'All-time low' in available homes fuels London real-estate frenzy: Realtor – London Free Press (Blogs)

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“If home is where you always are, space is that much more important,” he said.

Even features like swimming pools, which weren’t necessarily seen as assets in the past, have jumped to the top of the list for some buyers, Campbell said.

“If you have kids and they can’t go out and play anywhere else, having a pool in the summer months sounds fantastic,” he said. “It was a high demand item this year.”

The market remains a challenge for buyers, however, said Chase Komaromi, an agent with RE/MAX Advantage Realty.

Prices are the first hurdle, particularly for first-time homebuyers, he said.

“Even with mortgage rates being low, it’s still tough to come up with the money for a down payment on an expensive house, especially if you are just finishing university, getting your first job and trying to pay off school,” he said.

Multiple offers on homes selling above asking price are also a common source of frustration, Komaromi said.

“It’s tough for buyers because they think they see a listing price in their range, and then they see it sell for $50,000 more,” he said. “And even finding something in your price range, in some cases, you still have to put a lot of work into the house.”

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