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Who's just waiting to buy their own place?

  1. Sep 20, 2008 #1

    JasonRox

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    I feel like I'm just waiting to buy my own house or condo. I still have two years of school left!

    Say, if I graduate in April 2010, and rent for 6 months (get to know the city), then I can realistically get a condo (what I want) by like October 2010.

    As of now, I'm just working on getting debt free and save some money after that. I know where I would like to live, so it's just a matter of waiting now. :grumpy:

    Anyways, is anyone in the same boat?
     
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  3. Sep 20, 2008 #2

    Kurdt

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    If you want to buy property now is the time to do it. Its all very cheap. Shame I can't afford any. :frown:
     
  4. Sep 20, 2008 #3

    JasonRox

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    Like you, I can't. :cry:

    I might go and try in the summer of 2009. Rent it out for dirt cheap for a year until I'm done.
     
  5. Sep 20, 2008 #4

    Moonbear

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    I can't wait! I'm planning to buy by next summer (starting to look in the Spring). I wanted to buy now, but had to renew my lease before I knew whether I would have the new job (if I didn't get it, I might have been looking for jobs in another state by next year, so didn't want to buy a house until I was sure...and sure of what my salary would be).

    Interest rates for mortgages look FANTASTIC right now, so I just wish I could run out today and do it. :biggrin: Hopefully the economy doesn't recover TOO much before I get a rate locked in for next year. :uhh: With interest rates what they are, and home prices dropping, I might even be able to save a lot more long-term by getting a 15 year instead of 30 year mortgage. That would be ideal, because then I'd have the house free and clear by the time I retire, and would save a bundle on interest over the years.

    On the downside, I expect to have to jump through extra hoops and wait longer for mortgage approval than the last time I bought a house. Lenders are a bit timid right now.
     
  6. Sep 20, 2008 #5

    JasonRox

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    Oh yeah, I didn't even think about how hard it would be to get a mortgage!

    Here in Ontario, you don't need to re-sign a lease. They can't evict you either. I know lots of students who refuse to sign the lease and leave during the winter because they only had half a term left. Unfortunately, many students don't know their rights when leasing and get abused by landlords left and right here.

    Wish you the best of luck on finding a place too!
     
  7. Sep 20, 2008 #6
    Depending on where you are located it may be best to wait. Home prices are still falling in the South West and a lot of other areas.

    If the government floods the market with forclosed properties, prices will fall even more.
     
  8. Sep 20, 2008 #7

    JasonRox

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    I would assume in about a year prices should be fairly low.
     
  9. Sep 20, 2008 #8

    Kurdt

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    I know where I live a place that was £160k a month ago is now up for £110k. I don't think that will get much lower but I can see how it can be frustrating for home owners when prices are dropping that rapidly.
     
  10. Sep 20, 2008 #9

    lisab

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    So Jason, how is the real estate market in Canada? Here in the states it's really bad - for sellers, that is. It's a buyer's market.

    Where I am (Seattle area) real estate values have dropped by over 10% in the last year. In other places (Las Vegas, Miami) the drop is much larger.
     
  11. Sep 20, 2008 #10

    Evo

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    I'm trying to sell a house. :grumpy:
     
  12. Sep 20, 2008 #11
    Would you consider a trade?

    [​IMG]
     
  13. Sep 20, 2008 #12
  14. Sep 20, 2008 #13

    Moonbear

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    Yeah, I'm just loving it. I'm glad I didn't buy when I first moved here. Houses that used to be out of my price range, but really closer to what I'm looking for, are now well within my price range. :biggrin: I don't know how much of an issue foreclosures will be in the local market, but I'm willing to bet there are faculty or physicians moving to jobs elsewhere (university towns are always a volatile market) who HAVE to get rid of their current houses to be able to buy one where they are moving. It took a while for prices to drop here...they definitely lagged behind other areas...but they are dropping now, so next summer should be perfect.

    The best part is that houses with REAL kitchens are finally in my price range, so I don't have to settle for looking at ones with smaller kitchens next to a room I don't need (my original plan was to look for one with a floorplan that would allow me to knock out a wall and expand the kitchen later if I couldn't find one of a decent size right away).

    I wonder what's going to happen with the new construction in the area. There are a lot of builders still finishing developments they started over the past few years. Some of them are horrible locations...there's a reason nobody built on the side of a cliff before. :uhh: Seriously, the roads into one development go so steeply downhill as you enter that you can't actually see it until you're on it. It's scary! I wouldn't even consider living there...I'd be housebound all winter! But, others are on flatter land, and hence more expensive. Maybe they'll have to come down in price considerably too. Builders might be lucky to sell at cost in this market just to get out from under them.

    So, lots of choices. :smile:
     
  15. Sep 21, 2008 #14

    JasonRox

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    Oh I know! Same with washrooms.

    I'm open to a very cheap place, but I'm not willing to spend decent money to get the same thing. I have to make sacrifices to live in the area I would like to live in.

    For example, I would consider this. (Others too, but interior pictures aren't available.) If I were to spend very little...

    http://www.mls.ca/PropertyDetails.a...rt=2&of=1&ps=10&o=A&Mode=0&PropertyID=7262959

    MLS is the top website for Canadian Real Estate.

    And if I were to spend a bit more...

    http://passerelle.centris.ca/redirect2.aspx?CodeDest=REMAX&NoMls=QC8033566&Source=WWW.MLS.CA&Lang=

    http://passerelle.centris.ca/redire...ITALE&NoMls=QC0816070&Source=WWW.MLS.CA&Lang=

    Of course, the places I want don't have luxirious kitchens and bathrooms, which I would like to have. But it is in the area where I want it to be.

    Anyways, what kind of listings are you guys looking at?
     
  16. Sep 21, 2008 #15

    JasonRox

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    Prices are dropping but I wouldn't say it's as bad as the US market. It might become more apparent next summer though. If I make decent money and the market is good, I may consider buying a place and renting it out for 12 months. It might be a bit complicated because it's in a difference province and it might affect my chances of getting bursaries at school. (I currently get around $3-4000 a year.)
     
  17. Sep 21, 2008 #16
    I can't wait to buy my own place, I graduate in two years and could feasibly probably buy one not to long after that. I check the MLS site looking for places just for something to do. I would like a house but realistically I will probably end up with a condo. I just have to decide where I am going to live first, and whether I want to stay where I am or move on to another city.
     
  18. Sep 21, 2008 #17

    JasonRox

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    I guess we're exactly in the same boat.
     
  19. Sep 21, 2008 #18

    Moonbear

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    I'm looking at places like this:
    http://www.idxvow.com/cgi-bin/ncwvidx/klm/mls.cgi?view=pics.cgi&show=yes&mls=10064140
    Though, probably not that location. I drove around today looking at neighborhoods. I had thought that was a good location, since it's not far from where I am now, but never before realized there is an apartment complex located at the end of the same street with really run-down apartments. I don't think I'd like the traffic through the development...that's what I want to get away from is the heavy traffic that is on the road I live near now. Plus, those houses are all using propane for their heat.

    I found another nicer neighborhood with houses I like. And, since I saw two houses with State Trooper cars parked in the driveways, I figure it must be a safe neighborhood too! :biggrin: The road didn't seem quite as steep as the one into my current townhouse complex, and I figure with at least two state troopers living there, they must have to make sure the roads are passable so they can get out in bad weather when they are needed. The neighborhood seemed quiet driving around there on a Sunday afternoon. Though, in both neighborhoods that looked nice that I drove through today, the houses that are currently for sale are lower on the hills, which means very little privacy...anyone higher up the hill can look down into your yard, and a privacy fence won't help. I have to think about that. The insides of the houses are what I want, but I'd like a yard where I can sunbathe in a bikini in the summer and not worry about scaring the neighbors. :rolleyes: :redface:
     
  20. Sep 21, 2008 #19

    JasonRox

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    That's a nice place! Unfortunately it doesn't fit the location needs. That's pretty much priority.

    Maybe those State Troopers were making a bust! :eek:
     
  21. Sep 21, 2008 #20

    Evo

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    Here's the place I'm selling.

    [​IMG]

    [​IMG]

    [​IMG]

    [​IMG]
     
    Last edited: Sep 21, 2008
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