We made the mistake of the 3rd question. We were renting in mid-town (Forest Hill North - Yonge and Eglington) then bought a condo-town in an “up and coming” neighborhood on the west end and while we see the notice boards going up around us of proposed developments, we absolutely HATE it! Our daughter is still in daycare in the old neighborhood and everytime I go pick her up or drop her off I feel such deep regret! The realtor we engaged to try and sell it, was upfront with us and told us to keep it for at least 5 years if we don’t want to lose money on it so I guess we’re stuck here now.
My wife and I are the other side of that equation. We've always bought in the neighbourhoods, and condos/houses that we really like but had less room to appreciate. When we hear about areas that have appreciated alot, we think about what could have been. But we 've always valued our conveniences and lifestyle, so we rationalize it in the end. There's always going to be pros and cons. I hope it works out for you guys in the end!
I was in the matket since spring of 2023 and almost every house we made an offer on was a bidding war even all the way into the end of the year. Even fixer uppers and reno jobs ended up in a multiple offer situation. it speaks to the specific area we were looking in, but there were some situations were sellers didn't want to come down in price. And then after relisting multiple times for over 200k less than their original asking price, they finally got into a range where multiple people made offers (albeit still below their asking). Personally, I'm glad to be done with it all. I've moved 5 times in the last 17 years (if you include the temporary rental I've been in for the last 4 months). This is going to be home for at least 20 years (probably....😂)
If there are bidding wars, they are either on a handful of properties or just a figment of one's imagination. The market has tanked. People are losing their jobs, interest rates remain high, banks aren't lending, people aren't getting financing once properties are appraised and sellers are holding on to their unrealistic expectations.
We made the mistake of the 3rd question. We were renting in mid-town (Forest Hill North - Yonge and Eglington) then bought a condo-town in an “up and coming” neighborhood on the west end and while we see the notice boards going up around us of proposed developments, we absolutely HATE it! Our daughter is still in daycare in the old neighborhood and everytime I go pick her up or drop her off I feel such deep regret! The realtor we engaged to try and sell it, was upfront with us and told us to keep it for at least 5 years if we don’t want to lose money on it so I guess we’re stuck here now.
My wife and I are the other side of that equation. We've always bought in the neighbourhoods, and condos/houses that we really like but had less room to appreciate.
When we hear about areas that have appreciated alot, we think about what could have been. But we 've always valued our conveniences and lifestyle, so we rationalize it in the end.
There's always going to be pros and cons. I hope it works out for you guys in the end!
@@dashthe6We were first time home buyers so we’re calling it a rookie mistake. We’ll know and do better the next go around.
I was in the matket since spring of 2023 and almost every house we made an offer on was a bidding war even all the way into the end of the year. Even fixer uppers and reno jobs ended up in a multiple offer situation.
it speaks to the specific area we were looking in, but there were some situations were sellers didn't want to come down in price. And then after relisting multiple times for over 200k less than their original asking price, they finally got into a range where multiple people made offers (albeit still below their asking).
Personally, I'm glad to be done with it all. I've moved 5 times in the last 17 years (if you include the temporary rental I've been in for the last 4 months). This is going to be home for at least 20 years (probably....😂)
I think the risk for interest rates is to the upside. Higher housing prices is very inflationary
If there are bidding wars, they are either on a handful of properties or just a figment of one's imagination. The market has tanked. People are losing their jobs, interest rates remain high, banks aren't lending, people aren't getting financing once properties are appraised and sellers are holding on to their unrealistic expectations.
Good interviewer, same as my last name..))
Bidding war? More like overleveraged buyers wanting to offload RE that is quickly losing its shine.
😂😂🤣🤣🤣🤣