I was just about to put 30% lowball offer.....

[Marco911]

What the hell is going on here?

I'm a bear just as much as an actual bear (minus the hair body and bad breath) but to call anything more than a 50% hair cut is a bit much don't you think?

The gloom bug seems to be hitting everyone to the point where all concept of rational thinking has flown out the window!

I'm not saying that the public may overshoot the true value of homes on the way down much as they did on the way up but calling for 80% - 90% off is crazy.

If you stop and think about it, that means most Vancouver condos are going to be $40,000 - $100,000

I want to see prices hit a point of rationality but unless a revolt takes place where people are shooting up the streets and sticking flags in people's yards to claim land, it's nothing more than a pipe dream.

Has that TheComingDepression person infected anyone with bear-aids?

[cogitate228]

Thanks for the replies.

My fiance and I are in a good position and have a good sized down payment for a townhome. We've been looking for the past 2 years and came very close to buying (thank god that didn't happen), and now we're just going to sit on the sidelines until we're comfortable in getting in.

So when you say 150x rent, what # would that be for the type of unit I am looking at?

[Thompson]

Has that TheComingDepression person infected anyone with bear-aids?

Hahahaha... Yes, I see our city again ... big bang!

[Thompson]

Train station

[yogurt]

That's for you to find out. You know what kind of property you're looking for. Just go and search.

[Thompson]

Downtown highrise.

Down Town.jpg (96.92 KiB) Viewed 959 times

can you see Red 911?

[Thompson]

Room for rent.

[Thompson]

If things are getting worse, guys...bed is your home.

Bed is home.jpg (117.33 KiB) Viewed 915 times

"Yes, you will have the key for your bed".

[semven]

With Super Deluxe Chicken Wire option on your bed , you can wait indefinetly in great comfort.Only 100 dollars more per month to enhance quality of life.

[semven]

So when you say 150x rent, what # would that be for the type of unit I am looking at?

Its actually a good question. I dont know if you are supposed to figure in the interest of 12.5 years of mortgage payments on that number or not (compounded) I also dont know if the vacancy rate in the area that you are looking at has any bearing on the outcome, if property taxes have any impact,economic efficiency of the strata corp. or condition of the building and other building(s) in the immediate area that are having influence on the rent values of the building you are using for your exercise.

[Warren12]

Is our banking system not collapsing?

I have a website you may be interested in...

[joe2]

Thanks Thompson, I kept laughing till I almost cried....
But on a serious note: my daughter with her boyfriend bought last year house in Prince George for $270,000. They're already crying and tried to sell privately but can't get even 170,000 offer. They'll go bankrupt Ithink.
My offer on the property I want was a "well calculated risk" I thought with the 30% off, but after watching that show on tv and reading those blogs I'll just wait a few months I guess. Not that I believe in the worst case scenario but even though I'm not young for sure, yet have never seen so much bad news in a short time like we have now.

[DAB]

how do you convince an owner that they should sell now instead of wait and lose more every month they do not sell?

u don't. your realtor should be pointing it out to the selling agent this. if the seller is in need to sell, the listing agent should convince the seller to look at all offers.

[DAB]

Simple: by not buying. You can wait indefinitely, they can't.

uh...that's if you are single u can wait as long as u want.

if you are married and/or with kids, time is not as flexible as u think. 5-10 year wait? inconvience? yes. but doable.

how about a 30 year wait? the divorce will happen before u buy a home.

[DAB]

Don't listen to Yogurt. You can't wait indefinitely.

There are people who didn't buy in the 1970s, 1980s, and 1990s. They re still waiting indefinitely. They are also the same people featured in the news. The ones getting tossed out of their rent control apartments.

i agree. there are people that had a chance to buy in the 60s & 70s that i know but decided to rent. right now they are living almost pay check to pay check with their OAS,GIS & CPP. are they struggling? no. but they could have lived better if they bought then.