Who's just waiting to buy their own place?

[JasonRox]

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.

Anyways, is anyone in the same boat?

 

[Kurdt]

If you want to buy property now is the time to do it. Its all very cheap. Shame I can't afford any.

 

[JasonRox]

If you want to buy property now is the time to do it. Its all very cheap. Shame I can't afford any.

Like you, I can't.

I might go and try in the summer of 2009. Rent it out for dirt cheap for a year until I'm done.

 

[Moonbear]

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. Hopefully the economy doesn't recover TOO much before I get a rate locked in for next year. 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.

 

[JasonRox]

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. Hopefully the economy doesn't recover TOO much before I get a rate locked in for next year. 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.

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!

 

[edward]

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.

 

[JasonRox]

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.

I would assume in about a year prices should be fairly low.

 

[Kurdt]

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.

 

[lisab]

I would assume in about a year prices should be fairly low.

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.

 

[Evo]

I'm trying to sell a house.

 

[edward]

I'm trying to sell a house.

Would you consider a trade?

http://img229.imageshack.us/img229/8508/88815718hf1.png

 

[Gear300]

Would you consider a trade?

http://img229.imageshack.us/img229/8508/88815718hf1.png

looks like a fine deal young sir

http://www.smith-county.com/Environment/images/Dumpster.jpg

 

[Moonbear]

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.

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. 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. 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.

 

[JasonRox]

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).

So, lots of choices.

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?

 

[JasonRox]

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.

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.)

 

[scorpa]

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.

 

[JasonRox]

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.

I guess we're exactly in the same boat.

 

[Moonbear]

Anyways, what kind of listings are you guys looking at?

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! 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.

 

[JasonRox]

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! 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.

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!

 

[Evo]

Here's the place I'm selling.

 

[Evo]

View south from the deck.

View to the north side.

The hous is on an acre with a $9,000 fence now.

 

[JasonRox]

That's a freaking nice place!

 

[makethings]

I just started my masters. I will graduate in two years. I'm saving every little penny from my stipend and making extra TA income. When I graduate I figure I will have some good savings as well for a nice down payment. I'm living at home so I have practically zero expenses so I can save up.

The problem is I love being downtown (in Toronto). Everything is convenient and you don't need a car to get around if you live near or in the downtown core. But I would rather not buy a condo. I would rather buy a house but that would mean leaving the city for a house that is reasonable in price.

 

[thewhills]

I have a long way to go but I can't wait to move to a nice windowed apartment in a large city. I am leaning to San Francisco,Manhatten or London...Prices kill...Maybe a closet...

 

[JasonRox]

I just started my masters. I will graduate in two years. I'm saving every little penny from my stipend and making extra TA income. When I graduate I figure I will have some good savings as well for a nice down payment. I'm living at home so I have practically zero expenses so I can save up.

The problem is I love being downtown (in Toronto). Everything is convenient and you don't need a car to get around if you live near or in the downtown core. But I would rather not buy a condo. I would rather buy a house but that would mean leaving the city for a house that is reasonable in price.

You can consider getting a house near say downtown London. Decent sized city and the cost is probably cheaper.

I lived downtown Quebec City and I had no car and never took the bus. As long as the city is 500,000 and up, you should be fine. The two Ontario cities I'm considering are London and Ottawa. Toronto is just too big and too many cultures. That's not my thing.

Toronto is always a great time though. I actually think I'm going there this weekend.

 

[Moonbear]

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

Yeah, location is more important. I sort of have a price scale in mind. Nice neighborhood, quiet, yet still within walking distance of campus (even a long walk), I'll pay at the maximum of my price range. Short drive from campus, but has everything else, a bit lower on the price range, or needs to have a larger property. Long drive to campus, it better be a good $50,000 less than the ones near campus, or else in absolutely perfect condition for me to move-in with no work needed at all.

Maybe those State Troopers were making a bust!

When I saw the first car, I considered that. I found out after I sold my old house that one of the neighbor's kids robbed a bank. Cops were there all the time. But, they never gave me any trouble, so whatever was their problem really wasn't my problem. As long as they weren't having loud parties at night, I didn't care. But, the second car was at another house at another end of the development. It's just in the price range that would make sense for state troopers too. Most faculty live in fancier houses because they have spouses with jobs too so can pay a lot more than I can. Then again, when they have two people plus kids living in a house, they need a lot more house than I do too. I really just want a decent kitchen, one nice bathroom with the master bedroom, a second full bathroom that can be smaller just so my guests don't have to use my master bath (and so I don't have to keep it neat all the time), one room just large enough to be a guest bedroom, one a bit larger as an office, and a modest-sized living room and dining room. Ideally, the dining room and living room will connect so if I ever get swarmed by relatives for a holiday dinner, I can set up folding tables through both rooms to seat everyone in one continuous space. Other than that, a yard big enough for a modest vegetable garden, and a little area for my bbq and table and chairs, and I'll be happy.

Here's the place I'm selling.

That's WAY bigger than I'm looking for. If I was married with kids, I might be looking for something like that, but as long as I'm still single, that would be far too much house for me.

 

[JasonRox]

Long drive to campus, it better be a good $50,000 less than the ones near campus, or else in absolutely perfect condition for me to move-in with no work needed at all.

Don't go with long drives! It's horrible, so inconvenient and annoying. And you realize you spend like 3-4 weeks of the year driving to work staring at gravel. Anything over 30 minute drive is too much for me.

Even if it's dirt cheap, I don't think I could do it. The cheaper price isn't worth the inconvenience for me.

 

[Moonbear]

Don't go with long drives! It's horrible, so inconvenient and annoying. And you realize you spend like 3-4 weeks of the year driving to work staring at gravel. Anything over 30 minute drive is too much for me.

Actually, I was considering 30 min a long drive. Right now, I'm spoiled by a 5 min drive.

Even if it's dirt cheap, I don't think I could do it. The cheaper price isn't worth the inconvenience for me.

I've commuted 30 min before. I don't mind so much now that my job has a more regular schedule and I can even work from home some days. I wouldn't do it if I was still primarily doing research...when an experiment has to get done in the middle of the night, I don't want a 30 min drive there and back. But, I'm factoring in the added transportation costs...extra wear and tear on the car, gas, other maintenance that increase with a longer commute, and figure a house has to be substantially cheaper so the mortgage payments are low enough to offset the added transportation costs.

 

[JasonRox]

Actually, I was considering 30 min a long drive. Right now, I'm spoiled by a 5 min drive.



I've commuted 30 min before. I don't mind so much now that my job has a more regular schedule and I can even work from home some days. I wouldn't do it if I was still primarily doing research...when an experiment has to get done in the middle of the night, I don't want a 30 min drive there and back. But, I'm factoring in the added transportation costs...extra wear and tear on the car, gas, other maintenance that increase with a longer commute, and figure a house has to be substantially cheaper so the mortgage payments are low enough to offset the added transportation costs.

Yeah, for me 30 minutes is long. I used to live like 20 minutes from the school, but I chose to move out of the house to live closer. It's totally worth it. Last year, I lived literally a 2 minute drive from school. (Walking is not feasible because it's a short highway to the school, so 2 minute drive converts to like an hour walk.)

Now, I still live like 3 minutes from school but near a very good bus location. Taking the bus to school takes 10 minutes and it's much more convenient. I sit and wait, and get dropped off in front of the school. :)

Oh, and like you said, much bigger pain with a schedule that changes all the time. That's what I had last year. I was very involved with the school and lots of times I had no idea what I was doing until like a few days ahead, and I would spend many 9am-9pm days at school. Carrying lunches around for days like that isn't practical!