What would beyond do on an unsolicited buy offer?

[Proyecto2000]

hey guys,

I need some level headed opinions here as my gut is telling me to take the cash, buy two Trackhawk's and have my family live out of them while I sink the rest of the cash into GME and DOGE

I own a small-ish house in Redstone and my neighbors around me have been selling their homes to either Ontario investors or new to Canada families in the last 3 weeks. Prices for these 5 - 10 year old starter lane homes with detached garages have been anywhere from $495k - $575k from what I can see / was told by the home owner that sold. I have had 4 unsolicited offers from different realtors who knocked on my door offering me cash with no condition or inspections offers ranging from $525k to $600k. Money seems good taking into account what I paid for the house and what the city values it at.

Last summer we were going to list for $470k but didn't as we were outbid on a few homes that we liked. They sold for any where between $590k - $640k which I thought was steep at the time as they needed major renos for bathrooms, kitchens, roofs and whatever else is dated on 1990s houses. Those prices that I thought were high are currently looking like steals in the current market

Problem I have now is that while I am happy sell my starter home at a high price like $600k there is absolutely nothing to buy that would make a good 10 - 15 year home that isn't either insanely expensive (north of $720k starting price + over ask bids + cost of renovating a 90s house) or outside of Calgary.

Should a guy like me just sit tight and hang on to the house to see where markets level out to this summer or should I consider moving out of the city to a place like Carstairs where you can get a nice big home with a triple garage for under $600k and commute 2 days into downtown Calgary for work? I assume that in the winter during bad weather I might face a 2 hour commute into Calgary or a closed highway.

Any other good towns outside of the city that people here live in or recommend? We have looked at the obvious towns of Chestermere, Airdrie and Cochrane and they also have low detached home inventory.

[Masked Bandit]

In the current environment I wouldn't sell until I had something else locked down whether that's a purchase, rental or whatever. You're receiving an inflated price on your house but you'll be paying an inflated price on whatever you buy. This is never going backwards.

[ThePenIsMightier]

You have identified the issue: one cannot make money selling their primary residence in a hot market unless they live in their car or move to a place that's worse than living in their car.
This issue answers itself.
Don't.

[Proyecto2000]

My current plan is to buy something first and then sell my existing house and hopefully transition into the new one before I have to vacate the old house. So far it seems like a town outside the city is the only option.

[gpomp]

Do you work downtown? I heard Airdrie is only 15 minutes drive.

[killramos]

Hire a realtor and have them find you a place that meets your specs at the price you want on short notice.

If he’s successful, sell the current place and move.

If he’s not, don’t.

You are aligned on the desired outcome, he gets a commission for hopefully a day or 2 of work and you get the house you want.

Doesn’t seem complicated to me.

[Brent.ff]

We looked at Carstairs (wife has a job in red deer).. nice places, but man alive you better love living in Carstairs with zero to do and never be able to sell it when the market calms down. Airdrie is bad enough for not having anything to do.. I'd stick with your place until the market calms down to get a house you actually want, not something you're pushed into due to lack of availability

[Rocket1k78]

The craziness will level out eventually but the prices wont be dropping to anywhere near what they were and realistically airdrie and chestermere is not far enough for value anymore. In regards to small town living i think thats something only you and the fam can answer. If you all are already on the small town train and like a more laid back life then yeah i can see it potentially working but if your only thought for small town is to get a bigger house for less then that to me is a recipe for disaster.

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In the current environment I wouldn't sell until I had something else locked down whether that's a purchase, rental or whatever. You're receiving an inflated price on your house but you'll be paying an inflated price on whatever you buy. This is never going backwards.

100% with you. So many people talk about how much their place is worth and they want to sell but then they look and realize that same 600k they wanted 5 years ago is now 700 plus if there even is one for sale. Right now is worse than it was last year imo.

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Do you work downtown? I heard Airdrie is only 15 minutes drive.

Didnt take you for a Liar, we all know its only 10 mins

[pheoxs]

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In the current environment I wouldn't sell until I had something else locked down whether that's a purchase, rental or whatever. You're receiving an inflated price on your house but you'll be paying an inflated price on whatever you buy. This is never going backwards.

Yup. This.

If you're planning to leave Calgary then it might not be a bad idea to sell and rent but otherwise no benefit to selling and being without a home. The market is only going to heat up in the next few months. Thats why lots are being aggressive with these types of offers. The bullshit real estate mentality is spilling over and it's only going to get worse.

[Buster]

This is the Toronto Housing Short Squeeze (TM).

Can't afford the differential to a new place due to rising prices. So sit on old house rather than putting it on the market. On a large scale, inventory/supply drops, prices go up. People think prices are going up because there is a fundamental appeal to the location. (This despite all evidence to the contrary, btw. Toronto is basically a glorified Cleveland. Vancouver is basically a shithole at this point.) Because people think prices going up are based on fundamentals, they FOMO their way into getting their parents to advance their inheritance, and then leverage their adorable little butts into oblivion.

Then they beg for low interest rates. And complain about inflation at the same time.

Ah, what a time to be alive.

[Cagare]

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This is the Toronto Housing Short Squeeze (TM).

Can't afford the differential to a new place due to rising prices. So sit on old house rather than putting it on the market. On a large scale, inventory/supply drops, prices go up. People think prices are going up because there is a fundamental appeal to the location. (This despite all evidence to the contrary, btw. Toronto is basically a glorified Cleveland. Vancouver is basically a shithole at this point.) Because people think prices going up are based on fundamentals, they FOMO their way into getting their parents to advance their inheritance, and then leverage their adorable little butts into oblivion.

Then they beg for low interest rates. And complain about inflation at the same time.

Ah, what a time to be alive.

Garth?

[Buster]

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Garth?

haha. Well, even he's right twice a day.

[Proyecto2000]

so I had a chance to talk to a few realtors including the ones that approached me. The guys who have the buyers aka investors lined up have a non negotiable 7 & 3 percent commission that they will not share with another realtor which means that they score a sweet $22k commission on the sale of my $600k house if I were to sell. On top of that commission I have to pay for the services of my selling realtor who according to them have my best interest in mind in regards to reviewing the contract and offer from the buyer and whatever paperwork is involved in the sale. This is will be a TBD flat fee as they agree that without having to list and market the house they have not earned the traditional percentage based commission.

I will say that being a realtor with connections to these out of province and out of country buyers sure is lucrative when you keep the entire 7 & 3 commission. The one guy that knocked on my door has already made two sales on my street so that is a sweet $40k work week lol

Guess will see if the one realtor can find something decent in the NW for me and if not I will just stay put a little longer.

[killramos]

You don’t have to agree to their commission structure.

[mr2mike]

Definitely don't need to accept their terms.
Force his hand with saying he opened your eyes to the gold mine you are on and will go with your agent.
He'll come back if not... No loss.

Or self list and get a sign on your lawn lol

[bjstare]

If a realtor cold-called me, then tried to propose a non-negotiable double-dip fee structure, I'd tell him to fuck a bag of broken glass.

[ExtraSlow]

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If a realtor cold-called me, then tried to propose a non-negotiable double-dip fee structure, I'd tell him to fuck a bag of broken glass.

It might also be the right time to suggest various theories on their parentage.

[Buster]

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If a realtor cold-called me, then tried to propose a non-negotiable double-dip fee structure, I'd tell him to fuck a bag of broken glass.

I'd just jack up the price correspondingly.

[killramos]

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I'd just jack up the price correspondingly.

Yup. Couldn’t care less what the realtor gets paid as long as I net what I want to net.

They can play whatever games they want with their money.

[bjstare]

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I'd just jack up the price correspondingly.

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Yup. Couldn’t care less what the realtor gets paid as long as I net what I want to net.

They can play whatever games they want with their money.

Well, clearly, you are both more pragmatic than I am.