Retired almost two years now, we looked to downsize to get out of a mortgage and discovered quickly that the overly high priced junk available to do so, wasn't worth the costs, especially considering losing 6-7% on realtors and banks/lawyer fees etc. So we reno'd part of the basement, made a walkout and rent two rooms to GOOD people, and were farther ahead than had we downsized. We lived in a condo before, don't want to go back to that condo fee/ special assessment nonsense under any circumstances.
The biggest problem is that sellers do not want to sell at prices even last year, but continue to inflate in wild progression, as was the case in 2022. I made an offer on a townhouse in Cloverdale, increasing the price by 30k than the townhouse recently submitted there. But the seller demands that I give a price 60k higher! And nothing can be done. The townhouse has already been on the market for 40 days, but the seller is confident that he will sell for a fantastic price. At the same time, I have a 2-bedroom apartment, which I expect to sell close to the official estimate , considering the sales in my complex.(I don’t need subject to sale, I have separate down payment)
Maybe this might be too far out of your market area...and maybe looking too far ahead- but will the construction of the gondala in Chilliwack change anything soon-ish? I'm reaching for anything to increase prices lol
I have friends looking for a 2 bedroom condo in South Surrey/WR in the $750k range. Everything they went to look at had mulitple offers. Seems a hot commodity.
Who doesn’t have a couple hundred thousand in the bank and a mortgage paid off? I think this is false many people have cash to buy another house and can carry a bridge mortgage.
With all the new rules, unless the the government saves the day only people with equity and cash will be able and willing to buy and rent as investments!! Rules, rules, rules lol. I'm glad I sacrificed and accumulated my share of BC RE over the last 20 years. Hope it's not too late for you Steve-O
I don’t no what your talking about, I legit have a million Down payment and can’t buy a house right now, homes are selling within 24 hours and multiple bids in the GTA. Homes are selling like crazy .. no Decline incoming
Would you: Buy first? Sell first? or only offer "Subject to sale"?
Book a Call >>> calendly.com/stevekarrasch
One or two but hopefully never 3
This is why there's a storage facility around every second corner.
They have gotten very rich from people downsizing and living in limbo.
So silly to hang on to old crap and pay for the privilege!
Old people love their "Stuff".
Retired almost two years now, we looked to downsize to get out of a mortgage and discovered quickly that the overly high priced junk available to do so, wasn't worth the costs, especially considering losing 6-7% on realtors and banks/lawyer fees etc. So we reno'd part of the basement, made a walkout and rent two rooms to GOOD people, and were farther ahead than had we downsized. We lived in a condo before, don't want to go back to that condo fee/ special assessment nonsense under any circumstances.
Sell first. Its a pain but you dont often have such a simple way to mitigate risk.
The biggest problem is that sellers do not want to sell at prices even last year, but continue to inflate in wild progression, as was the case in 2022. I made an offer on a townhouse in Cloverdale, increasing the price by 30k than the townhouse recently submitted there. But the seller demands that I give a price 60k higher! And nothing can be done. The townhouse has already been on the market for 40 days, but the seller is confident that he will sell for a fantastic price. At the same time, I have a 2-bedroom apartment, which I expect to sell close to the official estimate , considering the sales in my complex.(I don’t need subject to sale, I have separate down payment)
Sounds like a poor marketing plan by that seller.
Maybe this might be too far out of your market area...and maybe looking too far ahead- but will the construction of the gondala in Chilliwack change anything soon-ish? I'm reaching for anything to increase prices lol
what do you think about 2 bedroom apartment in maple ridge? are they able to sell in 2024?
Everything sells for the right price.
sell - rent - buy = all done easy
how about that lease tho?
Stop telling me what not to do!
But I'm not wrong.
I don’t like it when mom and dad fight
Just listen to Green Bean, they speak the gospel
I vote Bean as best YT commenter
United States, yes it's better there in every conceivable way. It hurts me to say.
Sounds like we're going to see some MASSIVE price declines
it always sounds that way, doesn't it?
Some sellers have to eventually lower their expectations in the future
Yup.
Definitely not a sellers market for condos. Theres about 30 units for sale in my building lol. 😂
How many units in the building?
Or just take an Airbnb for a few months after you sell your 1-2 million dollar house you bought for 150K in the 90s, you have options…
That would be too easy. No way they will "Lose $6K" to Air BnB
I have friends looking for a 2 bedroom condo in South Surrey/WR in the $750k range. Everything they went to look at had mulitple offers. Seems a hot commodity.
That could be. But more inventory is coming.
Who doesn’t have a couple hundred thousand in the bank and a mortgage paid off? I think this is false many people have cash to buy another house and can carry a bridge mortgage.
They don't And a bridge is not what most people think.
With all the new rules, unless the the government saves the day only people with equity and cash will be able and willing to buy and rent as investments!! Rules, rules, rules lol. I'm glad I sacrificed and accumulated my share of BC RE over the last 20 years. Hope it's not too late for you Steve-O
I don’t no what your talking about, I legit have a million Down payment and can’t buy a house right now, homes are selling within 24 hours and multiple bids in the GTA.
Homes are selling like crazy .. no Decline incoming
Have you hired the Storey team?
Feel for you soprano, I've successfully beat buyers out just like you on a few deals. Cash(sub free is King) when it comes to winning
PS I may vote for Ravi's party just because they like to make rules so tough that RE owners will just get more wealthy in BC. #NDPsucksbutgetsmyvote
Where do you go? You leave the country. It's not rocket science
Thanks for reading the thumbnail.
Leave surrey and Langley l. Horrible places to live unless you
Like living with people that don’t speak English
Kudos on mastering the art of irony by criticizing language skills with... whatever grAmMAticaL gARbaGe you just typed.
Lol, anything we want, sounds like you named your YT channel while waiting in the free handout line at the government office