Realestate, Mortgage and Home owners discussion

[Duncan]

question: if you find a place you like and it's within your budget, but you JUST started looking, would you make an offer? On one hand, there could be other places out there that are better, but if you keep looking and you don't find a better one and go back to the place you liked originally, we could miss out on it if it gets sold while we look. Or do you make an offer and just live with the fact that there might've been a better place somewhere down the road?

[nature boy]

the chances that you won't find a place that you don't love is probably nil. there are a lot of houses in the lower mainland, so i can't see this being the only house that you'll like.

however, if you absolutely LOVE the house now, i don't see why you need to wait. but if it's just "ok", then i say wait.

[Wetundies]

you can make an offer with subjects, as long as you don't remove the subjects, you don't have to go ahead with the purchase. ie, subject to inspection. No inspection, no deal.

[Duncan]

we decided against the place anyways. the building was 19 yrs old and there was no mention of the roof being redone. stratas usually do roofs every 20 yrs or so and i don't feel like forking out 30k a year after we buy the place for a roof we've only lived under for 1 yr.

the search continues

[se7entse7en]

http://thethirtiesgrind.com/2012/04/02/ ... he-week-2/

It's like people have completely lost the concept of the value of their money.. I blame the rise in housing costs on the education system's inability to teach math... that and rich foreigners.

[nature boy]

whoa, jason priestly's house actually looks like the walsh house in 90210 haha. i wonder if he designed it that way.

[Duncan]

the more i look, the more i think i should wait it out another year because a lot of places we've seen lately have been on the market for weeks on end and properties don't seem to be moving... there are some that are being bought if they're great deals, but it seems like tons of properties (especially condos) aren't moving because there's more supply than demand now

[Wetundies]

[nature boy]

[Duncan]

yea, that's kinda the feel i get too... over the past month and bit that we've been looking, i can see tons of properties that have been on the market for months on end. when we go to open houses, 90% of the time when i ask, the realtor says there have been no offers. I think i'm gonna go around low balling until something sticks lol

[Wetundies]

There's only 3 periods in the year that ppl are buying, the rest of the year is fairly slow, but those 3 periods is enough to keep the prices where they are.

[nature boy]

so outside of those 3 periods is lowball season. go nuts.

[Wetundies]

Another fact is that it's not the construction of the houses that are high, it's the assessed land value. I was in Winnipeg and a 5000sq ft plot of land was 200k in the prime areas, construction cost was about the same at $200 per sq foot. A standard lot in east van is at least 600k, unless you want to go to HD and by a $800 shack, you gotta spend another 600k to build a vancouver special. Then again, in Winnipeg you have to learn how to speak Cree.

[nature boy]

as true as that is, what's ridiculous is how the guys that bought our neighbour's house and tore it down paid 800k for the house/lot and built a duplex and asked for 1mil a side. i can't see that house costing them 1.2 mil to build.

[jeSteR]