Listing/selling house Privately via For Sale By Owner(MLS) - Questions
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Crash! I have been hearing about it for the last 7 years. Guess what, the house that I looked at in 2010-11 for $525k now costs about $750. I would've easily made 200k had I sold my townhouse then and bought a detached. It could've also been un-mortgaged to a greater extent by now.
Where the heck is the impending crash. Market may get stable but I highly suspect there would be any course correction or crash per se. Most of these high priced houses are owned by Desis or Chinese. Do you know what they would do in adverse conditions or in case the market crashing down? They would still not sell it or foreclose, rather go live in the basement and rent out the upper floor; or better work two jobs to sustain the house. During late 80s when the mortgage rates went up to 20%, there weren't any foreclosures by Desis. We are made of a different soil altogether, man!
There was no scope in living in my existing townhouse as it was also requiring maintenance (10 years old now). Also, Strata is levying an additional sum every year for this repair or that. I can also foreseeing the roof replacement where I would easily be out of pocket by close to $10k. All that for the townhouse the price of which is going down year after year. I think I made a good decision to sell it off. I don't repent it anymore. I have plenty of time to recover the money.
Move to GTA is out of question. All the neighborhoods that I liked in GTA (Mount Pleasant, Milton, Mississauga, Vaughn, Georgetown, Caledon) have almost the same prices as here in burbs. Plus, insurance costs more. I would be paying almost the same there. The biggest reason, it's tough to convince my wife. This actually alone seals the deal 
.
May be, I will take my revenge by becoming a Realtor in a few months down the line 
. I am sure, I'll do justice to the profession, given my communication/presentation skills and flexibility of movement. I'll figure something .
Yup ..desis & Chinese are cheap bastards who won't sell ..but will reduce their other expenses drastically..if prices rise & interest rise. They will live like joint families with their grown up kids & grandparents to save money..even if privacy & freedom is at stake 
kids will pay rent & grandparents will pay OAS/GIS pension towards the house.
Even if 90 % of their income goes towards their MTG they will cut all other expenses like Cable , won't eat out, only rice & dal , no movies, no vacations, no new clothes ..NOTHING ! They will be house rich & cash poor, if the need be.
They will even sell their car & take 2 hrs to go & 2 hrs to come back by public transit.
Goras & Black peeps can't live like that ..they won't reduce their other expenses & WON'T compromise on their lifestyle ..even if they go into debt & go bankrupt & have to foreclose.
Quote:
Originally posted by febpreet
Crash! I have been hearing about it for the last 7 years. Guess what, the house that I looked at in 2010-11 for $525k now costs about $750. I would've easily made 200k had I sold my townhouse then and bought a detached. It could've also been un-mortgaged to a greater extent by now.
Where the heck is the impending crash. Market may get stable but I highly suspect there would be any course correction or crash per se. Most of these high priced houses are owned by Desis or Chinese. Do you know what they would do in adverse conditions or in case the market crashing down? They would still not sell it or foreclose, rather go live in the basement and rent out the upper floor; or better work two jobs to sustain the house. During late 80s when the mortgage rates went up to 20%, there weren't any foreclosures by Desis. We are made of a different soil altogether, man!
There was no scope in living in my existing townhouse as it was also requiring maintenance (10 years old now). Also, Strata is levying an additional sum every year for this repair or that. I can also foreseeing the roof replacement where I would easily be out of pocket by close to $10k. All that for the townhouse the price of which is going down year after year. I think I made a good decision to sell it off. I don't repent it anymore. I have plenty of time to recover the money.
Move to GTA is out of question. All the neighborhoods that I liked in GTA (Mount Pleasant, Milton, Mississauga, Vaughn, Georgetown, Caledon) have almost the same prices as here in burbs. Plus, insurance costs more. I would be paying almost the same there. The biggest reason, it's tough to convince my wife. This actually alone seals the deal
May be, I will take my revenge by becoming a Realtor in a few months down the line
I think happywoman36 is house rich & cash poor ..he he.
None of her properties are cash positive..whatever she gets from her renters goes towards her MTG, Property taxes, Maintenance & Utilities.
She has equity on paper, but no liquid cash..she is getting too greedy & over leveraging herself ..she has to slow down her buying spree or you can get head over heels too fast.
2-3 investment properties are MORE than enough ..anything more & you won't have peace of mind & will be hard to manage ..although you will be rich on paper..net asset value
Quote:
Originally posted by adamthorat
Yup ..desis & Chinese are cheap bastards who won't sell ..but will reduce their other expenses drastically..if prices rise & interest rise. They will live like joint families with their grown up kids & grandparents to save money..even if privacy & freedom is at stake
kids will pay rent & grandparents will pay OAS/GIS pension towards the house.
Even if 90 % of their income goes towards their MTG they will cut all other expenses like Cable , won't eat out, only rice & dal , no movies, no vacations, no new clothes ..NOTHING ! They will be house rich & cash poor, if the need be.
They will even sell their car & take 2 hrs to go & 2 hrs to come back by public transit.
Goras & Black peeps can't live like that ..they won't reduce their other expenses & WON'T compromise on their lifestyle ..even if they go into debt & go bankrupt & have to foreclose.
Quote:
Originally posted by febpreet
Crash! I have been hearing about it for the last 7 years. Guess what, the house that I looked at in 2010-11 for $525k now costs about $750. I would've easily made 200k had I sold my townhouse then and bought a detached. It could've also been un-mortgaged to a greater extent by now.
Where the heck is the impending crash. Market may get stable but I highly suspect there would be any course correction or crash per se. Most of these high priced houses are owned by Desis or Chinese. Do you know what they would do in adverse conditions or in case the market crashing down? They would still not sell it or foreclose, rather go live in the basement and rent out the upper floor; or better work two jobs to sustain the house. During late 80s when the mortgage rates went up to 20%, there weren't any foreclosures by Desis. We are made of a different soil altogether, man!
There was no scope in living in my existing townhouse as it was also requiring maintenance (10 years old now). Also, Strata is levying an additional sum every year for this repair or that. I can also foreseeing the roof replacement where I would easily be out of pocket by close to $10k. All that for the townhouse the price of which is going down year after year. I think I made a good decision to sell it off. I don't repent it anymore. I have plenty of time to recover the money.
Move to GTA is out of question. All the neighborhoods that I liked in GTA (Mount Pleasant, Milton, Mississauga, Vaughn, Georgetown, Caledon) have almost the same prices as here in burbs. Plus, insurance costs more. I would be paying almost the same there. The biggest reason, it's tough to convince my wife. This actually alone seals the deal
May be, I will take my revenge by becoming a Realtor in a few months down the line
That's why I am saying it won't crash - at least not in GTA and Vancouver. If I won't buy now, in 3 years waiting for the crash/correction to happen, I will be looking at the same house for $850-900k. Too scary.
Besides, I am not looking for the investment, rather a place to call home. I am also planning to pay down mortgage as fast as I can, so I can spend the rest of years in peace.
Location: God's own country
Posted on: 23-07-15 06:43:55
Try to go further away. I can speak for the GTA.
When I first landed and did my first sub division layout in 2003 (markham), the builder had difficulty is selling it off but then he sold it by the end of 2005.
Same case with a subdivision at Kleinburg. A Italian landed in Kleinburg in the 1900's and just took claim of a few acres for free. His grandson was passed this heritage and he teamed up with a builder to put plots and construct houses and sell it. The process started in 2005 and we sold the last house in 2009. Similarly a sub division in Maple. We now all know how hot these regions are.
Milton was a desolate area (where the jail is) till 2009. Now we know how hot it is.
See where the town is likely to expand. Research on the facilities , rail lines , subway's coming in and guess in which direction the town will expand. Try to buy in that area. The $ will be cheaper and appriciation will be more. However be warned that in the case of a slowdown, you will be the first to be affected. Your rate will plunge and people in the heart of the town will feel the heat only at the last moment.
A little more time in commute will be worth it, I suppose.
Murali
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I am a Gents and not a Ladies.
Location: Western Hemisphere
Posted on: 23-07-15 08:18:23
Quote:
Originally posted by febpreet
My last offer of $700 was toppled by another and higher one.
$700k !!!!!! What kind of home do you get for that price? I mean, I understand it is a detached home; however, what kind of square footage, no. Of bedrooms, yard, etc.? I am truly intrigued and disturbed, at the same time.
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Dimple2001
Location: God's own country
Posted on: 23-07-15 08:37:37
I once visited a Black Berry's Indian manager's home in Waterloo. His pay might have been similar to what IT people get in Toronto.
Man, his house was massive. It was like the villa's that we used to design with double heights, large spans etc.. It was also on a very big lot.
He told me that he bought the house for $ 499K (2008). I was aghast at the price at that time.
Now the $ 700K that FP is talking about must be a very decently sized 3 or 4 bed house which I used to design for Waterloo and Kitchener in 2010 which sold for $ 230K and the like.
Murali
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I am a Gents and not a Ladies.
