About London's Byron

January was a pretty busy month for the Byron area with 10 houses selling with an average asking price of $373,869 and selling for 99% of that which was $371,750. The average days on the market was 69 days, however, that number gets skewed by new homes which were put on the market.

At present there are 26 houses on the market and 11 of those are brand new.

5 condos in Byron sold for $230,200 which was 98% of the asking price of $234,020 and the average time these took to sell were 56 days and of this writing, 5 are available for sale with one condo having a conditional offer!

What does all this mean. If you are thinking of selling your home in the next 2-4 months, now may be the time to speak with someone who knows Byron as there is a lack of good quality homes for sale.

For buyers and you wish to live in Byron, a good representative will make sure you know of properties that come on the market and you should be prepared to act quickly, but not foolishly. Do your homework and be ready!

What was the real estate market for houses and condos like in Byron a neighbourhood in south west London in 2009 and what to expect for 2010? Houses in Byron

From January 01, 2009 to December 31, 2009, 243 houses in Byron exchanged hands and it took an average of 47 days for houses to sell. The majority were 2 storey houses.

The average asking price was $304,536 and those that sold, did so for 98% of asking which was $299,207.

Condos in Byron:

In the same time period, 62 condos sold with the average asking price of $214,952 and the actual selling price average was $209,879 which is 98%.

Averages are a good starting point to understand the swings in price; but you must compare apples with apples and not oranges. Byron is graced with homes that are 30+ years old with new homes starting in price in the $350s . For an in depth report, give Ty a call.

What Does This All Mean? For Sellers: Byron in London is quite stable with a lot of new construction still occurring.

Economists are predicting real estate in the London region may increase 8-9% in 2010 and interest rates to increase as high as 6%. Byron will be a neighbourhood that may see these price increases because of the amenities and the inventory of homes for sale.

I cannot predict the future; however; in any market, clean, quality homes that are priced well sell quickly. Those who are testing the market or not facing reality as to the real value of their home, languish on the market, take longer to sell and for far less than the correct price which the home should have been marketed for in the first place.

Why do some homes sell in 7-10 days and others 55-75 days? It is what I call the 3 P's of real estate. Price, Product and Promotion.

If you want results and straight talk, calling a professional REALTOR® like me for the real facts will ensure your real estate experience is a successful one.

What Does This All Mean? For Buyers:

Quality houses and condos in Byron will be more in demand as more people learn about the amenities and lifestyle.

Call me today for my Exclusive Envelope Real Estate Home Buyer Kit that will help your real estate experience be successful and enlightening!

For a current list of houses and condos for sale and a list of schools and other conveniences, feel free to contact me.

What about Condos for Sale in Byron? A Quaint Neighbourhood in London Ontario

Have you been thinking of moving to Byron, a family neigbourhood in south London that offers a lifestyle away from the hustle and bustle, yet minutes to downtown London?

A London neighbourhood that has Springbank Park and the Thames River, Boler Mountain (a ski and mountain bike area known to the locals as "the bump"), every kind of church you can think of,(if you don't go to church, I won't tell), a library, a fire hall, a legion, a Masonic hall and more.

Some great shopping, bistros and dining, professional offices, medical, drugstores, an LCBO (known to the locals as the "personality changer"), jewelers, drycleaners and more.

Easy access to the 401, 403, Lake Huron or Lake Erie, some great public and private golf courses, health clubs, walking trails, fishing and more.

The condos in Byron start from $149,000 which would be a townhouse style. Depending on your budget, you have a choice of high rise condos, attached or detached condos, one floor bungalows and more.

If you would like an up to date inventory of condos in Byron for sale just let me know. If you are thinking of selling your Byron condo, my Excusive Home Audit will detail the things you need to do to prepare your condo for sale and a true market analysis of what you can expect for your condo.

Why not take a drive out to Byron and experience a lifestyle that most only dream about!

Avoid These 81/2 Buyer Traps When Buying Real Estate Part 2

In part 1, we covered, bidding without sufficient information, buying the wrong home and unclear title. Lets' cover the rest:

Inaccurate Survey

Before the purchase is completed, a survey or title insurance should be a must. Most lenders will not issue a mortgage without a survey or title insurance. Again, a good REALTOR* will have a clause in the offer to protect you and make sure you discuss this with your lawyer.

Unexpected repairs

Don't expect every seller to disclose every physical detail that will need to be attended to. Use a professional home inspector to conduct a thorough inspection of the home, before you close the deal. A good REALTOR* will enclose a home inspection clause in the offer and only if the inspection report is suitable to you, would you waive that condition. (See my report: "The Role of a Home Inspector") A professional REALTOR* will know the best home inspectors out there and should be able to give you the names of two or three.

Not Getting Mortgage Pre-approval

Pre-approval is quick, easy and free. Knowing before hand what you qualify for will help you to avoid disappointment. When you are shopping for a home, this will give you more power; the seller will consider your offer as a serious one.

Hidden Costs

Make sure you identify and uncover all costs-large and small- far enough ahead of time. A good buyer's agent will discuss this with you, and you should discuss all fees and costs with your lender, your lawyer and any other professional you may use. (See my reports;"The role of a lawyer", "The role of a lender")

Rushing the Closing

Take your time during this critical part of the process. Do you understand your mortgage details? Has any thing been forgotten? Does the paperwork and documentation reflect your understanding of the transaction? Will your buyer agent take you through your planned house 2-3 days before closing? (To ensure that there is no unusual changes in the condition of the home, that what is supposed to stay-stays).

That is the 8 buyer traps and the ½ that can make you a happy camper

Can you now see why it is very important to have an experienced, knowledgeable and trusting REALTOR* to help you? A thorough systematic approach to real estate either buying or selling can save you time, money and frustration!

Is Buying a Home in London Ontario a Good Investment? As a fairly general rule, London homes and condos appreciate about four or five percent a year. Some years will be more, some less. The figure will vary from neighbourhood to neighbourhood, and region to region. For example, a 2 storey home in Sunningdale may appreciate more than a 2 storey home in Oakridge.

Five percent may not seem like much at first. Stocks (at times) appreciate much more, and you could easily earn over the same return with a very safe investment in treasury bills or bonds.

But, take a second look ...

Presumably, if you bought a $200,000 house in London, you did not pay cash for the home. You got a mortgage and lets say you put as much as 20% down, that would be an investment of $40,000.

At an appreciation rate of 5% annually, a $200,000 home in London would increase in value $10,000 during the first year. That means you earned $10,000 with an investment of $40,000. Your annual " return on investment" would be a whopping 25%!

Of course you are making mortgage payments and paying property taxes, along with a few other costs. Your rate of return when buying a home is much higher than most any other investment you can make.

If you would like to know more about other home buying ideas or tips, let me know and I will gladly see that you are informed and knowledgeable before you purchase.