Of course, June sales numbers won't be out until tomorrow at the earliest. So here are my SFH sales estimates. Average price should be close to $600000, probably between $590k and $600k. June 2009 average will be higher than June 2008. Median looks to be around $535000. Total SFH sold in June will be slightly lower than May. I'd estimate that total VREB sales for June will also be a little lower than May, but higher than June 2008. It's a wide range, but sales should be between 750 and 850 for June. Inventory has also dropped - last night I recorded 4126 properties for sale, as per this realtor's website. This morning they show 3911 properties for sale. Inventory is significantly lower this June than June 2008.
We've put an offer on a house. They countered, we countered, they countered, and we couldn't agree on a price. We were disappointed, but in hindsight, I firmly believe it was a blessing in disguise. The search continues....
Showing posts with label Home search. Show all posts
Showing posts with label Home search. Show all posts
Wednesday, July 1, 2009
Sunday, June 14, 2009
Where we're at...
I'll try to jot down a couple thoughts before the little one wakes from her nap.
Thus far, we've gone through approximately a dozen open houses and seen 6 homes with our realtor. We haven't been wowed by anything yet, probably due to our expectations, which I feel are likely unrealistic for today's market. Yesterday at an open house, people were swarming like flies on poop, and the showing realtor said that the previous day, 7 offers had been submitted. Hearing that, our stay was not very long. It looks like with the current low mortgage rates, every FTB has come out of the woodwork. Frustrating, needless to say.
And the business is showing - so far this month, I'm estimating 15 SFH sales per day, with the average price hovering around $590000, the median at $540000.
We've also seen a mortgage broker. I was somewhat surprised at what we got pre-approved for. A little scary in fact. My wife and I aren't comfortable with the debt load we are allowed to carry, so I doubt we'll be pushing the envelope with our purchase - when it happens. I've been happy with our mortgage broker experience thus far. He didn't want to push us off a cliff, which was nice. Funny though how the approval went straight to a 35 year amortization - no talk even of anything less. It does appear that 35 years is the new norm. With it being that way, I don't see the price of entry level homes coming down much at all for many years - at least until mortgage rates rise significantly. There are simply more FTBs looking for 3 bedroom homes around $350k to $450k than there are homes available.
Thus far, we've gone through approximately a dozen open houses and seen 6 homes with our realtor. We haven't been wowed by anything yet, probably due to our expectations, which I feel are likely unrealistic for today's market. Yesterday at an open house, people were swarming like flies on poop, and the showing realtor said that the previous day, 7 offers had been submitted. Hearing that, our stay was not very long. It looks like with the current low mortgage rates, every FTB has come out of the woodwork. Frustrating, needless to say.
And the business is showing - so far this month, I'm estimating 15 SFH sales per day, with the average price hovering around $590000, the median at $540000.
We've also seen a mortgage broker. I was somewhat surprised at what we got pre-approved for. A little scary in fact. My wife and I aren't comfortable with the debt load we are allowed to carry, so I doubt we'll be pushing the envelope with our purchase - when it happens. I've been happy with our mortgage broker experience thus far. He didn't want to push us off a cliff, which was nice. Funny though how the approval went straight to a 35 year amortization - no talk even of anything less. It does appear that 35 years is the new norm. With it being that way, I don't see the price of entry level homes coming down much at all for many years - at least until mortgage rates rise significantly. There are simply more FTBs looking for 3 bedroom homes around $350k to $450k than there are homes available.
Sunday, May 24, 2009
The Debate Continues...
I appreciate all the comments following my announcement in my last post. Thanks to those wishing us luck, we'll need it, and to the others that think it's a stupid decision, that's ok too. I lost some sleep last night thinking about it all.
I do continue to debate within myself whether this is the right decision for my family. At this point, I do believe it is. My frustration comes from fellow renters who brag about how cheaply they have been renting a house for the past 5, or 7, or 10 years! Yes, rent was much cheaper then, and your landlord can only increase your rent to a max of 4% annually. Try finding the same place today - I don't think you can. A quick scan of homes for rent on Craigslist, UsedVic, and the TC, shows that you only get shiite for $1600 / month. So, you can rent from the bank or you can rent from a landlord. You know, I am tired of this debate. Both are not great options. I've owned a house in my past - I am not naive to all that is involved. I know that when we find the right place for the right price, the happiness level for our family will be higher than if we move into another rental. That is worth something - for everything else there is Mastercard! hahaha...
Looking at sales throughout Greater Victoria thus far this month, we are on pace to have around 430 SFH sales. The average sale price thus far is around $585000, the median is around $535000. Low interest rates are definitely affecting home sales.
We're off to some open houses... stay tuned.
I do continue to debate within myself whether this is the right decision for my family. At this point, I do believe it is. My frustration comes from fellow renters who brag about how cheaply they have been renting a house for the past 5, or 7, or 10 years! Yes, rent was much cheaper then, and your landlord can only increase your rent to a max of 4% annually. Try finding the same place today - I don't think you can. A quick scan of homes for rent on Craigslist, UsedVic, and the TC, shows that you only get shiite for $1600 / month. So, you can rent from the bank or you can rent from a landlord. You know, I am tired of this debate. Both are not great options. I've owned a house in my past - I am not naive to all that is involved. I know that when we find the right place for the right price, the happiness level for our family will be higher than if we move into another rental. That is worth something - for everything else there is Mastercard! hahaha...
Looking at sales throughout Greater Victoria thus far this month, we are on pace to have around 430 SFH sales. The average sale price thus far is around $585000, the median is around $535000. Low interest rates are definitely affecting home sales.
We're off to some open houses... stay tuned.
Monday, May 18, 2009
Phase Shift
Like the new title? At the request of you guys, we'll try it out. I can't say I'm a gold bug, so you'll have to further spur on the conversation.
I am slightly shifting the focus of my blog from this point on. Reason being, I've recently completed some career enhancing studies, and it's time for the next phase in the life of my family. This is the year that we will be purchasing a home of some sort in Greater Victoria. I can already hear the boos and hisses, but that's ok. Little Prairiegirl is getting bigger every day, and we are out-growing our little apartment suite. Sure, we could find a house to rent, but quite frankly, I am tired of moving around and what to put roots down. If it were possible to time the market, and if we could wait longer, we would. But you can't time the market, and we have to move this year, so we're going to jump in, with eyes wide open.
Our search criteria is quite wide at this point - we will be examining a number of options including building new (which would include putting in some sweat equity), buying a fixer upper, buying with a suite, however, preferably without a suite. Our goal is to find a place that we can realistically afford, to be in a good family neighbourhood, and to plan to stay in our place for 10 years. Sounds easy, right? We'll see.
I am slightly shifting the focus of my blog from this point on. Reason being, I've recently completed some career enhancing studies, and it's time for the next phase in the life of my family. This is the year that we will be purchasing a home of some sort in Greater Victoria. I can already hear the boos and hisses, but that's ok. Little Prairiegirl is getting bigger every day, and we are out-growing our little apartment suite. Sure, we could find a house to rent, but quite frankly, I am tired of moving around and what to put roots down. If it were possible to time the market, and if we could wait longer, we would. But you can't time the market, and we have to move this year, so we're going to jump in, with eyes wide open.
Our search criteria is quite wide at this point - we will be examining a number of options including building new (which would include putting in some sweat equity), buying a fixer upper, buying with a suite, however, preferably without a suite. Our goal is to find a place that we can realistically afford, to be in a good family neighbourhood, and to plan to stay in our place for 10 years. Sounds easy, right? We'll see.
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