What was the real estate market for houses and condos like in the Old South of London in 2009 and what to expect for 2010?
Houses in Old South
From January 01, 2009 to December 31, 2009, 81 houses in Old South exchanged hands and it took an average of 34 days for houses to sell.
The average asking price was $266,449 and those that sold, did so for 98% of asking which was $260,435.
Averages are a good starting point to understand the swings in price; but you must compare apples with apples . For an in depth report, give Ty a call.
What Does This All Mean? For Sellers: 
Economists are predicting real estate in the London region may increase 8-9% in 2010 and interest rates to increase as high as 6%. The Old South neighbourhood may see these price increases because of the amenities, stability and lifestyle and lack of inventory 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 in Old South will be more in demand as more people learn about the amenities and lifestyle. As the homes in Old South are older, some have been updated and upgraded and are in great condition. Others may have been partially updated or in need of. Purchasing a house in Old South in particular requires A REALTOR® with the skills who knows the area, the pitfalls and what trulu is a great value or not.
Call me today for my Exclusive Envelope Real Estate Home Buyer Kit that will help your real estate experience be successful and enlightening!
Ty Lacroix Broker of Record & Owner
'NOT ALL REALTORS* ARE THE SAME', One call or email to me and you will know why!
Your London and S/W Ontario source for results!
519-435-1600 www.enveloperealestate.com
