pescador
Well-Known Member
Go 5 fixed. Peace of mind is worth .15%.
Mortgage rates on the rise as lending rates are cut
- Thread starter Unreel
- Start date
Rain City
Crew Member
Well .15% of WHAT?! That's a whole lotta money with my mortgage.
wildmanyeah
Crew Member
Housing market has gone stupid again stuff in the lowermainland selling in 24 hours or less for listing or more.
Rain City
Crew Member
One just listed in my alley for 1.69m
This is across from Trout Lake but on a busy-ish road and in THE BOG. Original 1950 bungalow with no upgrades.
wildmanyeah
Crew Member
looking at 800k houses out in the valley
And what you get is basically a house that needs to be completely redone if you want a yard. They are all selling too in less the a few days
Want to tear my hair out
Rain City
Crew Member
I don't know I think it's the opposite. There isn't enough product on the market so what's there is getting scooped up.
It's the laws of supply and command...
Pineapple Express
Well-Known Member
Ugh, that sounds frustrating. I remember when we went looking at houses during the boom around 2012 and the selling realtors were making all these vague suggestions about how many offers were going to be put in and how much over asking to put on our offer. It was ridiculous. I also remember walking the dog past a house on the Tuesday following an open house when the offers were being reviewed. There were 9 realtor/client groups. They were asking me out the car windows if I lived nearby and wanted to sell...right on the spot!!
Same sort of thing in my neighbourhood in NVan...there's no inventory and developers are snapping things up as quick as they get listed. But the $4M++ new homes are still taking 1+ year to sell....
casper5280
Crew Member
Phone to go look at a house Friday night. Realtor set up a viewing 10am Saturday morning. 8:30am she phoned me to tell me the house is sold. Less then 1 day on market, full asking price, no subject too’s.
House my daughter rents also went on market Friday and sold Saturday, she needs to be out sept 1. New owner will pay all moving expenses and penalties. Realtor said this is one of his best years and even better since COVID-19 started. Full asking just about every time.
House my daughter rents also went on market Friday and sold Saturday, she needs to be out sept 1. New owner will pay all moving expenses and penalties. Realtor said this is one of his best years and even better since COVID-19 started. Full asking just about every time.
coastal creeper
Member
Mine just sold in 2 days. Above asking, no conditions
Rain City
Crew Member
So now you're looking again or did you already purchase? Would hate to be looking for something now.
coastal creeper
Member
Moving to the comox valley. Already bought
Rain City
Crew Member
Nice work.
Corey_lax
Crew Member
We are looking to move right now. It’s craziness. We had an accepted backup offer on a house but the first offer was higher than asking, and the people that bought it hated the house and want to gut the entire thing. Like “this house is horrible. Let’s offer $20k more than asking price and then pay $350k remodeling the entire house”
Hope you really are not following what answers you get for financials on a BC sportfishing site? Would you ask on here for your specific open heart surgery details? Sorry but its the same. Use a specialist. Only a trained broker that fully KNOWS your situation can answer your question. He will put all numbers in his formula and tell you exactly to the $ what works best for YOU. He will even give you forecasted increase scenarios. Meaning rate must increase above ???% for you to loose. He could offer variable at the current rate with a future option of locking in to a fixed, when the rates increase in a year due to ????? you lock in after a time of savings at variable. You work hard for your money, make a specialist work hard for you to keep as much as possible. .15% seams like little but may be the cost savings of a new welded dream boat in payments over the mortgage life for some. Ask those hard questions of your broker. He will not BS you, not give you "internet" advice or cost you more.
That's my answer.
HM
Corey_lax
Crew Member
Well just got outbid On yet another house. They were $20K above asking price with zero subjects on a house that should have had many subjects. a year ago, this house would have sold for 10-15% cheaper
I guess I had the expectation that covid would reduce the cost of housing cost but boy was I wrong. What happened to all the struggling people with no job and deferred mortgages?!?
I guess I had the expectation that covid would reduce the cost of housing cost but boy was I wrong. What happened to all the struggling people with no job and deferred mortgages?!?
wildmanyeah
Crew Member
Apparently people are moving out of Vancouver condos and into detached houses. Condos sales are down 20% in Vancouver but the Fraser valley housing market sales were up over 60%.
me and my wife just got incredibly lucky, a house got listed we went and seen it that same day offered 10k under list they countered and we got it for just under list. They agreed to all the regular subjects.
they had shown it to 5 other people that same day including a few developers and flippers. They also had 10 showings lined up the next day.
It was an estate sale and the old man had kept the bones of the house in perfect order but everything needs updating cosmetically. Roof is 10 years old, copper pipes, furnace is 4 years old, hot water tank is 2 years old on 11 square foot lot, copper electrical with one circuit on aluminum that will get replaced. BC box
we looked at so many dumps(poly b pipes,foggy windows, visible moisture, scary DIYs ect..) in the 800k range That were selling same day we thought we were gonna be priced out of the detached market.
me and my wife just got incredibly lucky, a house got listed we went and seen it that same day offered 10k under list they countered and we got it for just under list. They agreed to all the regular subjects.
they had shown it to 5 other people that same day including a few developers and flippers. They also had 10 showings lined up the next day.
It was an estate sale and the old man had kept the bones of the house in perfect order but everything needs updating cosmetically. Roof is 10 years old, copper pipes, furnace is 4 years old, hot water tank is 2 years old on 11 square foot lot, copper electrical with one circuit on aluminum that will get replaced. BC box
we looked at so many dumps(poly b pipes,foggy windows, visible moisture, scary DIYs ect..) in the 800k range That were selling same day we thought we were gonna be priced out of the detached market.
Corey_lax
Crew Member
Yep we’re in the same situation. $900k house. Not a Bc box but from the 70’s so asbestos in all the drywall and I saw a mix of copper and poly b pipes. Multiple renovations that were not permitted. What a crap shoot.
where did you buy? We’re looking from coquitlam to maple ridge. Ample parking is my only request haha