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A little love for William Nylander

Preston said:
I probably could have waited to get another house for cheaper. But it's my "forever" home and in the year I've been looking, I've seen maybe 2 homes that were comparable to this one. It's rare and I may have never gotten the opportunity to buy what I wanted if I held off. So I offered what I had to take it home. Pretty much current market value, which I expect will look overpriced in a few months time. It's okay.

I think prices are lagging right now, at least here. It's sort of a stalemate where sellers are holding firm-ish and buyers are just looking for deals (or don't want to buy right now at all). So it's verrry slow. In the GTA we had the lowest # of sales in June since 2000. Once we get a bit more desperation on the seller side perhaps the "crash" will accelerate. In my neck of the woods prices have fallen about 20% from the peak in Feb. I sold mine for about 10% under what I could have gotten it for in the peak so I outperformed. There's ways to win here but it requires patience I think. It's tough to both buy and sell right now.
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Super tough, and impossible at any time prior to now, and probably even now too if it's a great property up for grabs. Don't worry about it looking overpriced in a few months. I made that mistake on a place I was in escrow on six months ago. As long as you can afford it and get a good rate, the appreciation will overtake it in time. And anyway, it's a place you want to live in long term, not resell tomorrow, so who cares anyway. I wish I was thinking more clearly about things when I was up to the plate because the mini bidding war took the price up far and fast, and got me into something I felt uncomfortable in. The low rate I lost out on still bugs me, but otherwise I do think it was for the best, because I think the same type of house probably right now sells for 15% less than what it went for in the end, and maybe something better comes along now. Not sure about over there, but over here where the prices are to the moon, unless they drop somewhat substantially, I don't know who can afford to pay 2x the mortgage payment now compared to six months ago.

Which area are you moving to, btw?
 
LeafOfFaith said:
Super tough, and impossible at any time prior to now, and probably even now too if it's a great property up for grabs. Don't worry about it looking overpriced in a few months. I made that mistake on a place I was in escrow on six months ago. As long as you can afford it and get a good rate, the appreciation will overtake it in time. And anyway, it's a place you want to live in long term, not resell tomorrow, so who cares anyway. I wish I was thinking more clearly about things when I was up to the plate because the mini bidding war took the price up far and fast, and got me into something I felt uncomfortable in. The low rate I lost out on still bugs me, but otherwise I do think it was for the best, because I think the same type of house probably right now sells for 15% less than what it went for in the end, and maybe something better comes along now. Not sure about over there, but over here where the prices are to the moon, unless they drop somewhat substantially, I don't know who can afford to pay 2x the mortgage payment now compared to six months ago.

Which area are you moving to, btw?
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Yeah, very different if it's for a house you wanna live in forever. Took me awhile to figure that out too.. I was lowballing on all these houses I didn't really like. My nature is to get deals and this is not something I should be deal hunting for. Thankfully I came to my senses. And thankfully the rates don't really impact my situation since I'm selling mine and I have the difference so it was easily very affordable with room to renovate at my own pace. I also didn't want something with a shitty reno job or a reno job not to my taste.. Wanted something livable but basically builder-grade + not cooker cutter (a unicorn in the suburbs). And I got it.

TLDR: the opportunity will come for you. Real estate often lags and best case scenario there is more panic/fear/inventory by the fall. Just need to take advantage of an overleveraged owner and take him to the cleaners. No offence to him, of course.

Oh and I'm not moving far from where I am since I'm an old soul with a family and like the burbs. Richmond Hill area.


PS: it's still all conditional tho
 
Preston said:
Yeah, very different if it's for a house you wanna live in forever. Took me awhile to figure that out too.. I was lowballing on all these houses I didn't really like. My nature is to get deals and this is not something I should be deal hunting for. Thankfully I came to my senses. And thankfully the rates don't really impact my situation since I'm selling mine and I have the difference so it was easily very affordable with room to renovate at my own pace. I also didn't want something with a shitty reno job or a reno job not to my taste.. Wanted something livable but basically builder-grade + not cooker cutter (a unicorn in the suburbs). And I got it.

TLDR: the opportunity will come for you. Real estate often lags and best case scenario there is more panic/fear/inventory by the fall. Just need to take advantage of an overleveraged owner and take him to the cleaners. No offence to him, of course.

Oh and I'm not moving far from where I am since I'm an old soul with a family and like the burbs. Richmond Hill area.


PS: it's still all conditional tho
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Since I've been hunting, there is no lowballing anything here. You're immediately out if you're not outbidding the 20 other bidders. The one I went into escrow on, which I thought was overpriced somewhat at the ask, was blasted upwards by 10% by the top bidder. I was the backup who was forced to match him. Then he dropped out after a few days, tainted the whole process, and left me holding escrow on something significantly overpriced. No worries for the seller though, when I dropped out, the next backup stepped up with the same number and closed. Starting to see inventory stay out there now though, and prices dropping on anything not perfect. There are a few great locations, but the houses on them need a lot of work, which I'm not looking to do, and I guess most others aren't either, so price decreases, three/four weeks on the market. This turn is still in its early stages though so I don't know where it heads, but just continuing to monitor in case something good pops up.
 
LeafOfFaith said:
Since I've been hunting, there is no lowballing anything here. You're immediately out if you're not outbidding the 20 other bidders. The one I went into escrow on, which I thought was overpriced somewhat at the ask, was blasted upwards by 10% by the top bidder. I was the backup who was forced to match him. Then he dropped out after a few days, tainted the whole process, and left me holding escrow on something significantly overpriced. No worries for the seller though, when I dropped out, the next backup stepped up with the same number and closed. Starting to see inventory stay out there now though, and prices dropping on anything not perfect. There are a few great locations, but the houses on them need a lot of work, which I'm not looking to do, and I guess most others aren't either, so price decreases, three/four weeks on the market. This turn is still in its early stages though so I don't know where it heads, but just continuing to monitor in case something good pops up.
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Oh yeah, that didn't stop me from trying though. I've lost more than 1 bid by 300k+. I'd shoot my shot, hope for the best and get humbled. I was never gonna get involved in a bidding war because there was peak euphoria that was never sustainable and those low rates didn't benefit me whatsoever. This new market is a lil different though, but I had to sell first because it was a bitch to get that done. 3 people agreed to a price and backed out already, so that's why I keep stressing this fucking condition. Lots of cold feet buyers out there...

And yeah, that's the exact dynamic here too. Inventory high, houses staying on the market for longer, but anything slightly desirable is plucked up quite quickly for pretty high prices still. So you can lowball for a piece of shit.. There are deals out there. But it's gonna require a lot of headache and work that you may not want to do. Or you'll be stuck in a shit location or next to a train track or whatever it may be.
 
Wayward DP said:
evidently I was quicker than you because I was aware that all three existed.

Err is a world famous, international award winning, Nova Scotia craft brewery.
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Slow and steady wins the race, matey.

Bartend, another Sam’s!

A bientot !
 
Preston said:
Oh yeah, that didn't stop me from trying though. I've lost more than 1 bid by 300k+. I'd shoot my shot, hope for the best and get humbled. I was never gonna get involved in a bidding war because there was peak euphoria that was never sustainable and those low rates didn't benefit me whatsoever. This new market is a lil different though, but I had to sell first because it was a bitch to get that done. 3 people agreed to a price and backed out already, so that's why I keep stressing this fucking condition. Lots of cold feet buyers out there...

And yeah, that's the exact dynamic here too. Inventory high, houses staying on the market for longer, but anything slightly desirable is plucked up quite quickly for pretty high prices still. So you can lowball for a piece of shit.. There are deals out there. But it's gonna require a lot of headache and work that you may not want to do. Or you'll be stuck in a shit location or next to a train track or whatever it may be.
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I need least headache options, because I have no bandwidth to reno. I have to just be able to seamlessly move in and at worst maybe update a couple of bathrooms or do landscaping in the front or back. More than that and it's not for me. Naturally there's a premium for what I'm looking for, and I'm willing to pay it, but rates are fucking me now. If I sell my condo, it would be a significant upgrade to a house, so condo will cover the downpayment, and the rest is mortgage because I'm not selling any depressed securities. But the sell and buy at the same time thing is really fucking hard. So much so that I opened a credit line on the stock account to borrow on that, buy the place, and then sell my place, basically reversing the process. But it all still hinges on finding a fucking good target to buy, and like you, in all this time there were maybe 3-4 that I would even consider, all overpriced, and all sold high.
 
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