Market Showing Signs of Cooling a Little

[holdem]

...closing date that works for the sellers as it is currently tenanted ...

Any idea how much the tenants are currently renting it for relative to your offer? 350x,400x, 450x times monthly rent?

[househunting]

I have no idea what they are currently renting it for.

We heard back from the realtor, the sellers went with another offer which is subject to financing and wanted to know if we wanted to be in the position of a back up offer. We declined as we do not want to be in that position.

The search goes on...........

[DAB]

the sellers no longer live here. we asked the realtor for info and all he said was their were multiple offers (4 total) and that if we were willing to up our offer. we declined. our offer was pretty strong as we went 2K above asking, closing date that works for the sellers as it is currently tenanted and the only condition being a home inspection. we are preapproved are not willing to pay more for this property.

It may be a strong offer at $2k above asking, but may not be enough to secure the property. hence the request to up the offer. It's up to you..is it worth paying more for the property? If you have been looking for a long time, and this the only one that fits your criteria (perfect home), then you can consider.

[DAB]

My parents taught me to live with my means, thank you very much!

And think about, as a FHB, do you really need a 1/2m mortgage?

You can still buy a 2-b, 2 bath, 880sf in a highrise building at $260K; or a concrete 3br TH at $350K, both in North Burnaby, steps to skytrain. If you want a dirt, how about $330K for a 1/2 duplx with >4000sf lot; or 450K for SFH with >8000sf lot; both in a nice area of Coquitlam West, few blocks away from Burnaby?

But do these units come with
1) Hardwood flooring
2) Stainless Steel appliances
3) Granite countertops?

If they dont', then these properties will not meet the bears criteria of a 'home'

[DAB]

Still very hot...but I'm not an realtor, so I am looking at neighbourhoods...two SFHs were sold just in one week after the open house.

There are homes in the North Burnaby area with standard 33 ft lots selling for over million dollars! And this is just not 1 home but several. The market is hot all around, even homes in the 700-850k range are selling with 2 weeks.

[DAB]

is a nice house, has alot we are looking for, but not everything. Again the realtor said he couldnt say anything except if we were willing to up our offer.

what if you moved up your completion date? maybe that might help.

[househunting]

"It may be a strong offer at $2k above asking, but may not be enough to secure the property. hence the request to up the offer. It's up to you..is it worth paying more for the property? If you have been looking for a long time, and this the only one that fits your criteria (perfect home), then you can consider."


We have been looking for a about a month right now. I've said in another thread that we are in no rush to buy. We made a huge profit ($200,000+) on the sale of our condo and now looking to upgrade.

"what if you moved up your completion date? maybe that might help."

We put the completion date that worked for the sellers (currently tenanted). So that was already done.

[silverman]

It may be a strong offer at $2k above asking, but may not be enough to secure the property. hence the request to up the offer.

When you say a "strong" offer... how does it compare with the estimated market value of the home? Forget the asking price, was your offer at, or more, that the estimated market value derived from recent sale prices of comparable homes . I assume your realtor advised you as to the home's value.

[vreaa]

There are homes in the North Burnaby area with standard 33 ft lots selling for over million dollars! And this is just not 1 home but several. The market is hot all around, even homes in the 700-850k range are selling with 2 weeks.

DAB, this has been archived at VREAA as indicative of important market action and sentiment. Hope that's okay with you.

[kansai_92]

We made a huge profit ($200,000+) on the sale of our condo and now looking to upgrade.

Congrats. That being sad, you realize this is simply a wash trade now.
Sold in an up market, re-purchasing in an up market.

[silverman]

We made a huge profit ($200,000+) on the sale of our condo and now looking to upgrade.

Congrats. That being sad, you realize this is simply a wash trade now.
Sold in an up market, re-purchasing in an up market.

Yeah... but without it, could he purchase anything at all right now?

[Johnny Horton]

Silverman:

Yeah... but without it, could he purchase anything at all right now?

He probably couldn't. Also consider that he is rolling one profit (minus commissions and legal costs), into another property. Assuming his condo was his principal residence, there is no tax to diminish the capital.

[Warren12]

There are homes in the North Burnaby area with standard 33 ft lots selling for over million dollars! And this is just not 1 home but several. The market is hot all around, even homes in the 700-850k range are selling with 2 weeks.

DAB, this has been archived at VREAA as indicative of important market action and sentiment. Hope that's okay with you.

I'm pretty sure homes in North Burnaby have 50 ft standard lots. Might want to check that and confirm with DAB first.

[Warren12]

Silverman:

Yeah... but without it, could he purchase anything at all right now?

He probably couldn't. Also consider that he is rolling one profit (minus commissions and legal costs), into another property. Assuming his condo was his principal residence, there is no tax to diminish the capital.

Don't confuse the bears with common sense!

[silverman]

Assuming his condo was his principal residence, there is no tax to diminish the capital.

Yes! This is something frequently (and conveniently by the bears) overlooked. This is a net $200K profit... should he decide to just park it in a bank... invest it ... or use it to upgrade