Well I did it, I bought a house last week. It was in a great location, the size I wanted, and I got it for 10% less than comparables last summer. I know it's a falling knife but it is what I wanted and location, location. I can cover my mortgage and tax's with rent if I need to and it is in move in condition so I won't have to sink any money into it. I plan on keeping it for many years ahead so unless something happens I will be OK.
I planned on renting for some time but when the perfect house came on the market I decided to go for it. I didn't settle, I wasn't pressured to buy, and I was able to bargain the price down. I know if I waited longer I could save a bit more money. But would I be able to get into the neighbourhood I wanted and the house I wanted??
I want to thank all the Housing Blogs out there for opening my eyes to the other side of the housing industry that the RE Community and Media have failed, until recently to tell. I have learned a lot. If it wasn't for the Housing Blog's I would have bought last Fall and paid more for a house that I wasn't really happy with.
I made some good money on my last house and I have room to take a loss. I still agree that Real Estate is going to correct over the next few years. I don't think BC is going to see the same loss' as the US just like we haven't seen the same gains. I am anticipating a 90's style correction.
My advice to any first time home buyer is to wait. It looks like things are starting to change and public opinion is following. The Media is starting to take notice and even my RE Agent agrees as well. Don't over pay for something just because you are feeling pressured. Wait for the perfect house to come along. While you are waiting prices should be coming down so you are in a win, win situation.
I was going to close this Blog down, but I have decided to keep it going for others to view the feeds I have on the side bar.
Enjoy and good luck in your house hunting,
Uncertain Buyer.
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7 comments:
Nope, we aren't the same. I was shocked to see him shutting down. I am wondering what is up with that.
Congratulations on finding the right place! It makes sense to roll the gains you got from the previous place into a new one. You were looking in the interior right? Or did you find a place in the lower mainland?
Either way, congrats and have a great move!
All the best in your new place, uncertain.
I suspect VHB left for truly personal reasons: it's sounds to me like either a relationship or job-related issue; hopefully not illness.
Another possibility is that he was asked to move by his landlord. (I went through that recently, and believe me life does go on hold for a couple of months).
A very remote possibility is that he bought something and the issue is now moot for him (but that is not how his farewell sounds).
Some have interpreted the drop in 'bear' blogs today as bullish, but it's actually bearish: when the last bear that is destined to capitulate throws themselves on the pyre, the top is in.
(some may recall that I remarked that the prior surge in bear blogs was actually BULLISH, not bearish: the inverse is true of their demise).
We need a venue for discussion 'in the spirit of VHB'. The surviving blogs (condo, unreal, langley) are all indispensible and have their own character, but they don't fill that niche. RET definitely isn't the spot.
Is there an appetite for a blog to serve such a role?
Perhaps a group run discussion framework?
How about a simple blog with a Monday discussion topic and a Friday rainbarrel?
Perhaps regulars can rotate suggesting the weekly discussion theme.
We're unlikely to be able to easily replicate VHBs data presentations, but we could offer a forum.
Appetite?
(above posted on all related discussion threads).
Good luck. You never go broke taking a profit. I actually just last week started to fully believe in the impending decline. There is an excellent discussion by the Mortgage Investment Group of BC- a super vested interest if ever there was one. Even they are calling a top in prices in August 06 for the GVRD. They say we are in decline and expect prices to decline for at least 24 months. In any decline there will be some up spikes-however.
Freako,
I'm thinking there definitely is an appetite for a discussion blog. Maybe you could set one up and let us know where it is when you're done?
So are you and VHB one in the same? Seems a strange coincidence. ;-)
I don't think it was a coincidence. Seems to me it was a payoff. No way to prove it, of course, so I'll just say congrats to both of you!
Congrats on your new house. It's smart of you to not jump into something you wouldn't be completely happy with, but also smart that you didn't let a good thing pass you by. I look forward to hearing about how this new investment pays off for you.
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