Those looking to buy, what is your price range?

[89coupe]

Curious

[Cos]

My next place will probably be between 450 and 500 based on area and the fact I dont really want or need anything bigger

[89coupe]

Haha, ooops. Can one of the mods add a few choices to the list.

Forgot to add.

300-350
350-400
400-450

[max_boost]

Damn Coupe why do you have so many real estate questions lol

[89coupe]

Originally posted by max_boost
Damn Coupe why do you have so many real estate questions lol

Just dealing with this stuff right now, so I'm just curious to see who else is as well.
:dunno:

[watch_obsessed]

Looking around for a place close to downtown (not necessarily in downtown) with 3 car garage for around $800-900k.

[98brg2d]

Right now if you are selling it really depends on what you sell for. I, unfortunately had a conditional offer to buy before I sold and the market continued to decline ($-wise) in my neighbourhood. If I had sold first and bought second there is a chance that the house I bought would have been reduced at least once before I offered, all in all it was a very well priced house and I am still getting good value.

Also, your poll is missing 500k to 550k which is what my range was and I ended up in under 490k. I am probably one of the rare people who is always trying to down sell myself instead of up sell. I believe that 80% of the time, you can come in under budget and still get the home you want if you just be patient.

[thrasher22]

No category for <250k? You can easily buy a nice condo in that price range.
That's where I'm looking, and wouldn't want to spend much more towards housing as a single guy :dunno:

[Redlyne_mr2]

I think back to when I was a teenager and my parents were sketched out about buying a $340 000 house. Now that gets you a condo or some shack 45minutes from downtown. Personally I can't bring myself to take on a $500K+ mortgage.

[89coupe]

Originally posted by Redlyne_mr2
I think back to when I was a teenager and my parents were sketched out about buying a $340 000 house. Now that gets you a condo or some shack 45minutes from downtown. Personally I can't bring myself to take on a $500K+ mortgage.

You have to think further then present day.

In 1999 I built my first home, it was a 2000sq/ft two storey with a walkout basement and mountain view for $224,000.00

That same year I was looking at 3500-4000sq/ft homes in Tanglewood Estates with 10' ceilings, chef style kitchens, heated floors everywhere, 3 and 4 car garages selling brand new for $600-700K

11 years later they are 1.5million

[G]

The 100% increase in the last few years is unprecedented. You think if you buy a million dollar home now it would be worth 2 million in 10 years? Lets say you have to mortgage 500k you would end up paying 250k in interest to service that debt. Why do people still think realestate only goes up? True maybe it does go up over time but if it drops it will take years if not decades to recover. A lot of people will be bankrupt before the upswing come around. Read this
http://www.irishtimes.com/newspaper/property/2010/1014/1224281058402.html






Originally posted by 89coupe


You have to think further then present day.

In 1999 I built my first home, it was a 2000sq/ft two storey with a walkout basement and mountain view for $224,000.00

That same year I was looking at 3500-4000sq/ft homes in Tanglewood Estates with 10' ceilings, chef style kitchens, heated floors everywhere, 3 and 4 car garages selling brand new for $600-700K

11 years later they are 1.5million

[themack89]

Don't forget to take into account a devalued currency.

Check the value of the dollar back when you purchased your home and make sure you factor that into your calculations when you think you've made a "100% profit".

That's like thinking if you bought Gold in Nov 09 you would have more than doubled your investment by now. :rofl:

[89coupe]

Originally posted by G
The 100% increase in the last few years is unprecedented. You think if you buy a million dollar home now it would be worth 2 million in 10 years? Lets say you have to mortgage 500k you would end up paying 250k in interest to service that debt. Why do people still think realestate only goes up? True maybe it does go up over time but if it drops it will take years if not decades to recover. A lot of people will be bankrupt before the upswing come around. Read this


People that can afford $500K mortgages are mostly dual income professionals. Paying down $500K is pretty easy with two incomes.

Most people buying 600-800K homes are previous home owners dropping 20,30 even 50% down.

I'm quite confident my new home will have a shit load of equity in it come 10 years.

[autosm]

Originally posted by themack89
Don't forget to take into account a devalued currency.

Check the value of the dollar back when you purchased your home and make sure you factor that into your calculations when you think you've made a &quot;100% profit&quot;.

:rofl:


I agree realestate over valued in Canada/ Calgary

If you purchased in Calgary 2002/03 when the CAD was at a little more than 62 cents and now you sell in Calgary and convert to USD at almost par you have gained more than 30% on just the exchange.

What am I missing ?

I could buy a nice shack in Scottsdale for just that 30% increase.

[civic_rida]

Originally posted by 89coupe


People that can afford $500K mortgages are mostly dual income professionals. Paying down $500K is pretty easy with two incomes.

Most people buying 600-800K homes are previous home owners dropping 20,30 even 50% down.

I'm quite confident my new home will have a shit load of equity in it come 10 years.



I dont think there are to many young professionals with 100 000 for a down payment and thats going to be your market in the next 10 years to sell to.

[89coupe]

Originally posted by civic_rida




I dont think there are to many young professionals with 100 000 for a down payment and thats going to be your market in the next 10 years to sell to.


They won't be young professionals in 10 years, they will be mid 30's and will definitely have $100K or even more as a deposit on a home.

[autosm]

Originally posted by 89coupe


People that can afford $500K mortgages are mostly dual income professionals. Paying down $500K is pretty easy with two incomes.

Most people buying 600-800K homes are previous home owners dropping 20,30 even 50% down.


I'm quite confident my new home will have a shit load of equity in it come 10 years.


My thinking is we are going to give back those gains over the next 10 years. An aging boomer population looking to down size homes will be that driving factor.

The higher end homes will fall the most. Smaller homes will see the smallest correction.


I would sell all Canadian income property now and invest in the USA, to catch all the North American boomers going to warmer area's for the winter. If I was over 55 I would sell Canada and buy USA.