How we evaluate the home you’re buying
Compare your offer to the value from adjusted comparable sales, not to the asking price. You might worry about paying more than a home is worth, or a low appraisal after you sign. Before you offer, we show you three numbers: what it’s worth, what we’d offer, and your walk-away line.
Then you make the final call. It is part of working with us: $495 to start, and $0 commission out of your pocket.
The Bottom Line (Quick Answer)
- The asking price is the seller’s opening move, not the home’s value.
- Before you offer, the Ken Small Real Estate Team values the London, Ontario home from adjusted comparable sales.
- You get three numbers: its value, our suggested offer, and your walk-away line. You decide what to pay.
The short version
- Offer from what the home is worth, not from the asking price.
- Before you offer, we total what you’ll spend to bring the home up to the standard of the comparables.
- The evaluation costs nothing extra. It is part of working with us as your buyer’s agent.
How much should I offer on a house in London?
Offer from what the home is worth, not from the asking price. We show you that value, our suggested offer, and the price where we’d walk away.
Sometimes the right offer is under asking. On an underpriced home with several offers, it can be over asking and still under value. You pick the number.
The 8 steps we take before you make an offer
Here is how we find the real number. It is the same method we use to price a home for sale, run in reverse for you.
1. We start with your plan, not the asking price
Your budget, your must-haves, and the line you won’t cross come first. We anchor to your plan, so the sticker on the listing can’t quietly set the terms of the whole search.
2. We fact-check the home on the public record
Title, registered owners, lot size, permits, MPAC assessment. We pull what the listing leaves out. That includes work done without a permit, and anything that would follow the home to your lawyer’s office.
3. We value it blind to their asking price — on purpose
We build the number from the data before we let their price into the room. It’s a firewall against a hopeful price, set to make you fall in love and stop doing the math.
4. We build the value on three kinds of proof
Not one guess. Three anchors, the same ones we use to price a home for sale:
- Reality: what similar homes actually sold for, recent and close.
- Rivals: what’s for sale right now, the homes you could buy instead of this one.
- Warnings: what expired unsold, the ceiling the market already refused to pay.
Every comparable sale needs a reason. It is close by, like the same school catchment. It is similar, like the same era and size. And it is recent, like sold six weeks earlier. A comp with no reason gets dropped.
5. We adjust the comps the way the appraiser will
A finished basement, a newer roof, a busy road. Each gets a dollar amount added or taken off, with the reason written beside it.
This also shows you early if the bank’s appraiser may value the home below your offer. That gap would come out of your pocket.
How we write every adjustment
| What | How much | Why |
|---|---|---|
| Unfinished basement | -$12,000 | Both comps had finished rec rooms |
An example of the format, not a real sale. Every adjustment we give you has all three parts.
We also adjust for time: a rate change, the season, or more homes for sale since a comp sold.
6. We layer today’s market — and the seller’s motivation
The Bank of Canada rate, months of inventory, and days on market come next. In September 2026, London had 5.7 months of inventory (LSTAR).
What this means for you: more months means more homes to choose from.
Then we call the listing agent directly. A seller carrying two mortgages is a very different negotiation than one testing the market. That gap is your leverage.
7. We show you three numbers — value, offer, and walk-away line
Not one number. Three: what it’s worth, what we’d offer, and the hard stop where the math breaks and the advice becomes walk. You see exactly how we built each one.
8. You choose — with the one risk named out loud
Say you go above the walk-away line because this is the one. Then you’re choosing to pay an emotional premium. That’s allowed.
How do I know if I’m overpaying for a house?
Compare your offer to the value from adjusted comparable sales, not to the asking price. If your offer is above that value, you’re paying a premium, and we tell you how much.
Paying a premium can still be your choice. Step 8 is how we handle it.
The true cost of ownership
The purchase price isn’t the whole cost. Before you offer, we total what you’ll spend to bring the home up to the standard of the comparables. Think of a roof at the end of its life, or a furnace on borrowed time. Or an electrical panel an insurer will flag.
We take that off what we suggest you offer. So you see the bill before you buy, not three months after closing.
What’s worth stretching for — and what isn’t
Land and location are the parts you can’t change. A Wortley Village lot, an Old North street, a Byron cul-de-sac. Paint and counters you can change.
We tell you when a premium buys something real: the street, the lot, the school catchment. And we tell you when it buys fresh paint you would have redone anyway.
We always ask the exit question. When you sell this in five years, who buys it, and what will they pay? A home on a busy road is usually a discount today. It will likely be a discount when you sell, too. Buy it at that discount, or think hard before you buy it at all. Your call.
What this costs you
Nothing extra. It is part of working with us as your buyer’s agent. That costs $495 to start, and $0 commission out of your pocket. See what it costs to buy with us →
Any home you buy with our team also comes with two protections:
- 1-Year Canadian Home Shield SafeClose™ Warranty. Up to $15,000 protection, $100 deductible. Paid for by our team.
- Love Your New Home Guaranteed or I’ll Sell It For Free. Not right within 24 months? We list it at 0% listing-side commission. That applies when you buy your next home with us, one of equal or greater value. You remain responsible for the buyer’s agency fee.
Who this is not for
If you want someone to tell you every home is a good deal, we’re not your team. We will say when the math doesn’t work. Sometimes that means we tell you to walk away from a home you love. It’s still your call.
What London buyers say about working with us
★★★★★“All the way from the start of the house search, Ken was there to help at every step. From setting up search criteria that exactly met our needs, to getting viewings scheduled, to providing honest feedback about the properties (which is often rare for most agents); Ken went above and beyond our expectations. 10/10 experience with Ken.”
J H · Buyer · Apr 2023 · via Google
All testimonials and Google reviews are verified, unedited statements from actual past clients of the Ken Small Team.
4.9 average from 14 Google reviews, as shown on our reviews page (October 2026). Read our reviews, or check them on Google (opens in a new tab).
The honest takeaway
Our job is to hand you the raw math and protect your money. Your job is to tell us when your heart overrides the spreadsheet.
Common questions about what a London home is worth
Isn’t the asking price basically the price?
No. The asking price is a strategy. Sometimes it’s set low to start a bidding war, and sometimes high in the hope you fall in love. We price against the market data, never against their number.
What if the home appraises for less than I offer?
Then you cover the difference in cash, or the deal can fall apart. That’s why we build the appraiser’s math into your offer before you sign. You see the appraisal risk before you commit.
Should I ever offer over asking?
Sometimes. On an underpriced home in a true multiple-offer situation, over asking can still be under value. The number that matters is value, not list, and we’ll show you which is which.
What about the HouseSigma or Zillow estimate?
Algorithms average a neighbourhood. They can’t walk the home, smell the damp basement, or see the premium renovation. We use them as a smell test, never as the number.
What if I want it more than the math says it’s worth?
Then we name the emotional premium out loud, and make sure you’re choosing it with open eyes. We still negotiate every dollar we can. Your money, your call.
How much should I offer on a house in London?
Offer from what the home is worth, not from the asking price. We show you its value, our suggested offer, and your walk-away line. You pick the number.
How do I make an offer on a house in Ontario?
We write it on the Ontario Agreement of Purchase and Sale, called Form 100. It sets your price, deposit, conditions like financing and inspection, and the closing date. Then we negotiate it with the seller’s agent until it’s accepted or you walk away.
Does this evaluation cost extra?
No. It is part of working with us as your buyer’s agent. That costs $495 to start, and $0 commission out of your pocket.
Ready to know what it’s worth?
Book a call and we’ll walk a real home through this process, before you ever make an offer.
Fire us any time before you make an offer. Only the $495 retainer stays with us, because that work is done.
About Ken Small
Ken Small, REALTOR®, has been a real estate agent in London since 2003. He leads the Ken Small Real Estate Team at Century 21 First Canadian Corp., Brokerage. The office is at 420 York Street, London, ON N6B 1R1. RECO #4727293. Meet the team →