price For A House In London

Almost everyone looking to buy a new home has at least one goal in common; no one wants to feel ripped off in the process.  The current house market in London Ontario is a Seller's market and home sales have set yet another record for last year.  Homes for sale in London Ontario have increased once again.

Buying your first home for sale in London can be a little tricky sometimes, so you better have an experienced real estate agent at your side.  This is all the more true, if you’re doing this for the first time.  Here are a couple of guidelines that will help you to purchase your dream home at the best possible price. 

Conduct Thorough Research on The Comparable Properties 

To begin, your real estate agent will have to conduct a proper research on the comparable properties that have been sold recently.  Comparable properties are the ones that are the same style, same location and have similar sizes and finishes.  Once you do this, you will gain proper and valuable information about these real estate properties and their potential price.  You will get to know if it’s more or less expensive than the inferior or superior properties.  MLS® listings in London Ontario are a great place to start the research for your property.  Once you find the listing you are interested in, let your real estate agent know and they can look up the details for you.  You can also begin your search here

While checking out the comparable listings that have been sold recently, also try to check out the properties that are still on the market.  In this regard, you can also visit the various other homes and get a complete understanding on how the size, amenities and the condition of that property is compared to the one you are planning to buy.  You can then compare the prices again and get an idea about what exactly seems fair.  Reasonable Sellers always make it a point to use comparable sales to price their properties in an attempt to be competitive.  That being said, it's important to have a top real estate agent verify whether or not the property is priced at fair market value so that you don't overpay due to an uneducated or overzealous Seller. 

Check The Market Conditions of The Specific Area

After doing your research on comparable listings, you will now have to consider the various market conditions and the rates of appreciation in the concerned area.  Check if the prices are recently up or down.  Homes for sale in London and the surrounding area are all going up but we still live in a relatively affordable area – in comparison to the GTA.  Everything depends on the current market position and the boom-bust curve of the real estate.  While doing this, also try considering the impact and relevance of the interest rates of mortgages and the current job market in the overall economy.  Talk to your Realtor to discuss the current real estate market in London today.

Get Your Appraised Value of The Home

Once you have chosen a property and have signed the contract, the lender will often order a proper appraisal of the property.  This is done in order to protect the financial interests of the relevant property.  While doing this, remember that if the appraisal is returned at a lesser price than the agreed upon price, it’s important to be aware of the ramifications.  This is where your Realtor and Lender come in.

Talk to Van Bart Real Estate Brokerage today to find a home for sale in London ON.  We can often get you information on homes in London and the surrounding area that have not made it to MLS® yet which increases your chance of getting the best deal on your dream property! 

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