London Ontario

PRIME MARKET UPDATE: OCOTOBER 2018

home sales remain strong in september

October 4, 2018

London and St. Thomas Association of REALTORS® (LSTAR) announced 776 homes* were sold in September, down 6.1% over the same month last year. The number of home resales are above the 10-year average, despite low inventory in the marketplace.

“All year we’ve been managing the challenges of low supply and it continues to impact home resales,” said Jeff Nethercott, 2018 LSTAR President. “What we did experience was a large increase in the average price for resale activity. In September, the average sales price was $386,520, up 21.0% compared to a year ago, and up 57.9%, compared to just five years ago.”

All major London centres saw jumps in their average sales price in September. Making the biggest gain was London North, where the average sales price was $498,138, up 28.1% from 2017 and up 70.5% compared to five years ago. In London South (which also includes data from the west side of the city) had an average sales price of $385,635, up 18.0% from 2017 and up 48.8% compared to five years ago.

Meanwhile, London East saw an average sales price of $302,452, up 10% from last September and up 51.4% compared to five years ago. It’s only the second time in the last 10 years that London East had an average sales price above $300,000.

“While the average price for home resales may be on the rise, inventory (what is called active listings) continues to decline,” Nethercott said. “Last month, there were 1,640 active listings in LSTAR’s jurisdiction, marking the lowest level of September inventory in the past 10 years. The sales-to-new listings ratio was 64.5%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a ratio between 40% and 60% is generally consistent with a balanced market). Breaking it down further by geography, London East had a sales-to-new listings ratio of 76.8%.”

In St. Thomas, the sales-to-new listings ratio was 107.2%, with a total of 74 homes sold in September, up 8.8% from the same time last year. The average home sales price in St. Thomas was $321,473 up 20.2% from September 2017 and up 69.9% compared to five years ago. This is the highest average sales price St. Thomas has experienced in the past 10 years.

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated each time a home changes hands in Ontario. “It is critical to understand the huge economic impact the business of real estate makes across the entire region and beyond,” Nethercott said. “The September resale activity has generated potentially more than $41 million and helped create approximately 258 jobs, affecting every facet of real estate, from retailers to contractors, and manufacturers. We cannot underestimate the contributions this profession delivers to the community.”

The London and St. Thomas Association of REALTORS® (LSTAR) exists to provide its REALTOR® Members with the support and tools they need to succeed in their profession. LSTAR is one of Canada’s 15 largest real estate associations, representing over 1,700 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods and is a proud participant in the REALTORS Care Foundation’s Every REALTOR™ Campaign. *These statistics are prepared for LSTAR by the Canadian Real Estate Association (CREA) and represent a data snapshot taken on October 1, 2018, based on processed home sales activity between September 1 and 30, 2018.

SOURCE:

https://www.lstar.ca/news/home-sales-remain-strong-september

PRIMETIME EPISODE 18

A little insight into our day to day. Locally owned #RealEstate firm with Global reach

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Serving London Ontario, Grand Bend, Bayfield, and Elgin and Middlesex Counties

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Residential, Commercial+ Investing specialists💰

MEET PRIME; JAMIE DODDS

Meet Jamie Dodds.

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💡HBA from the Richard Ivey School of business.

📞Absolutely relentless when it comes to representing his clients to the fullest

💰And on of the most creative people we’ve ever seen at saving his clients money.

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We couldn’t be more honored and proud to have him as head of our Commercial division.We truly believe success begins and ends with the team. Nobody succeed in this business alone, at least not in the long term. We received a number of calls lately on how many commercial buildings we are selling, and leasing, and a lot of it has to do with the infrastructure that we built as a team. Jamie is absolutely crucial to what we do. We get fired up every time we work on a project or creative solution for our clients with Jamie. As with everything else we do, we aim to provide next level service, and cutting edge systems for our clientele and Jamie fits that role and then some.

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If you’re looking to buy or sell commercial properties, or need a new location for your business, hit us up and will connect you.

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Go follow him @jamiethecloser on Instagram and watch his adventures there!

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PRIME TIME EPISODE 17

A little insight into our day to day. Locally owned #RealEstate firm with Global reach

🌍

Serving London Ontario, Grand Bend, Bayfield, and Elgin and Middlesex Counties

✈️

Residential, Commercial+ Investing specialists💰

FOLLOW PRIME

TWITTER: http://bit.ly/2A8Ficp

INSTAGRAM: https://bit.ly/2vZOuLf

FACEBOOK: https://bit.ly/2MFBXn1

LINKEDIN: http://bit.ly/2BKJtbn

WEBSITE: http://theclosers.ca/

Market Update June 20th 2018- THE END OF THE WORLD

home sales strong in may, with best monthly numbers in 2018
June 5, 2018

The London and St Thomas Association of REALTORS® (LSTAR) announced 1,171 homes* were sold in May, down 24.4% over the same time last year, which saw a record-setting month for May with 1,549 homes sold. The May 2017 home sales stands as the highest ever sales month in LSTAR’s history, since the Association began tracking sales data in 1978.

"We're very encouraged by the sales in May, which represent the third best May results LSTAR has had," said Jeff Nethercott, 2018 LSTAR President. "The homes sold are actually above the 10-year average, despite the ongoing challenge of low inventory in the marketplace. Similar to what’s happened each month this year, home prices continue to gradually increase across the region, as fewer homes are available for sale.”

The average May sales price in London and St. Thomas was $366,096 up 6.4% over May 2017 and up 28.4% over May 2016. By geographic area, London South was $370,851 up 4.4% from last May. In London North, average home sales price was $451,556 up 4.7% compared to the previous year, while in London East, it was $291,359 an increase of 11.1% from May 2017. In St. Thomas, it was $288,723 up 11.2% over last May.

"The big trend we continue to see in the marketplace is low inventory, which remains at its lowest level in 10 years," Nethercott said. "In May, there were 1,643 active listings, down 7.7% from this time last year and down 44.6% from May 2016. The sales-to-new listings ratio was 70.8%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers. With warmer temperatures and summer around the corner, it's a great time to contact your local REALTOR® if you're considering selling your home."

St. Thomas saw a total of 100 homes sold in May, down 12.3% from the same period last year. For inventory, there were 82 active listings, down 28.1% from last May and down 49.7% from May 2016.

The following chart is based on data taken from the CREA National MLS® Report for April 2018 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

SOURCE:  https://www.lstar.ca/news/home-sales-strong-may-best-monthly-numbers-2018

LEASED!!!!

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#LEASED

Super excited to get another flagship #Ldnont building under contract. Our downtown is by far one of the most vibrant and the community of #makers and #entrepreneurs we have here is second to none. Proud and honored to have repped both of these amazing firms involved in this transaction and looking forward to a lifelong friendship and growth

CLOSING TIME 11: DOWNTOWN LONDON ONTARIO, GRAND BEND AND BEYOND

A little insight into our day to day. Locally owned #RealEstate firm with Global reach🌍Serving London Ontario, Grand Bend, Bayfield, and Elgin and Middlesex Counties✈️Residential, Commercial+ Investing specialists💰


FOLLOW THE CLOSERS
TWITTER: http://bit.ly/2A8Ficp
INSTAGRAM: http://bit.ly/2BKMxEo
FACEBOOK: http://bit.ly/2Azksjk
LINKEDIN: http://bit.ly/2BKJtbn
WEBSITE: http://theclosers.ca/

September Market Update : COOLING MARKETS, HOT PROPERTIES AND THOR GOT HIS REAL ESTATE LICENSE

Housekeeping
Follow us 

@theClosersTeam everywhere!! 

Questions/content 

Local business shoutouts
LOS LOBOS
CHURCH KEY
JOE KOOLS
LEMONTREE
WHY DESIGNS

AUDIENCE QUETIONS:”
Adam Brock :People keep talking about the bubble bursting in London. Do you think prices will continue to stay where they are and raise or do you think prices will go back down?

Rahim Lakhani: Define "bubble”


Jeremy McCall Can you explain how commercial leasing tends to work for anyone who is contemplating opening their own business for the first time? Standard pricing and leases and whatnot ?


Local news:

EMCO MOVING TO A NEW 30K sq ft  FACILITY VETERANS MEMORIAL THEYRE CURRENT SITE UNDER REVIEW FOR REDEVELOPMENT

FANSHWE:
$66.2 million: Total cost
$9 mLllion: City contribution
1,600: Student capacity
115173SQ FT

NEW DEVELOPMENTS UNDER PERMIT
• 1331 Hyde Park Rd.: The second and final phase of the Bieren Westfield subdivision by Kenmore Homes consists of 97 single detached lots on the south side of Coronation Drive, north of the Canadian Pacific Railway on the east side of Hyde Park Road.

• 1284 and 1388 Sunningdale Rd. W.: The first phase of the Fox Hollow North Kent Developments subdivision is for 69 single detached lots.

• 995 Fanshawe Park Rd. W.: The proposed 111 single detached lots by Landea Development Inc. will have access from the extension of Tokala Trail, Medway Park Drive and Silverfox Drive.

• 3493 Col. Talbot Rd.: The first phase of the Silverleaf subdivision is 108 single-family lots, on the south side of Pack Road, west of Col. Talbot Road. The site is approximately 40.5 hectares.

• 1355 Commissioners Rd. W.: Vil
http://www.cbc.ca/news/canada/london/london-real-estate-new-builds-1.4281516

FREE PRESS MOVING TO PATHWAYS!!

Huron coast:
TIME ON MARKET AND PRICING
COMMERICAL OPTIONS SLIM

Stats:

September 1, 2017
 892 homes exchanging hands. a slight decrease in homes sales activity. 

 "Overall, 2017 remains an incredible year for real estate across London and St. Thomas and we expect sales activity to stay fairly strong for the remainder of 2017."


The average sales price across London and St. Thomas was $326,122, down 1.4% from the previous month.

The average year-to-date sales price was $329,745 - up 18.2% from the 2016 average home price of $279,057.

St. Thomas saw a total of 63 homes sold, up 1.6% from the same time last year. 

The average home price in St. Thomas was $270,738, up 1.4% from the previous month.

#THECLOSERSDAILY EPISODE 116: DON'T BE GLUM CHUM! 🙇🏼 ​


 

Basement Flooding Grant Program

New Flooding Grant program available in London Ontario will give residents some reprieve. Take a look at the images below and check the links out to see if you qualify! 

 

 

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#ASKTHECLOSERS EPISODE:20- THE MONSTER IS COMING FOR LONDON

A Strong Start for Real Estate in 2017

The London and St Thomas Association of REALTORS® (LSTAR) announced another milestone for residential sales across the region, with the best January results since LSTAR began tracking sales data in 1978. A total of 574 homes were sold in January, an increase of 26.2% over last January.

"We're off to a tremendous start this year with our best January ever," said Jim Smith, LSTAR 2017 President. "The trend of high demand and low supply continues, with January experiencing a 12.2% decrease in the number of listings compared to the previous year. Those thinking of selling may want to consider maximizing the current market conditions."

In January, a total of 434 detached homes were sold, an increase of 15.1 % over the previous year, while there were 140 condominium sales, up 79.5% from 2016. The average sales price was $285,418, up 0.5% from the previous month.

"We saw a huge boost in condominium sales, with almost double the number of units sold in 2017," Smith said. "It represents very robust activity happening in the condominium market, again with less listings available compared to 2016."

St. Thomas also had a very healthy January, with a total of 55 homes sold, up 139.1% from the same time last year. The average home price in St. Thomas was $192,474, down 28.1% from the previous month.

** source: http://www.lstar.ca/news/strong-start-real-estate-2017

#ASKTHECLOSERS Episode 18; Best time to list, never pay for hydro again and storage!!

July 4, 2016

In June 2016 a total of 1,133 homes exchanged hands. That makes last month the best June on record. "Not only are we on a roll, we are on a streak – a winning streak," says Stacey Evoy, President of the London and St Thomas Association of REALTORS® (LSTAR). "April 2016 was the best April ever. May 2016 lost out to May 2007 – the best month in the history of LSTAR – by only 7 units, and June was the best June ever." Sales were up Year-to-Date by 8.6%.

1,612 homes were listed last month, down 9.2%, and Active Listings End of Period – or inventory – was down a significant 24%. "We are still waiting for CMHC to make the final deliberation, but, from where we stand, it sure looks we're starting to move from a balanced market into a seller's market," says Evoy. "Given how tight supply is, if you were thinking of listing your home, now might be a good time to do just that."

Seventy six homes exchanged hands in the City of St. Thomas, down 10.6% from the previous year; Year-to-Date, sales for London's Sister City are up 5.4%. As was the case in London, both listings and inventory were down, 30.5% and 33.3% respectively. The average price of a home in St. Thomas so far in 2016 stands at $232,853, up 1.1%.

House Style Units Sold Average Price
2 storey 296 $382,440
Bungalow 191 $233,326
Ranch 121 $331,274
Townhouse 101 $175,916
High rise apt. condo 45 $160,923
The best-selling house style in LSTAR's jurisdiction for June 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year-to-Date stood at $295,365 up 4.7%, while the average price for a condo over the same period stood at $199,465, up 5.1%. The average price of all homes sold through LSTAR's MLS® Year-to-Date stood at $277,084, up 4.8%.

#AsktheClosers - Episode 16- MULTIPLE OFFERS ATTACK!!! Market update

Just a quick state of affairs for the Real Estate Market for April 2016. A lot of people don't know that our graet board covers a very large area*, including but not limited to; London Ontario, Grand bend, Bayfield, Lake Huron, Lake Erie, Port Stanley, St.Thomas and surrounding area. (* There are istings from other boards in these areas, our stats reflect that of ur boards listings.)

We also dive into offer strategy when dealing with multiples and a book recommendation to cap it off. Hope you enjoy it and always happy to hear feedback!

#AskTheClosers Episode 15- Market Update January 2016 + a tenant had to pay double for a repair!

Welcome to Episode 15 of #askTheClosers ! New year, new format! We'll be asking the community what matters to them most and going deeper in answering everyones questions. Still happy to provide you all of the latest stat's on our market and any other information you might find relevant! We're truly blessed to be part of such a great community and we want to be of service to you guys. 

Ask us on any of these services:

Snapchat: theclosersteam
Instagram: theclosersteam
Facebook: https://www.facebook.com/theClosersRe...
Email: info@theclosers.ca

January 4, 2016

2015 proved to be not only the best year for real estate in the jurisdiction of the London and St. Thomas Association of REALTORS® since 2007, but also the second best year in the history of the Association overall. 9,366 area homes exchanged hands over the course of last year, just 59 units short of the 2007 total of 9,425. "The global financial meltdown that led to the collapse of the U.S. housing market back in 2008 negatively impacted Canadian markets as well," says Carl Vandergoot, LSTAR's 2015 President. "Eight long years later, we're pretty much back on track."

A total of 7,563 detached homes sold in 2015, up 9.2% over the previous year, while condo sales, at 1,803 were up 13%. Overall, sales were up 9.9% over 2014.

16,590 homes were listed in 2015, up a marginal 0.6%. Active Listings End of Period – or inventory – were down 14.0%. "We remain in a balanced market," says Vandergoot, "but, given the relatively low supply, now would be a good time for anyone thinking about listing their home to get in the game."

2015 was also a great year for real estate in St. Thomas, with sales totaling 830. Only 2007 was a better year for London’s Sister City and that by only 31 units. The average price of a home in St. Thomas in 2015 stands at $216,800 up 8.5%.

The best-selling house style in LSTAR's jurisdiction for December 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home in 2015 stood at $282,229, up 4.3 %, while the average price for a condo over the same period stood at $189,798, up 3.8 %. The average price of all homes sold through LSTAR’s MLS® stood at $264,435, up 4.1%.

INFO FROM: http://www.lstar.ca/news/2015-banner-...

Real Estate Market Update December 2015

Why London Ontario is a Great Place to Invest

Published on Dec 1, 2015

We love London Ontario, and when we're speaking to investors we find showing photos and Google Maps just doesn't cut it. This video was made to showcase some of the investment options available in our city and some of the things that make London such a dynamic city to invest in.

Real Estate Market Update November 2015

Real estate sales hold steady

November 2, 2015

October 2015 homes sales came in just a hair lower than those of October 2014, the best October since 2007. A total of 695 homes exchanged hands last month, just three shy of October 2014, which saw 698 sales. 577 detached homes sold in October, up a marginal 0.9%, while condo sales dropped 6.3%. Total sales were down a very negligible 0.4%. "Clearly we've hit the mark and are holding steady," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. Year-to-date sales are up over 2014 by 9.8%.

Listings were down for detached homes in October – 14.2% for detached homes and 7.5% for condos. Active Listings End or Period (inventory) was also down 11.4% for detached homes and 0.2% for condos. "We're keeping a close watch on listings to see if we might be starting to shift into a Sellers' market," says Vandergoot. "Whether that is the case or not, with listings this low, now is a good time to list."

The real estate market continued to perform well in St. Thomas in October. Fifty-five homes sold in that City, making it the best October since 2012. The average price of a home in St. Thomas Year-to-Date stands at $217,752 up 8.9%.

The best-selling house style in LSTAR's jurisdiction for October 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year-to-Date stood at $282,585, up 4.4%, while the average price for a condo over the same period stood at $190,067, up 4%. Year-to-Date the average price of all homes sold through LSTAR's MLS® stood at $265,019, up 4.3%.


**Data from : http://www.lstar.ca/news/real-estate-...

Real Estate Market Update October 2015+ an app to monitor crime!- London Ontario+ region

October 1, 2015

Not only did 2015 see a best June ever for real estate sales in the jurisdiction of the London and St Thomas Association of REALTORS®, now it’s seen the best September ever! A total of 840 homes sold in September 2015, up 23.2% overall from September 2014. "Year-to-Date we’ve clocked 7,513 transactions," says Carl Vandergoot, LSTAR President. "That's an increase of 10.8%."

Listings were down 2.7% for detached homes, but up 9.4% for condos last month. Active listings end of period – inventory – were down 9.5% for detached homes and up 4.6% for condos. "This September 150 condos were sold. Given that the five year average for September condo sales is 137, last month's figures are pretty much in line with what we expected," says Vandergoot. "It's the market for detached homes that seems to be tightening. If I were thinking of selling a detached home, now is when I'd put it on the market."

September was also the best September for St. Thomas since LSTAR started breaking out that City's sales statistics in 2006. 77 homes sold in St. Thomas in September 2015. The average price of a home in that City Year-to-Date stands at $219,292, up 9.7%.

The best-selling house style in LSTAR's jurisdiction for September 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year-to-Date stood at $282,241, up 4.3%, while the average price for a condo over the same period stood at $191,197, up 4.6%. Year-to-Date the average price of all homes sold through LSTAR's MLS® stood at $264,791, up 4.2%.


Disclaimer
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**Data Sourced from the London St-Thomas board of Realtors
*All opinions are our own. Curator not liable for decisions made as a result of this information if not directly representing under a documented client relationship.

Real Estate Market Update March 1st 2015 + a story about a buyer losing their deposit on a $2 Million dollar home

Just our monthly update outlining the latest Real Estate Sales Statistics. The numbers reflect sales in the London Ontario, St.Thomas jurisdiction, which covers Lake Huron to Elgin and reaches East and West. 

Sales states have been record breaking for the last 8 months and this is the first month that we didn't set record numbers. That said, 535 homes sold, beating the average average for past decade of 489. 

Listings up 6.2 
Inventory down 1.3(active listings at end of period)

We are currently in a Balanced market .

The average price of a home is $248,056. 

Full stats below. 

March 2, 2015

Despite record-breaking cold, a total of 535 homes sold in February. "Given that the average number of February sales over the past decade stands at 489, I think it's fair to describe February 2015 as a good, solid month for home sales," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. He cautions against comparing February 2015's activity with that of February 2014. "It wasn't a typical year. The Polar Vortex had home sales in a deep freeze lockdown in January and February 2014. Comparing the two month-over-month would not only be counterproductive, but it would also give a false impression."

Also up for February were listings by 6.2% - while inventory - active listings end of period – was down a marginal 1.3%. The market continues to be a balanced one.

February 2015 was also a good month for London's Sister City of St. Thomas. "Fifty four homes sold last month, making it the best February on record for St. Thomas since 2007," says Vandergoot. The average price of a home in St. Thomas Year to Date stands at $203,008, up 1.6%."

The average price of a home in the Association's entire jurisdiction, which includes Middlesex and Elgin Counties, stands at $248,056 Year-to-Date, down 2.4%. “This is an average price, rather than a median,” explains Vandergoot. "The figure will fluctuate based on what is sold at what price in any given month.

The best-selling house style in LSTAR's jurisdiction for February 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.

House Style/Units Sold/Average Price
2 storey-127-$331,566
Bungalow    -92-avg-$204,146
Ranch-56-avg$304,311
Townhouse-38    -avg-$155,442
High rise apt. condo- 27-avg-$154,267

* Average Price Year to Date for February 2015

**sourced from http://www.lstar.ca/news/february-sales-solid

Real Estate Market Update: February 2015 + A court case where the Buyer's lost HALF the proceeds!!!

Market statistics are in for the London and St.Thomas Region of Real Estate in Ontario. Continuing the trend, this January smashed last years numbers yet again. 475 home sales, that's 107 up from last years numbers. In the field we see a lot more activity then we did last year around this time, and it seems that with all the new listings hitting the market daily the spring market is coming early this year.   Great news if you're looking to buy up, sell or partake in the market in any way! 

The second half of this podcast covers a recent court case where a buyer was suing a seller for misrepresentation leading to water damage. Really interesting case with an intriguing conclusion!

Let us know if you have any questions at all or feel free to contact us any time! 


www.theClosers.ca
519-860-6547
info@theClosers.ca

Discover the difference between a "Comp" vs a "CMA"

In Real Estate there's often terminology that can be confusing at times. In this series we are looking to dispel some of the confusion and explain the main difference between a "COMP" and a "CMA".

A comparable property (or comp), is an individual property that is used to asses the value of a home. Say for example you own a 2 Storey home, with 4 bedrooms, 2 bathrooms, a finished basement and a property with all these features just sold two doors down from you, then we would definitely call that a Comp. If for example the Comp didn't have a finished basement, only had 3 bedrooms an 1.5 bath then we would be able to attribute values to those items and adjust the market value of your home accordingly. 

A "CMA" or Competitive Market Analysis takes into account multiple Comps to come up with the best price. The reason for taking a variety of sales to ascertain the best price is to get an idea of the trends in your area. There's always a ton of info the agent should be looking to find out when doing their assessment; 

- Average days on market
- Were there any motivations that caused properties to sell undervalued
- Were there multiple offers on a specific property that made it go over market value.  
-etc..

Make sure you've got representation that's putting in the work to find out all the facts and doing the proper due diligence. A lot of times a good agent with a good network can make the calls and find out things that may make a big financial difference when buying or selling. 

Hope this was helpful to you all our there and please subscribe and give us some feedback on our video series. Happy to cover any topics for our audience!