London Ontario Real Estate News Blog

by Team Forster - homesinlondonontario.ca

Aug. 19, 2017

Creekview Phase 2 | Forever Homes - Just Released Preconstruction single Family Homes in London Ontario

Creekview Phase 2 is a new single family home development By Forever Homes! currently in preconstruction at 1906 Wateroak Drive, London Ontario. The development is scheduled for completion through 2018 - 2019. Sales for available units start from the $600,000's. Creekview Phase 2 has a total of 30 units, sizes range from 2400 to 3300 square feet.  Creekview consists of 40' base lots, 40' Walkout Lots onto a ravine and 50' Walkout Lots backing onto a Ravine.

Fill in your details to receive a Creekview Phase 2 Package and reserve your lot today!

 Call/Text 519-851-2844 for more details anytime!

Posted in News
July 10, 2017

Forever Homes - New Homes Neighbourhood Released

Forever Homes - Wickerson Hills - New Homes Released

Request your package today!

Forever Homes has just released a fantastic neighbourhood in Southwest London Ontario called Wickerson Hills.  This neighbourhood will be made up of Luxury Single Family detached Houses.  If this neighbourhood and area are of interest to you please connect with us to receive your home package.  Forever Homes has plans ranging from 2300 - 3000 square feet in the Wickerson Hills site.  Visit the Forever Homes page to order your package today!

Visit the model home on weekends at 1906 Wateroak Drive London, Ontario or preview a video walk through of the model home here.

Posted in News
March 16, 2017

Children Laugh and Learn On London Property

Museum Bring Imagination to London Property with Children's Museum Local youth stretch their imagination on London property. Striving toward a mission of “Igniting Curiosity Through The Power Of Play” the London Children’s Museum is designed for frolicking and fun. Proudly presenting an array of exhibits designed to stimulate learning, interaction is more than encouraged. Parents take a backseat as their little ones delve into three floors of serious wonder.

Kids get to know Canada in two main exhibits. Dream Big honors Canada’s historic 150th Birthday by paying tribute to well known citizens. In My Arctic Discovery youngsters travel to Canada’s North section to seek out rarities in the Arctic. From space to geology science is everywhere. TD My Place In Space finds budding astronauts ready for launching to the stars. And the brave of heart tunnel down below the ground in Things In Caves. Creatures on this London property seem larger than life when standing in the Dinosaur exhibit or viewing a whale skeleton in The Lookout.

Families Living In London Enjoy Unlimited Fun

A busy Calendar is filled with special events for children living in London. Magic shows, STEM programs, day camps, story time, and workshops are regularly in the schedule.

For over thirty years, the London Children’s Museum has been a part of the neighborhood community educating children through play. Membership to the museum is perfect for locals. Available for for families, grandparents, and groups, perks include unlimited admission, discounts, and member only events.

 

Posted in News
March 16, 2017

It’s Lunch Time For Residents Living In London

Lunch Break Rejuvenates Those Living in London CanadaWhen it's time for luncheon hungry bodies living in London head on over to the Covent Garden Market. Delicious aromas tempt the senses when entering. Seemingly endless choices make decision time difficult. An international blanket of cuisine appears to cover the globe. From Mediterranean to Japanese, French to Thai, everyone’s taste buds are represented. Room must be saved for dessert. Multiple bakeries and chocolatiers have plenty of sweet treats to indulge in. 

Shop Fresh On London Real Estate 

Get some grocery shopping done as well with an assortment of fresh fruit and vegetables. Every Saturday from 9 a.m. to 1 p.m. the Farmer’s Market is found upstairs on the mezzanine level. Indoors until April 8th, the market returns outdoors in May. Live music creates an energetic mood and there are even free cooking classes.

The Covent Garden Market is about more than food. Shoppers living in London love browsing eclectic booths filled with charming merchandise. One of a kind trinkets, clothing, artwork, and more await. Personal care items include handmade soaps and perfumes. There’s even something to bring back for Fido with a selections of pet products on site as well.

Take some time to stroll about. Easily found, the Covent Garden Market is located on downtown London real estate across from Budweiser Gardens. Hours are Monday through Thursday from 8 a.m. to 6 p.m., Friday from 8 a.m. to 7:30 p.m., Saturday from 8 a.m. to 6 p.m., and Sunday from 11 a.m. to 4 p.m.

Posted in News
March 15, 2017

The Past Is Remembered On London Real Estate

Flowers Bloom Across Generations on London Real EstateCross the threshold onto London real estate and enter into the past. Eldon House welcomes all through its doors. This regal London home bares the title of oldest property in the locality. 1834 marks the year when John and Amelia Harris first moved in with their eight children. What followed were four generations of love, laughter, tears, trials, and triumphs. A true representation of local history, the Eldon House is an important structure for residents and tourists of the area to visit.

Two stories represent times gone by with authentic furniture and belongings. The first floor contains the morning room, library, drawing room, pantry and kitchen. When exploring the kitchen visitors will realize how far modern appliances have progressed. Throughout the house, bell pulls are discreetly visible illustrating how the family communicated with their servants when they required attendance.

Guests are again reminded of the luxury of modern amenities with a glance in the upstairs bathroom. In the nursery there are a collection of amusing toys and games that will probably still draw attention from today’s youth. Victorian style and sophistication is shown throughout the four bedrooms on the second floor.

The First London Home Is Filled With Flowers

Glorious gardens grace the landscape on this beautiful piece of London real estate. Vibrant flowers and plants bring forth colorful blooms and lush shades of greens. Restored to their height of glory, gardens reflect the late 1800’s and early 1900’s. Favorite places to reflect and frolic are in the rock garden, south garden, and terraced walk.

Plan a time to remember days past, and take a self guided tour today. Groups over twelve are advised to reserve a docent led tour, and can make reservations by calling 519.661.5169. Hours are seasonal and available online.

 

Posted in News
Aug. 3, 2016

Why You Should Be Excited About the Housing Market

What an amazing year 2015 was for home sellers, and 2016 promises to be even better. By December of 2015, with 5.26 million sales, we had seen a more robust housing market than we've seen since 2006. In fact, as of early 2016, America's housing market had spent 43 consecutive months as a seller's market. Lawrence Yun, the National Association of REALTORS (NAR) chief economist chalks up the heavy sales volume to "the prospect of higher mortgage rates in coming months and warm November and December weather."

Get Very Excited if You Plan to Sell Your Home This Year
The combination of high demand for homes and shrinking inventories produces a seller's market and typically signals rising home prices. While many forecasters expect home prices to continue rising this year, they caution that they won't climb as quickly or as much as they did last year. "The NAR is calling for a 4.4 percent increase in existing home prices this year and 3.4 percent in 2017; other economists and strategists also put 2016 price growth in the 4 percent to 5 percent range," claims NAR's Adam DeSanctis.

In addition, inventories of available homes rose slightly last month. Whether or not this signals a trend toward a more balanced housing market remains to be seen. So, yes - although it sounds trite - the best time to sell your home is right now, while inventory is still low. If you will be selling a home priced in the low-to-middle price tier for your market, expect it to go quickly and for top dollar. You will have little competition and the demand in this price range is strong, according to Shu Chen of CoreLogic.

While this type of market makes it easy for home sellers to become complacent, if you expect to get top dollar for your home and want it to sell quickly, do the work required to ensure that it's in move-in condition.

Buying a Home This Year?
While it may seem like there isn't a whole lot for homebuyers to get excited about this year, there is one bonus for you: low interest rates. In fact, according to Freddie Mac's Primary Mortgage Market Survey, 30-year mortgage rates fell in April 2016 to an average of 3.59 percent across the country, down from 3.65 percent the same time last year.

Combine the low rates with more relaxed lending guidelines and there is definitely good news for the 2016 homebuyer. Lower mortgage rates mean a lower monthly payment, which means you have more purchasing power, and that additional power can "mean the difference between buying a 2-bedroom home versus a 3-bedroom one; between buying a home with large closets versus small closets; and, between buying an upgraded home versus a dated one," according to Dan Green at The Mortgage Reports.

Another reason to get excited: It appears that those deep-pocketed investors who pay all cash for homes have left the market. Last year, 33.9 percent of all home sales were to cash buyers, the lowest rate since 2008, according to Molly Boesel with CoreLogic. While there is still plenty of competition out there from other homebuyers for homes in good locations and in decent condition, the playing field is a bit more level.

Yes, there is still a lot of competition from other homebuyers. This makes it more important than ever to have all your ducks in a row before making an offer on a property. Ensure you know exactly how much you can spend and that you've obtained a preapproval letter from your lender. Make your offer stand out from the others by keeping it lean and mean, with the shortest time periods for contingencies as possible. While we're still in a seller's market, come in with your highest and best offer. The market moves too quickly right now to assume the seller will negotiate over price.

Finally, if you've been sitting on the fence waiting for prices to come down, jump off. Home prices are currently rising twice as quickly as incomes, and it doesn't appear the situation will change in the near future.

Posted in Market Trends
June 15, 2016

Top 4 Deal Killers for Homebuyers

Falling in love is exhilarating. It can also be a bit scary, especially when a home has captured your heart. What if something goes wrong and you end up not spending the rest of your life with this stack of pick and mortar you're lusting after?

No matter how careful you are, some deal killers are unavoidable. Others, however, are preventable, so pay heed if you hope to keep your deal alive.

1. Don't Mess with Your Mortgage Preapproval
A common reason for a real estate deal to fall apart is that many homebuyers don't fully understand the mortgage process. Sure, you may get a loan preapproval, but don't think for one minute that this guarantees you will get the loan. It doesn't.

Here's what happens after you receive your preapproval letter and decide to move forward with the purchase. The lender will start your file, give you a list of paperwork required, order an appraisal and credit reports, verify your employment and income, and more.

The file is then sent to the processor who will review all of your information as well as the appraisal. He or she will then put together a package of all pertinent information to be sent to the underwriter.

The underwriter is the person who ultimately determines whether or not you are an acceptable credit risk. He or she will assess your ability to repay the loan, your credit, and the collateral used to secure the mortgage - in this case the collateral is the home. Then, just before funding the loan, the underwriter will perform what is known as a "soft pull" of your credit information to see if anything has changed.

This is the point where many borrowers run afoul. If you hope to keep your purchase alive, don't do anything - from application to closing - that might change your financial picture and sabotage your final approval. This means no shopping on credit for appliances, furniture or anything else. Don't switch jobs, fall behind on your bills, co-sign a loan for anyone, or in any way reduce the income stated on your application.

2. Read Homeowners Association Documents Carefully
When you purchase a home in a managed community governed by a homeowners association (HOA), you'll be given a mountain of paperwork to read and approve. Because there may be deal killers included in the fine print, it's important to get to this task immediately upon receipt of the documents.

Look for any information about liens against the property; current litigation against the HOA, the builder, or the developer; and any red flags in the HOA budget. Since these documents aren't easy to read and understand, it is worth the money you'll spend to have your attorney look them over and advise you of any potential deal killers lurking within.

While the aforementioned HOA problems could potentially derail the deal, it's better to have it happen upfront rather than when you're further along in the process.

3. Home Inspection Problems
All homes - even newly constructed ones - may have problems. Going into the process not fully understanding this can set you up for a failed real estate deal. Sure, you ideally want to find a home that was owned by Mr. or Mrs. Clean who conscientiously took care of it during their entire ownership, but those are few and far between, and seeking them out is unrealistic.

Set your sites on finding a home that has small, easy-to-fix problems, and don't freak out if some are worse than others. In other words, when considering making an offer, laugh at the loose doorknob but negotiate when it comes to water damage or worse.

The nitpicky homebuyer, who plans on nickel and diming the homeowner into replacing missing switch plates and dripping faucets, is the picture of a deal-peaker-in-the-making. Sure, in a buyer's market you may get away with minor demands. In a seller's market, however, there is always a cleaner offer right behind yours.

4. Budgeting Blunders
The real estate industry does a bang-up job of reminding homebuyers that they'll need a down payment - typically from 3 percent to 20 percent of the total loan amount - when they purchase a home. What they often fail to inform real estate consumers about are the loan's closing costs - the money you will be required to pay before the house is yours. This is most likely because closing costs are a little harder to pin down. They vary wildly and depend on the type of loan, the amount of the down payment, and a host of other factors.

Unfortunately, this lack of information frequently causes real estate deals to disintegrate. To avoid this particular problem, pay attention to all communications from your lender.

First, you will receive a form called a Loan Estimate. Look this over carefully to ensure that everything your lender agreed to is included. Pay close attention to the "Calculating Cash to Close" section, which concludes with an estimated cost to close the loan. Remember, this is an estimate and the amount may go higher or lower in the end. Speak with the lender if you find any problems here, especially if it will be impossible for you to come up with this money.

Just before closing you will receive the "Closing Disclosure," which is quite similar to the estimate, but these figures are final. Again, review the "Cash to Close" figure.

By and large, real estate deals conclude successfully. Typically, it all comes down to the experience of your agent. Choose wisely and you'll avoid the common pitfalls that can derail transactions. For a smooth, low-stress real estate transaction, slow down, keep your expectations realistic and heed the advice of your real estate agent or attorney.

Posted in Buying