Should I Buy A House?

[shamous113]

I don't think the housing market in Woodstock is any different, first Cami came and Ingersoll houses pretty much doubled and when Toyota came to Woodstock everyone thought that they owned a mansion and price them according...and we have some of the highest rents to boot...

It's that way all along the 401 corridor and i don't see it changing until prime climbs over 1.5% - 2% imo.

 

[Nonuser]

House just listed agent calls me then emails me pictures. I told agent if it's one of those bidding wars I'm not interested. Calls me an hour later 10 or more people going through the place tonight and they will be excepting offers. I can join the line and wait for a turn to look at the place and place my bid. 10-20-30 thousand over asking?

No thanks, if it's still available tomorrow call me

I'm beginning to think this maybe the worst time in 40 years to buy or sell a house.

 

[zoomster]

Personally, unless you can rent or stay with family until the market dies down, theres no point in selling now.
If you sell in a hot overpriced market, good for you, but you also have to (normally) buy in the same overpriced market as well,
negating the whole purpose of it in the first place haha

My opinion is:
almost everyone already owns a car, so simply move further and commute

Look south of hwy 3 in norfolk township, dirt cheap places.
Heck
I bought my place in otterville for 115,000. Put 50+/- into it and have a 2500 sq ft home, very livable, all up to date and energy efficient etc etc. for less than 800 a month mortgage.

I commute 25 min daily to woodstock, no big deal

living can be as affordable or unaffordable as you make it.

And like glen said, if it gets really bad, i mean REALLY bad, you could just move to the states.

Hey, don't be encouraging people to move here!
I happen to like being one of about 40 people in Norfolk.
No neighbors that I can see, 3700+ sq ft house, big property, can mow my lawn naked, free water in and out, and I pay less than some people do for a 2 or 3 bedroom apt.
Of course 2 furnaces kinda offset that. Lol

 

[shamous113]

House just listed agent calls me then emails me pictures. I told agent if it's one of those bidding wars I'm not interested. Calls me an hour later 10 or more people going through the place tonight and they will be excepting offers. I can join the line and wait for a turn to look at the place and place my bid. 10-20-30 thousand over asking?

No thanks, if it's still available tomorrow call me

I'm beginning to think this maybe the worst time in 40 years to buy or sell a house.

Spring / early summer are the worst time to buy IMHO, People are trying to move before the summer or before the school year starts. The best time to buy is December/January

 

[Nonuser]

Spring / early summer are the worst time to buy IMHO, People are trying to move before the summer or before the school year starts. The best time to buy is December/January

less options and choices and ppl that have to sell do so then

 

[Pipes]

What I have discovered, is that the closer you live to a city, the more a house will cost. I'm looking at a few places just outside of town. Similar houses are about $20 -40 K less. But... you have to maintain a septic tank, well, and the snow plow doesn't come by twice a day. All in all you pay for convenience, as in taxes. Personally I hate being surrounded by all the concrete. The other thing I hate about the current house market, is knowing, I could build the same house for $100 K cheaper than they are selling it for.
Everyone has to live somewhere. If you rent, your paying someone else's mortgage. So why not pay your own mortgage, and have something to show for your money in 25 years.

 

[Nonuser]

Pretty sure I'm not going to be buying in this market. Just can't justify the debt. Lending rates are low and housing prices are high so people are able to incur more debt. When the interest rates rises then the amount of debt rises.

A house is not an investment unless you sell it and then you have to take that capital and use it to obtain another form of lodging, spending that money. Let's face it with the lengths of mortgages you are practically renting the house from the bank. Condos are worse you're living in an apartment and paying the mortgage (rent) plus condo fees(300--1,000) it has got to the point condos are less affordable than detached houses in my area.

I think I'll wait till the next crisis comes probably brought on by the American election or all the loan defaults that countries are having. China has been running on a false economy too long and has loaned America a large amount of capital as well as the issues with oil and the countries that supply oil backing terrorist activity.

Yep I don't even watch the news or read the papers but from the little bit of stuff I stumble across the economical future doesn't look great.

Because how much lower can't the lending rate go? 1% .5%. Or like new cars 0% financing for 84 months?

 

[Salty Cracker]

Listed this house yesterday:

$580,000.

Sold today, full asking, no conditions, firm. $40,000 higher than highest sale in the area, and ~$150,000 over the average in the area.

The power of the feeding frenzy is amazing if you know what you're doing. It only lasts for the first 3 days, after that you will be hard pressed to get the asking price if it's high. I originally priced this out at $550,000 but after seeing the insanity of this year's market, I figured "let's push the envelope". The people the in the neighbourhood can thank me with alcohol.

 

[nathan]

Pretty sure I'm not going to be buying in this market. Just can't justify the debt. Lending rates are low and housing prices are high so people are able to incur more debt. When the interest rates rises then the amount of debt rises.

A house is not an investment unless you sell it and then you have to take that capital and use it to obtain another form of lodging, spending that money. Let's face it with the lengths of mortgages you are practically renting the house from the bank. Condos are worse you're living in an apartment and paying the mortgage (rent) plus condo fees(300--1,000) it has got to the point condos are less affordable than detached houses in my area.

I think I'll wait till the next crisis comes probably brought on by the American election or all the loan defaults that countries are having. China has been running on a false economy too long and has loaned America a large amount of capital as well as the issues with oil and the countries that supply oil backing terrorist activity.

Yep I don't even watch the news or read the papers but from the little bit of stuff I stumble across the economical future doesn't look great.

Because how much lower can't the lending rate go? 1% .5%. Or like new cars 0% financing for 84 months?

I promise you that unless the economy completely tanks the prices of houses will never get better.

 

[Nonuser]

If the mortgage rates double or triple lots of people will be n some serious trouble. God forbid one loses a job

 

[Nighthawk26]

Listed this house yesterday:

$580,000.

Sold today, full asking, no conditions, firm. $40,000 higher than highest sale in the area, and ~$150,000 over the average in the area.

The power of the feeding frenzy is amazing if you know what you're doing. It only lasts for the first 3 days, after that you will be hard pressed to get the asking price if it's high. I originally priced this out at $550,000 but after seeing the insanity of this year's market, I figured "let's push the envelope". The people the in the neighbourhood can thank me with alcohol.

$700+K in KW

 

[Nonuser]

http://www.crea.ca/housing-market-stats/quarterly-forecasts/

Wait until 2017 it says

Jumped 15% in March 2016
http://www.cbc.ca/news/business/crea-house-prices-march-1.3537143

 

[Salty Cracker]

$700+K in KW

Lol I know, but at least K/W is close to Toronto, we're close to....absolutely nothing!