The London housing market has become especially stressful thanks to our city’s populartion increase. Canada’s census numbers were released last week and London is officially the fastest growing city in Ontario, fourth in all of Canada!
The population increased 10% since 2016 and is mostly due to families relocated from other areas- not a baby boom. This has made average house prices skyrocket from $290,489 in 2016 to $707,219 currently. Find out more here: CBC – Canada Census.
To help buyers and sellers currently in the market, I’ve put together some tips and tricks featured on my social pages to help make shopping a bit easier.
Tips for Buyers in the housing market
Create a ‘Must Have’ list
Having a list of ‘must haves’ list as a buyer will help you narrow down your search and find the right property. Here are some starting points:
Location – Is there a specific place in the city you’d like to live? This could be an area of the city, or ‘near an elementary school’.
Rooms – Are there a certain number of bedrooms or bathrooms you need? Is a dining room a priority?
Property – What type of land are you looking for? A large backyard? A pool?
House Type – Are you open to a semi attached home? A townhouse? Or strictly a stand-alone unit.
It’s important to know the difference between needs and wants. What are your non-negotiable needs vs wants you are willing to be flexible on.
Get Pre-Approved
As a buyer, it’s important to know what price point you will be approved for. Getting a pre-approval before you search sets you up for success. Having a triple A lender allows you to have the best interest rates possible. These lenders are institutions that are well known, and can give you some of the best interest rates available.
When looking for a mortgage, it’s important to shop around. Don’t be afraid to ask questions; buying a house will likely be the biggest purchase of your life!
Tips for Sellers in the housing market
Though being a seller is much easier in this market, there are a number of things you can do to get the highest bid on your property. Here’s how you can make your property stand out.
Declutter – Less is more.
Paint – A fresh coat of paint goes a long way.
Staging – People are more likely to buy if they can envision living in the home. Curb Appeal – Clean up that front and back yard.
Once you’re ready to list, call me for a FREE home evaluation!
Moving soon?
If you’re moving soon, keep an eye out on our social pages for a checklist of what to do weeks before you move. As always, contact me for any real estate questions. I’m happy to help and look forward to finding you that perfect home!
Give me call today and let’s get you home!
Find what’s listed here: London Real Estate Listings