Real estate market.

[sewerrat]

The real estate market really seems to take off.
We put our 1950’s house on the market just last Thursday, we thought we priced it high.
So then we decide to leave for Mexico, thinking the first week we get the most viewings, and sure as crap on Saturday we had 7 viewings, on Sunday 5 and multiple offers and well over the asking price.
After being just 2 days on the it is now pending, Not a bad problem to have.

If your thinking of selling now is the time while the rates are still fairly low.

[MyAlberta]

Great, until you go to buy.

[burbotman]

Market is beyond insane right now. After our move to an acreage in the fall we got around to selling our Calgary house last week Priced it way over what made sense. First day had 24 viewings booked. Sold that night for well over asking

Great time to sell, not a good time to buy. Realtor commented that Vancouver buyers were really driving up prices here. Also commented that more inventory is coming on the market which should slow down prices

[tbiddy]

We have friends that are downsizing. Selling their place for just under 1M and looking to spend about 1/2 of that. Found a place they loved and it had been on the market for a week. They offered the seller full price (and it was already overpriced). Seller turned them down and said he wanted to wait on a bidding war. I don’t get it, if you want more, ask for more. Crazy.

And then on the other side, we have a place in Lloydminster that we want to sell. Realtor appraised it at $100 over what the MIL paid 20yrs ago. I guess they are right, buying property is an investment! Haha

[Dean2]

Originally Posted by tbiddy

We have friends that are downsizing. Selling their place for just under 1M and looking to spend about 1/2 of that. Found a place they loved and it had been on the market for a week. They offered the seller full price (and it was already overpriced). Seller turned them down and said he wanted to wait on a bidding war. I don’t get it, if you want more, ask for more. Crazy.

And then on the other side, we have a place in Lloydminster that we want to sell. Realtor appraised it at $100 over what the MIL paid 20yrs ago. I guess they are right, buying property is an investment! Haha

I don't know the Lloyd market at all but that doesn't sound right. Get a couple of more opinions and check the MLS prices on similar houses. I have seen a lot of Realtors low ball a price to get a fast sale. He sells it for 100,000 under market, he losses 3000 in commission, you lose the full 100K. Have also seen these sold to a "friend" and the house gets re-flipped in a few weeks after a little lipstick gets applied, for a whole lot more than it was sold for. There are some great realtors, but there are also a lot of incompetent ones, and quite a few downright bent ones.

[ganderblaster]

Originally Posted by Dean2

I don't know the Lloyd market at all but that doesn't sound right. Get a couple of more opinions and check the MLS prices on similar houses. I have seen a lot of Realtors low ball a price to get a fast sale. He sells it for 100,000 under market, he losses 3000 in commission, you lose the full 100K. Have also seen these sold to a "friend" and the house gets re-flipped in a few weeks after a little lipstick gets applied, for a whole lot more than it was sold for. There are some great realtors, but there are also a lot of incompetent ones, and quite a few downright bent ones.

Yes and some get away with it for years. There was a realtor in my small city who was consistently $10,000-$30,000 beneath the market. Man did he sell a lot of houses. Kept moving from brokerage to brokerage finally he had to start his own now that one is done and he seems to be a one man brokerage now.
Lots of extremely good ones in the the city as well. Like most everything else the only way crooks are allowed to continue to profit is that there is always someone greedy to make it look like it works seems like.

[waldedw]

If you are selling to move then all your doing is trading $$$$ sell for more and buy for more the only people making money is the real estate agents

[Sundancefisher]

Originally Posted by Dean2

I don't know the Lloyd market at all but that doesn't sound right. Get a couple of more opinions and check the MLS prices on similar houses. I have seen a lot of Realtors low ball a price to get a fast sale. He sells it for 100,000 under market, he losses 3000 in commission, you lose the full 100K. Have also seen these sold to a "friend" and the house gets re-flipped in a few weeks after a little lipstick gets applied, for a whole lot more than it was sold for. There are some great realtors, but there are also a lot of incompetent ones, and quite a few downright bent ones.

Yup. Had an old neighbor who listed a house and bragged to me how she priced it really low… hadn’t put it on the market yet and sent her son-in-law over and then took his low ball bid back to the owners and convinced them to sell.

Very very shady.

[7magtime]

Based on the brand new snowmobile, side by side and now rec land a realtor friend of mine has purchased in the last couple months; I'd say the real estate market is pretty hot....lol.

[dodger]

So you are all saying that a house purchased in 1992 at $180,000.00 is now worth 2.4 million? Asking for a friend

Dodger.

[45-70GOV]

Originally Posted by dodger

So you are all saying that a house purchased in 1992 at $180,000.00 is now worth 2.4 million? Asking for a friend

Dodger.

Unfortunately, probably not far off the mark

[Grizzly Adams1]

Originally Posted by MyAlberta

Great, until you go to buy.

During my short lived realty career, many years ago, I worked for Len Wong senior , once an offer was made, the property was off the market until that particular offer was considered. I always thought that was fair to both sides. Realtors , being the scum they are, of course didn't like that.

Grizz

[bigbuck]

I understand no one has a crystal ball but for those of you that are tied into the real estate industry whats your opinion on timeline for the next market correction? Can one sell high now, go rent and buy back in at a low price where it would make sense? Are we talking A couple year before prices begin to lower?

[Dean2]

Originally Posted by bigbuck

I understand no one has a crystal ball but for those of you that are tied into the real estate industry whats your opinion on timeline for the next market correction? Can one sell high now, go rent and buy back in at a low price where it would make sense? Are we talking A couple year before prices begin to lower?

Have been buying and selling real estate for 45 years. I have no idea when the next correction will hit. Every expert in Canada, from OSFI, to CMHC, the analysts, short sellers and bears on the Canadian Banks have been predicting a crash in the Canadain market for the last 15 years. So far they have been completely wrong. A correction may happen but I defy anyone to actually predict when, and how severe. Other issue, a crash in Toronto may have zero effect on any other market, just like the big correction in EDM and Calgary had no effect on Vancouver.

You can buy a 50 year old, 1200 sq ft house in great shape in Fairview for 175k. If a guy wants cheaper housing that is a way to play the market, assuming the location is feasible. There are lots of locations close to major cities with way cheaper houses. My suggestion, focus on paying off the mortgage. The value of the interest u don't pay will far exceed the value of a drop and buy back.

[MyAlberta]

Personally, I say we are witnessing a correction, but not in the direction one associates with the term. The brute strength of a couple of generations that enjoyed stupendous economic times, are full wave cashing out and living their dreams. Incremental increases in interest rates are only going to further fuel a buying frenzy.

[calgarygringo]

I think a correction has to come one of these days. Being a senior and tired of putting money, work and shovelling a ton of sidewalks and cutting a big yard of grass we recently decided enough for us. An old house that needs a bunch of old stuff replaced and are done with that game. Our realtor told us to just clean up the place and do not put money into it. Thought he may be a bit out of line so we figured we can always adjust the price fix a bit or what ever we need to do. Sold it quick and had 6 offers to boot. Got 55k over asking price that we thought was already more than we would ever pay for the old place. Needless to say we said yes and are just renting a place for now until us and the market figure things out down the road.

I still believe things need to change at some point. We did notice most of the people coming to view the house were more of the younger generations. A few realtors told me that these young peoples view is they must have a house and are willing to pay the price to get in and are driving up prices. They did on mine too and glad we got out now for market reasons and done with houses.

[gordfishing]

not sure about the market my neighbour put their house on the market for $499,000 seams very reasonable but has sat for 21 days

Lucky when you win

[jwelds191]

Currently selling our home, and looking to upgrade in Calgary. We bid 116k OVER asking price with no conditions last weekend, and still didn't get it. People love to tell you they'd never buy a house without conditions... fair enough, but most accepted offers in sought after neighborhoods are going unconditional currently.

Right now, list prices in Calgary are nothing more than a marker to begin negotiations. 3 DOM, 30+ viewings, and 10+ offers in hand, typically jacking the price up in 5-10k increments. West side of Calgary.

[Spidey]

We just looked at condos in the new University District in Calgary as a potential investment. It's going to be a very nice area eventually but units are already selling for up to $500/sq.ft.

We thought that was a lot until we met a couple from Toronto also looking at units in that area. He is a realtor in Toronto and their investment firm flew about 20 of them to Edmonton and Calgary to look at properties. He said comparable units in the GTA are selling for $1,300 to $1,500/sq. ft.

Crazy...

[calgarygringo]

Funny you bring that up. My neighbour is getting his house prepped to sell too. Again old neighbourhood, smaller homes with big lots and lower prices. Told me he was not going to let his go under 500k based on what he has seen and ours selling and I laughed at him. His house was fully professionally finished up and down, new furnace, siding, roof etc. and I didn't think our neighbourhood fit that price range in my 30 years of living there. Now what we got for ours we talked the other day while I was over there cleaning up that as much as I didn't think they were worth that obviously 400 to 500K for our old houses is not out of the question. Will be interested if he gets over 500k as most have traditionally been going in the 300 to 400k range. Considering what us oldtimers paid for them this is insane. Glad I am not buying right now.

Originally Posted by gordfishing

not sure about the market my neighbour put their house on the market for $499,000 seams very reasonable but has sat for 21 days

Lucky when you win

[WV911]

A mobile home in Canmore sold 2 weeks ago for $630,000 with multiple offers.