Any Londoners? London, Ontario that is!
Aug 8th 2018, 1:48 am
#31
BE Enthusiast
Joined: Dec 2016
Location: St Catharines, Ontario From Bournemouth UK
Posts: 417
Re: Any Londoners? London, Ontario that is!
This ranch property is something we would consider...
https://www.homesinlondonontario.ca/...f59900015db774
https://www.homesinlondonontario.ca/...f59900015db774
Aug 8th 2018, 2:37 am
#32
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Any Londoners? London, Ontario that is!
This ranch property is something we would consider...
https://www.homesinlondonontario.ca/...f59900015db774
https://www.homesinlondonontario.ca/...f59900015db774
That link just takes me to a search page of 16 - could you get the MLS number perhaps?
Aug 8th 2018, 11:34 am
#33
BE Enthusiast
Joined: Dec 2016
Location: St Catharines, Ontario From Bournemouth UK
Posts: 417
Aug 9th 2018, 7:30 pm
#34
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Any Londoners? London, Ontario that is!
Aug 11th 2018, 12:17 pm
#35
BE Forum Addict
Joined: Apr 2013
Location: London, ON
Posts: 2,485
Re: Any Londoners? London, Ontario that is!
BTW, the London property market is MENTAL!
New houses can have multiple offers within a couple of days (sometimes hours), often for over asking price. A common practice seems to be to slightly under-value, then set a date and a time for all sealed offers (normally one week). Our realtor was selling such a house, had 47 people through an 'open house' in 2 hours, then had 12 sealed offers and took an offer for $445k on a $399k asking price.
It is also now common here that offers must be as condition free as possible, OR be sufficiently higher than condition free offers as to make it worth the risk of the seller to run with that offer (typically $15 - 20k higher). Which means that if you want a house inspection, you must arrange that before any deadline and before you make an offer (with no idea if your offer would be accepted). And yes, there is now a problem with lenders refusing to confirm pre-agreed loan values if they feel the house is over-valued, leaving the buyer having to find the balance from other sources or lose their deposit.
Yes there are some houses that have been on the market for several weeks, but there is normally an excellent reason - either location (backing onto a busy road), waaaayyy over-priced, or extreme poor condition (but even these are attracting offers for developers to knock down and build a new house).
New houses can have multiple offers within a couple of days (sometimes hours), often for over asking price. A common practice seems to be to slightly under-value, then set a date and a time for all sealed offers (normally one week). Our realtor was selling such a house, had 47 people through an 'open house' in 2 hours, then had 12 sealed offers and took an offer for $445k on a $399k asking price.
It is also now common here that offers must be as condition free as possible, OR be sufficiently higher than condition free offers as to make it worth the risk of the seller to run with that offer (typically $15 - 20k higher). Which means that if you want a house inspection, you must arrange that before any deadline and before you make an offer (with no idea if your offer would be accepted). And yes, there is now a problem with lenders refusing to confirm pre-agreed loan values if they feel the house is over-valued, leaving the buyer having to find the balance from other sources or lose their deposit.
Yes there are some houses that have been on the market for several weeks, but there is normally an excellent reason - either location (backing onto a busy road), waaaayyy over-priced, or extreme poor condition (but even these are attracting offers for developers to knock down and build a new house).
Aug 11th 2018, 1:02 pm
#36
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Any Londoners? London, Ontario that is!
BTW, the London property market is MENTAL!
New houses can have multiple offers within a couple of days (sometimes hours), often for over asking price. A common practice seems to be to slightly under-value, then set a date and a time for all sealed offers (normally one week). Our realtor was selling such a house, had 47 people through an 'open house' in 2 hours, then had 12 sealed offers and took an offer for $445k on a $399k asking price.
It is also now common here that offers must be as condition free as possible, OR be sufficiently higher than condition free offers as to make it worth the risk of the seller to run with that offer (typically $15 - 20k higher). Which means that if you want a house inspection, you must arrange that before any deadline and before you make an offer (with no idea if your offer would be accepted). And yes, there is now a problem with lenders refusing to confirm pre-agreed loan values if they feel the house is over-valued, leaving the buyer having to find the balance from other sources or lose their deposit.
Yes there are some houses that have been on the market for several weeks, but there is normally an excellent reason - either location (backing onto a busy road), waaaayyy over-priced, or extreme poor condition (but even these are attracting offers for developers to knock down and build a new house).
New houses can have multiple offers within a couple of days (sometimes hours), often for over asking price. A common practice seems to be to slightly under-value, then set a date and a time for all sealed offers (normally one week). Our realtor was selling such a house, had 47 people through an 'open house' in 2 hours, then had 12 sealed offers and took an offer for $445k on a $399k asking price.
It is also now common here that offers must be as condition free as possible, OR be sufficiently higher than condition free offers as to make it worth the risk of the seller to run with that offer (typically $15 - 20k higher). Which means that if you want a house inspection, you must arrange that before any deadline and before you make an offer (with no idea if your offer would be accepted). And yes, there is now a problem with lenders refusing to confirm pre-agreed loan values if they feel the house is over-valued, leaving the buyer having to find the balance from other sources or lose their deposit.
Yes there are some houses that have been on the market for several weeks, but there is normally an excellent reason - either location (backing onto a busy road), waaaayyy over-priced, or extreme poor condition (but even these are attracting offers for developers to knock down and build a new house).
If you've watched 'Property Brothers' or 'Property Virgins' or any of those type of programs, this shouldn't come as too much of a surprise!
Open houses and sealed bids are very common - pitch low, aim high. It's a sellers market.. $20k to 40k over asking really isn't that much - bidding wars can go much much higher! (You don't ever want to get into one of those).
At least once your offer is accepted and signed off on, you are very unlikely to lose the property - not like the old Gazumping days in the UK!
Good luck with your search...
Last edited by Siouxie; Aug 11th 2018 at 1:12 pm.
Aug 11th 2018, 1:10 pm
#37
BE Forum Addict
Joined: Apr 2013
Location: London, ON
Posts: 2,485
Re: Any Londoners? London, Ontario that is!
That's pretty much the same in all large cities in Ontario - and most likely other Provinces too. It's supply and demand.. I've seen 'knock' down houses go for well over $250k in Hamilton if they have been in a desirable area
If you've watched 'Property Brothers' or 'Property Virgins' or any of those type of programs, this shouldn't come as too much of a surprise!
Open houses and sealed bids are very common - pitch low, aim high. It's a sellers market.. $20k to 40k over asking really isn't that much - bidding wars can go much much higher! (You don't ever want to get into one of those).
Good luck with your search...
If you've watched 'Property Brothers' or 'Property Virgins' or any of those type of programs, this shouldn't come as too much of a surprise!
Open houses and sealed bids are very common - pitch low, aim high. It's a sellers market.. $20k to 40k over asking really isn't that much - bidding wars can go much much higher! (You don't ever want to get into one of those).
Good luck with your search...I was surprised however. Having sold our place in Ottawa (Yes, within 1 week), but in the more 'conventional' manner of taking offers as and when they were made, then accepting an offer with the usual conditions. Perhaps Ottawa is that bit too far from the 'Toronto money'!
Certainly the local realtors here in London are saying that it is 'Toronto money'.
Last edited by Hurlabrick; Aug 11th 2018 at 1:17 pm.
Aug 11th 2018, 1:25 pm
#38
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Any Londoners? London, Ontario that is!
Thanks.
I was surprised however. Having sold our place in Ottawa (Yes, within 1 week), but in the more 'conventional' manner of taking offers as and when they were made, then accepting an offer with the usual conditions. Perhaps Ottawa is that bit too far from the 'Toronto money'!
Certainly the local realtors here in London are saying that it is 'Toronto money'.
I was surprised however. Having sold our place in Ottawa (Yes, within 1 week), but in the more 'conventional' manner of taking offers as and when they were made, then accepting an offer with the usual conditions. Perhaps Ottawa is that bit too far from the 'Toronto money'!
Certainly the local realtors here in London are saying that it is 'Toronto money'.
Possibly, with the Ontario Govt's "Golden Triangle" clamp down and the requirement to prove you can maintain a mortgage 2% higher than the current rates, many have had to go further afield. I'm a little surprised that they would go as far away as London.. it's not exactly commutable, lol - but perhaps 2nd homes, retiree's or speculators?
Aug 11th 2018, 1:31 pm
#39
BE Forum Addict
Joined: Apr 2013
Location: London, ON
Posts: 2,485
Re: Any Londoners? London, Ontario that is!
Possibly, with the Ontario Govt's "Golden Triangle" clamp down and the requirement to prove you can maintain a mortgage 2% higher than the current rates, many have had to go further afield. I'm a little surprised that they would go as far away as London.. it's not exactly commutable, lol - but perhaps 2nd homes, retiree's or speculators?
Yes, our Realtor also said that in 25% of 'subject to finance' conditions, the mortgage companybaulk at the purchase price vs the 'official' valuation and refuse to advance more than a specific amount, leaving the buyer having to find $10 - 50k shortfall from other sources or pull out and lose the deposit.
Aug 11th 2018, 2:14 pm
#40
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Any Londoners? London, Ontario that is!
BTW, the London property market is MENTAL!
New houses can have multiple offers within a couple of days (sometimes hours), often for over asking price. A common practice seems to be to slightly under-value, then set a date and a time for all sealed offers (normally one week). Our realtor was selling such a house, had 47 people through an 'open house' in 2 hours, then had 12 sealed offers and took an offer for $445k on a $399k asking price.
It is also now common here that offers must be as condition free as possible, OR be sufficiently higher than condition free offers as to make it worth the risk of the seller to run with that offer (typically $15 - 20k higher). Which means that if you want a house inspection, you must arrange that before any deadline and before you make an offer (with no idea if your offer would be accepted). And yes, there is now a problem with lenders refusing to confirm pre-agreed loan values if they feel the house is over-valued, leaving the buyer having to find the balance from other sources or lose their deposit.
Yes there are some houses that have been on the market for several weeks, but there is normally an excellent reason - either location (backing onto a busy road), waaaayyy over-priced, or extreme poor condition (but even these are attracting offers for developers to knock down and build a new house).
New houses can have multiple offers within a couple of days (sometimes hours), often for over asking price. A common practice seems to be to slightly under-value, then set a date and a time for all sealed offers (normally one week). Our realtor was selling such a house, had 47 people through an 'open house' in 2 hours, then had 12 sealed offers and took an offer for $445k on a $399k asking price.
It is also now common here that offers must be as condition free as possible, OR be sufficiently higher than condition free offers as to make it worth the risk of the seller to run with that offer (typically $15 - 20k higher). Which means that if you want a house inspection, you must arrange that before any deadline and before you make an offer (with no idea if your offer would be accepted). And yes, there is now a problem with lenders refusing to confirm pre-agreed loan values if they feel the house is over-valued, leaving the buyer having to find the balance from other sources or lose their deposit.
Yes there are some houses that have been on the market for several weeks, but there is normally an excellent reason - either location (backing onto a busy road), waaaayyy over-priced, or extreme poor condition (but even these are attracting offers for developers to knock down and build a new house).
Aug 11th 2018, 4:28 pm
#41
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Any Londoners? London, Ontario that is!
Yeah, I asked that! They said retiree's and / or people taking jobs locally to cash in on TO prices and live mortgage free.
Yes, our Realtor also said that in 25% of 'subject to finance' conditions, the mortgage companybaulk at the purchase price vs the 'official' valuation and refuse to advance more than a specific amount, leaving the buyer having to find $10 - 50k shortfall from other sources or pull out and lose the deposit.
Yes, our Realtor also said that in 25% of 'subject to finance' conditions, the mortgage companybaulk at the purchase price vs the 'official' valuation and refuse to advance more than a specific amount, leaving the buyer having to find $10 - 50k shortfall from other sources or pull out and lose the deposit.
And look what popped up in a newsfeed I was reading, lol
Toronto home search moves to smaller Ontario cities
https://www.thestar.com/business/201...io-cities.html
Aug 20th 2018, 10:32 pm
#42
BE Forum Addict
Joined: Apr 2013
Location: London, ON
Posts: 2,485
Re: Any Londoners? London, Ontario that is!
A 'heads up' to anyone coming to London and looking to buy a house. In one of my earlier replies here I said the market was MENTAL here and a real sellers market.
After a seriously nail-biting day, we have now just managed to complete on a very nice house in Oakridge Acres (suburb). It went to 'sealed bids', but we included an 'escalator' clause (which basically says we will top the highest bid by $xxxxx up to a maximum of $yyyyy). As it turned out, we didn't need to get to our maximum, but suffice to say we had to pay 12% OVER the asking price to secure it, and this is not at all unusual - it is actually unusual for a house to go for as little as asking price! There were 8 bids in the final running. Oh, and that was with NO conditions.
Just so you know, you may well have to be pretty aggressive here to buy!
We are now off to water-board ourselves with cocktails
After a seriously nail-biting day, we have now just managed to complete on a very nice house in Oakridge Acres (suburb). It went to 'sealed bids', but we included an 'escalator' clause (which basically says we will top the highest bid by $xxxxx up to a maximum of $yyyyy). As it turned out, we didn't need to get to our maximum, but suffice to say we had to pay 12% OVER the asking price to secure it, and this is not at all unusual - it is actually unusual for a house to go for as little as asking price! There were 8 bids in the final running. Oh, and that was with NO conditions.
Just so you know, you may well have to be pretty aggressive here to buy!
We are now off to water-board ourselves with cocktails
Last edited by Hurlabrick; Aug 20th 2018 at 10:42 pm.
Aug 21st 2018, 2:26 am
#43
BE Forum Addict
Joined: Feb 2013
Location: BC, Canada
Posts: 3,874
Re: Any Londoners? London, Ontario that is!
Congratulations on getting your house, and hope all goes well for you from now on.
FWIW ...... news this morning was that house prices in Vancouver were definitely falling, with appreciable declines in selling vs asking price.
FWIW ...... news this morning was that house prices in Vancouver were definitely falling, with appreciable declines in selling vs asking price.
Aug 23rd 2018, 7:38 pm
#44
Forum Regular
Thread Starter
Joined: Aug 2017
Posts: 80
Re: Any Londoners? London, Ontario that is!
Great news Hurlabrick.......getting the house that is.......not the 12% over the asking price!
