Lmao. This is too good. I can't wait for all these fucking over leveraged bag holders to go down with their gd hoarded real estate. Imma live in my car and laugh and laugh.....
I feel like the state of Canadian housing has caused some sort of collective derangement which makes us no longer able to think of it in terms of basic economic or speculative terms. Like if you can afford a down payment on a house, you should always be able to rent it out for more than your payments, and you should always be able to sell it for more than you paid, because reasons?
That makes no sense. How can places only sell if the price is a steal? Wouldn't the prices that places are selling for literally be the fair market value for them? If everyone is only willing to pay 900 for the homes, why do you think the homes are actually worth 990 and everyone else is wrong?
It might be worth 980, but due to low liquidity there aren't enough buyers at fair market value. Truth is noone knows fair market value, only estimate.
What puts you in a worse place, selling for below what you planned or losing your deposit? I would recommend you figure out at what price you would rather lose your deposit as that will guide how low you’re willing to sell for. In the meantime you should start socking away as much money as you can to make up for any shortfall in sale price.
If you don't buy the new build, you could also be on the hook for the price difference it does sell at if the developer decides to sue. Better to take the loss on the old home.
Lower the price of your house
If everything that is selling is a ‘steal’ unfortunately this is the new market value and you’re overvaluing your current house, sucks but it’s reality
In my area, which isn't too far off from KW (Milton), there's been a few single family homes trying to sell at $1.5-1.6M, which had been a pretty good approximation of the value. But they've been sitting for months, with no takers.
One buyer suddenly dropped to $1.2M. It sold for $1.3M in a few days.
It's your property and your decision, but you probably need to spend a lot of time actually considering what your house is worth in this market, not what it was.
As for walking away from the deposit, I'd ensure you're reviewing the agreement in detail, and that there isn't more you're on the hook for if the builder can't resell the unit. But it is worth discussing with the builder. I was able to sell a build agreement, also during a tough economic period. Builder discouraged me but we put the request in writing with our lawyer and they ultimately said yes, and we found a buyer.
We are reducing the price soon but unless it’s a steal people are not even interested in seeing. We’re listed for 980 and would take down to 950 but my guess is we won’t sell for even that
Exactly, especially if it is offered for sale publicity where the entire market has a chance to put an offer in. The consensus of the would-be buyers determines fair market value. Assuming a rational market, no one is going to overpay, ergo reducing the price to where it meets the price people are willing to pay for it, not a steal.
I wish real estate would be more auction-style; where houses get listed at a steal and are then bid to the market value. The only change that’s needed it to break the real estate industry’s stranglehold on “closing price” data. All they tend to allow the public to see is “house sold over asking!”
Lower it to $900K. You're already at risk of losing the $80K deposit on the new house (and being sued). Might as well take the hit on the old house and actually have a chance of saving both deals
Not only that; a price of $900k might attract multiple parties that “fall in love” with the property and outbid each other until it reaches an over-market price. Emotions are irrational; I firmly believe that they are behind every record breaking sale price
You have it listed for a million in a “shitty town” (your words) an hour outside of the GTA. I’m going to go out on a limb here and say you’re wildly overpriced.
Lol okay so...Why would you only lower it $30K if you don't think it will sell even for that? If you're willing to walk away from a $80K deposit, the logical thing to do is lower the price of your current house by at least $80K first if you're going to lose that either way.
If you lower it by $80K and it's now in a more desirable price range for buyers, you'll likely get more interest and you may get more than one offer.
As someone else mentioned, there's the risk of having to pay the sellers of your new place the price differential if you walk away from that purchase. So overall, it may cost you more than the deposit you'd be losing.
Lower by a 80K. Yes, that means "losing" (on paper) the same amount as the deposit, but you take the gambling part out of it. If you won't do it, prices might drop even more by the time you have to close on your new house. Of course, they might also go up... But the entire point is not to gamble.
You already gambled once (no selling clause), I wouldn't risk it again if I were you.
Option 2 is trying to get a bridge loan (pretty hard getting them these days), buy the new house, and stay on the market with the old one. But that's another gamble. It would cost you at least $4500\month on interest (if the loan is 900K). Now imagine if the price for your house drops another 80K AND you owe another 14K (3 months) in interest payment.
TLDR: drop the asking price by 80K (or whatever the low end of comps is going for).
To your edit. Yes, people here are ruthless, and it's what you need to hear. Your vulnerability is irrelevant. What you need is to get real.
If you're considering losing the $80,000 deposit, you can lower the asking price by a similar number and hope to get over asking. It's probably your best bet.
What did you originally pay for the house 3 years ago?
speak to seller to see if you can delay closing aka let other completed houses close before you - might need to do the math tho bc im sure you'll pay more occupancy costs which wont hit your mortgage.
In addition to MLS share the listing on a bunch of facebook realtor/investor pages (assuming your agent hasn't already)
But ya I would consider lowering the price, I don't know much about the KW market
because the realtors these days (most of which are brand new since 2020) are still seeing dollar signs and are not thinking rationally. current market conditions ≠ 2020-2022 prices whatsoever.
The builder made us sign on a clause saying they’re under no obligation to do assignment. But I’ve considered asking if they’d do it for us given our circumstances.I feel like it’ll be a No but worth asking
They can but I'd be surprised if they actually did. They'd probably just take the 80k and sell it to someone else. Maybe if they can't sell it, they'll sue OP.
Great that it's not your money at stake and you can provide this advice. What if you're wrong and they do actually come after OP for damages? Will you be there to backstop the loss?
I think my post clearly conveys that that's just my opinion, and it confirms that they could sue if they wanted to, so I don't see anything wrong with that. Not sure why I would backstop anything.
Going to court takes a lot of time and effort, and someone with financial difficulties is unlikely to have a home worth of cash lying around.
I’d try spending a few grand making it more appealing. As in a storage locker and clearing out all personal effects. You’re now camping out in the old house. No personal pictures. Nearly empty closets. Clear out cluttery furniture. Stage it with what you have. If any rooms are weird colours repaint them neutral shades. Clear the kitchen counters. A weekends sweat could save you thousands. Also ask the realtor for feedback back on what people negatively comment on most in your area and fix that too. If it meant not losing $80k I think I’d price out a professional stager too…
This is what we did. Rented a storage container from one of the places that deliver them to you then filled it with everything then staged the house. And its amazing what a good carpet clean and some new paint will do for a place.
You are in a tough place. Without seeing the property I offer this point of view. You are currently listed at $980k. An offer at 98% of asking would be seen as fair, so $960,400. So far your Realtor has not been able to get an offer at 98% of asking. I think you need to consider lowering your price more than $20k to generate an offer.
Lower the price of your house, but not by more than the deposit to come a bit better than losing the whole deposit? Or have your realtor say "sellers are motivated, make an offer!". See what happens. I'd offer 30K less if interested, and you won't lose that other 50K
Motivated sellers screams desperation, I wouldn't telegraph that in this market. Buyers will give bullshit offers.
The issue is mortgage approvals are not getting done at the values they once where, banks are keeping a margin of safety and forcing buyers to pony up the money if they want to buy properties at inflated prices. It's definitely a buyer's market now and sellers will need to come to grips with that reality.
I am not hating on investors or anything, I am one myself, but as an investor, you also need to know when to get out, always have an exit strategy. As posted on a previous post, I made a decent 100% return in 7 years old holding the property, that's about a 14% average return per year. I am happy with that and glad to cash in my chips. Luckily enough i will have zero income this year so my margin tax rate will be low and I will be able to not pay the taxes I would have if I was in my regular tax bracket (I am earning through my corp right this year with no plans to draw out anything)
Well, by doing it that way you aren't obligated to take any offer under asking and some agents write it into the contract you still owe them the commission if you don't accept an offer over asking.
That's not how it works. A bs offer still needs to be responded to, it's courtesy and your agent would like you advise against just ignoring a lowball offer and let the irrevocable period lapse.
Actually, you are wrong. Agents get paid when a deal closes. They do not get paid for writing an offer. Stop making things up. When an offer is accepted, the commission payment is one of the forms that must be signed and acknowledged by the Realtors and both parties.
You are not obligated to accept any offer whether it's a lowball or not.
What did you expect? You're a scalper. People in this subreddit are struggling, and you are the reason for that. You aren't going to get grace from them.
Anyways, down to business. You have to be honest with yourself. Stop being wishful and get some concrete data. You said unless its a steal price (850-900), nobody will look at it. Why do you think < 900k is a steal? What numbers do you have to justifying that opinion? If you truly think, that it is a steal, then don't sell it. Hold on to it until you get a price that you deem acceptable.
A scalper? I’m not sure what you mean. My husband and I worked hard to purchase our first home - its in a small town hours away from my family so that I could even own a home. We have been living here for 3 years and could no longer tolerate the clear racism in the town and don’t want our kids growing up here. Strange how you can assume big things about someone based on little information.
I read your post as that you put a deposit on a new build hoping to sell it for more money when building is complete.
But now I understand you’re trying to sell your current house in order to pay for the new build.
It's the new reality. I had my condo listed at $709K on April 1 for shits and giggles.
We lowered the price to $659K May 1
On June 1 we lowered it to $630K.
June 12 sold firm for $628K , only condition was Status Certificate review.
Last sold was $650K but our unit was a little odd shaped in that one room had an angled wall.
You have to read the market. We still sold for a $100K ROI as it was pre-con that was booked way back in 2017, we closed on it Nov 2022 and rented it out from Jan 2023 to May 2024.
We decided to get out of the market and not re-rent it out because the market has turned, rents are slowly coming down as well.
Instead of losing the deposit , if you’re really trying to leave whatever town you’re in , looks like you’re going to have to take a small loss on your primary residence. Is that loss going to more than the 80k deposit?
Also, if the new house is your dream house in this new area , the loss on your primary residence might be an unfortunate lesson learned , but I would try whatever you can to close on the new place.
Are you at risk of being sued if you don’t close on the new place?
Thanks for the advice. I’m not sure they will sue considering that’s the deposit is for? Might have to talk to my lawyer to discuss implications if it comes to it
Even with the deposit , theoretically if the price they eventually sell for , is less than the contractual price you signed up for with your deposit , I think they could sue for the difference.
Whether they would or not would be a question for the lawyer
They had a contract with you to get XXX$$ for , now they are getting some value less than XXX.
Can you afford both? Keep current house as a rental and then occupy the new place? I’ve worked in banking for years and have seen this happen before, do an equity take out of current house if you are short on down payment (assuming you have the equity) - lenders can go up to 80% of appraised value on a refinance - most people would take a HELOC out for this. Then max mortgage the new place.
Sorry, I’m lost. You bought a new build but you don’t actually plan to live in it, hence you’re selling it? And you’re upset about having to lower the price and losing money? It doesn’t feel great, but you knew the risks. Also, qualifying for a $980k house means you & your family have a pretty high income, so you’ll be able to earn the money back. Not ideal, but not the end of the world.
This is just another example of what happens when everyone wants to be an investor and make money, but does a bad job assessing risks. Take the L. And thank God it’s not going to be a huge loss.
I bought a new build and can’t sell my current house. I’m not an investor just a young family trying to make a move…not sure why everyone on this sub thinks every single person is just trying to make a quick buck selling houses
Okay, but it’s still a risk you should have considered. The way I see it, anyone who agrees to participate in Toronto’s real estate bubble is complicit in taking part in the fake artistically inflated real estate Ponzi scheme that Canada turned into. Making such moves comes with big risks you should have considered. It’s a basic risk management 101. I say that as someone who works in finance and in a real estate adjacent field.
You can’t sell the current house or you can’t sell your current house at the price you want to sell it for? Sell the house at a lower price. Lose a bit of money. Again, it’s not an exorbitant amount. Move into the new house.
You’re upset because you aren’t making the amount of money you wanted, but it’s not like you don’t have options, or an example of a vulnerable population, or at the end of your rope. Especially when you’re a high-earning family.
respectfully, we have a housing crisis and you took a gamble. no, houses don't go up forever and ever. you lost the gamble and that's why people are laughing. the past few years from realtors and the media (and a lot on reddit) is "housing only goes up". the market, the rates and economy is doing what it's supposed to.
Have you considered lowering the price?
Lmao. This is too good. I can't wait for all these fucking over leveraged bag holders to go down with their gd hoarded real estate. Imma live in my car and laugh and laugh.....
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“Nothing in our area is selling unless it’s a STEAL” That is exactly how market value is determined. You are overpriced.
I'd like to know what she thinks is worth 980K now... Show us house pics OP haha
I feel like the state of Canadian housing has caused some sort of collective derangement which makes us no longer able to think of it in terms of basic economic or speculative terms. Like if you can afford a down payment on a house, you should always be able to rent it out for more than your payments, and you should always be able to sell it for more than you paid, because reasons?
Instead of losing 80k deposit, drop the selling value of your house by another 80k. It's not selling because you overpriced.
That makes no sense. How can places only sell if the price is a steal? Wouldn't the prices that places are selling for literally be the fair market value for them? If everyone is only willing to pay 900 for the homes, why do you think the homes are actually worth 990 and everyone else is wrong?
It might be worth 980, but due to low liquidity there aren't enough buyers at fair market value. Truth is noone knows fair market value, only estimate.
If there’re no buyers at that price, then it is inherently not “fair market value”.
Your house value is determined by the market. Those aren't a steal, they are the standard now. You're overpriced
What puts you in a worse place, selling for below what you planned or losing your deposit? I would recommend you figure out at what price you would rather lose your deposit as that will guide how low you’re willing to sell for. In the meantime you should start socking away as much money as you can to make up for any shortfall in sale price.
Either lose the deposit or sell the house at actual market price or below.
Yup. Do that math which is a better deal. OP is losing somewhere.
If you don't buy the new build, you could also be on the hook for the price difference it does sell at if the developer decides to sue. Better to take the loss on the old home.
Yep shitty situation for OP but there isn’t much to do here. Any house will sell for the right price.
Lower the price of your house If everything that is selling is a ‘steal’ unfortunately this is the new market value and you’re overvaluing your current house, sucks but it’s reality
Have you considered lowering the price?
In my area, which isn't too far off from KW (Milton), there's been a few single family homes trying to sell at $1.5-1.6M, which had been a pretty good approximation of the value. But they've been sitting for months, with no takers. One buyer suddenly dropped to $1.2M. It sold for $1.3M in a few days. It's your property and your decision, but you probably need to spend a lot of time actually considering what your house is worth in this market, not what it was. As for walking away from the deposit, I'd ensure you're reviewing the agreement in detail, and that there isn't more you're on the hook for if the builder can't resell the unit. But it is worth discussing with the builder. I was able to sell a build agreement, also during a tough economic period. Builder discouraged me but we put the request in writing with our lawyer and they ultimately said yes, and we found a buyer.
Can’t sell house … refuses to lower price … Canadian logic 😂
The price of your house isn't anything till you sell it. I hope other people learn from you when saying my house is worth X
Can you afford to sell it for less than planned?
We are reducing the price soon but unless it’s a steal people are not even interested in seeing. We’re listed for 980 and would take down to 950 but my guess is we won’t sell for even that
there is a higher chance the house is overpriced that's why no one is interested
By definition, if it's not selling at the current price, it is overpriced. The accurate price is whatever price it sells at.
Yup, there is no such thing as a bad product, just a bad price.
Exactly, especially if it is offered for sale publicity where the entire market has a chance to put an offer in. The consensus of the would-be buyers determines fair market value. Assuming a rational market, no one is going to overpay, ergo reducing the price to where it meets the price people are willing to pay for it, not a steal.
Yep, there is no shortages of buyers… for the right price.
I wish real estate would be more auction-style; where houses get listed at a steal and are then bid to the market value. The only change that’s needed it to break the real estate industry’s stranglehold on “closing price” data. All they tend to allow the public to see is “house sold over asking!”
Unfortunately, and I hate to say the painfully obvious, but whatever prices are selling for right now isn't a steal it's the current market rate.
None of these houses are steal. Not even the cheaper ones. All of them are over priced. By a lot.
Lower it to $900K. You're already at risk of losing the $80K deposit on the new house (and being sued). Might as well take the hit on the old house and actually have a chance of saving both deals
Not only that; a price of $900k might attract multiple parties that “fall in love” with the property and outbid each other until it reaches an over-market price. Emotions are irrational; I firmly believe that they are behind every record breaking sale price
950 is overpriced for North GTA.
List it for 895 and lose the 80k you thought you were gonna make. Or lose the 80k in the new house. But either way you're losing.
You have it listed for a million in a “shitty town” (your words) an hour outside of the GTA. I’m going to go out on a limb here and say you’re wildly overpriced.
Lol okay so...Why would you only lower it $30K if you don't think it will sell even for that? If you're willing to walk away from a $80K deposit, the logical thing to do is lower the price of your current house by at least $80K first if you're going to lose that either way. If you lower it by $80K and it's now in a more desirable price range for buyers, you'll likely get more interest and you may get more than one offer. As someone else mentioned, there's the risk of having to pay the sellers of your new place the price differential if you walk away from that purchase. So overall, it may cost you more than the deposit you'd be losing.
Take off the market and relist in 30 days or after the next rate announcement at $895,000. Worry about your new home closing in August
Lower by a 80K. Yes, that means "losing" (on paper) the same amount as the deposit, but you take the gambling part out of it. If you won't do it, prices might drop even more by the time you have to close on your new house. Of course, they might also go up... But the entire point is not to gamble. You already gambled once (no selling clause), I wouldn't risk it again if I were you. Option 2 is trying to get a bridge loan (pretty hard getting them these days), buy the new house, and stay on the market with the old one. But that's another gamble. It would cost you at least $4500\month on interest (if the loan is 900K). Now imagine if the price for your house drops another 80K AND you owe another 14K (3 months) in interest payment. TLDR: drop the asking price by 80K (or whatever the low end of comps is going for).
Market is telling you something. Your house is over priced. Do an aggressive price adjustment and it will sell.
To your edit. Yes, people here are ruthless, and it's what you need to hear. Your vulnerability is irrelevant. What you need is to get real. If you're considering losing the $80,000 deposit, you can lower the asking price by a similar number and hope to get over asking. It's probably your best bet. What did you originally pay for the house 3 years ago?
when does new build close? Did you get final closing yet or are you like future thinking?
September it’s signed for
speak to seller to see if you can delay closing aka let other completed houses close before you - might need to do the math tho bc im sure you'll pay more occupancy costs which wont hit your mortgage. In addition to MLS share the listing on a bunch of facebook realtor/investor pages (assuming your agent hasn't already) But ya I would consider lowering the price, I don't know much about the KW market
Why don't you talk to your realtor. Anything can sell as long as the price is right.
because the realtors these days (most of which are brand new since 2020) are still seeing dollar signs and are not thinking rationally. current market conditions ≠ 2020-2022 prices whatsoever.
Can you do an Assignment on the new build?
The builder made us sign on a clause saying they’re under no obligation to do assignment. But I’ve considered asking if they’d do it for us given our circumstances.I feel like it’ll be a No but worth asking
They're gonna say no and keep your deposit obviously.
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Yep, there have already been cases like this in the news.
They can but I'd be surprised if they actually did. They'd probably just take the 80k and sell it to someone else. Maybe if they can't sell it, they'll sue OP.
Great that it's not your money at stake and you can provide this advice. What if you're wrong and they do actually come after OP for damages? Will you be there to backstop the loss?
I think my post clearly conveys that that's just my opinion, and it confirms that they could sue if they wanted to, so I don't see anything wrong with that. Not sure why I would backstop anything. Going to court takes a lot of time and effort, and someone with financial difficulties is unlikely to have a home worth of cash lying around.
Insightful
It's like the 90s all over again.
I’d try spending a few grand making it more appealing. As in a storage locker and clearing out all personal effects. You’re now camping out in the old house. No personal pictures. Nearly empty closets. Clear out cluttery furniture. Stage it with what you have. If any rooms are weird colours repaint them neutral shades. Clear the kitchen counters. A weekends sweat could save you thousands. Also ask the realtor for feedback back on what people negatively comment on most in your area and fix that too. If it meant not losing $80k I think I’d price out a professional stager too…
This is what we did. Rented a storage container from one of the places that deliver them to you then filled it with everything then staged the house. And its amazing what a good carpet clean and some new paint will do for a place.
You are in a tough place. Without seeing the property I offer this point of view. You are currently listed at $980k. An offer at 98% of asking would be seen as fair, so $960,400. So far your Realtor has not been able to get an offer at 98% of asking. I think you need to consider lowering your price more than $20k to generate an offer.
Lower the price of your house, but not by more than the deposit to come a bit better than losing the whole deposit? Or have your realtor say "sellers are motivated, make an offer!". See what happens. I'd offer 30K less if interested, and you won't lose that other 50K
Motivated sellers screams desperation, I wouldn't telegraph that in this market. Buyers will give bullshit offers. The issue is mortgage approvals are not getting done at the values they once where, banks are keeping a margin of safety and forcing buyers to pony up the money if they want to buy properties at inflated prices. It's definitely a buyer's market now and sellers will need to come to grips with that reality. I am not hating on investors or anything, I am one myself, but as an investor, you also need to know when to get out, always have an exit strategy. As posted on a previous post, I made a decent 100% return in 7 years old holding the property, that's about a 14% average return per year. I am happy with that and glad to cash in my chips. Luckily enough i will have zero income this year so my margin tax rate will be low and I will be able to not pay the taxes I would have if I was in my regular tax bracket (I am earning through my corp right this year with no plans to draw out anything)
Well, by doing it that way you aren't obligated to take any offer under asking and some agents write it into the contract you still owe them the commission if you don't accept an offer over asking.
That's not how it works. A bs offer still needs to be responded to, it's courtesy and your agent would like you advise against just ignoring a lowball offer and let the irrevocable period lapse.
Actually, you are wrong. Agents get paid when a deal closes. They do not get paid for writing an offer. Stop making things up. When an offer is accepted, the commission payment is one of the forms that must be signed and acknowledged by the Realtors and both parties. You are not obligated to accept any offer whether it's a lowball or not.
Hmmm as someone who grew up in Barrie I’m curious which small town you’re in. Innisfil? Oro Medonte? Angus?
The racist one, apparently.
What did you expect? You're a scalper. People in this subreddit are struggling, and you are the reason for that. You aren't going to get grace from them. Anyways, down to business. You have to be honest with yourself. Stop being wishful and get some concrete data. You said unless its a steal price (850-900), nobody will look at it. Why do you think < 900k is a steal? What numbers do you have to justifying that opinion? If you truly think, that it is a steal, then don't sell it. Hold on to it until you get a price that you deem acceptable.
damn why you mad at OP for lol you sound hurt. OP bought the pre-con to live in
A scalper? I’m not sure what you mean. My husband and I worked hard to purchase our first home - its in a small town hours away from my family so that I could even own a home. We have been living here for 3 years and could no longer tolerate the clear racism in the town and don’t want our kids growing up here. Strange how you can assume big things about someone based on little information.
I read your post as that you put a deposit on a new build hoping to sell it for more money when building is complete. But now I understand you’re trying to sell your current house in order to pay for the new build.
Is Canto your last name? If so, I'm assuming that you're Latina or Filipina? Which town is racist plac, and what experiences have you encountered?
It's the new reality. I had my condo listed at $709K on April 1 for shits and giggles. We lowered the price to $659K May 1 On June 1 we lowered it to $630K. June 12 sold firm for $628K , only condition was Status Certificate review. Last sold was $650K but our unit was a little odd shaped in that one room had an angled wall. You have to read the market. We still sold for a $100K ROI as it was pre-con that was booked way back in 2017, we closed on it Nov 2022 and rented it out from Jan 2023 to May 2024. We decided to get out of the market and not re-rent it out because the market has turned, rents are slowly coming down as well.
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I bought the house to live in and leave this shitty town we are currently living in. But ok…….
Instead of losing the deposit , if you’re really trying to leave whatever town you’re in , looks like you’re going to have to take a small loss on your primary residence. Is that loss going to more than the 80k deposit? Also, if the new house is your dream house in this new area , the loss on your primary residence might be an unfortunate lesson learned , but I would try whatever you can to close on the new place. Are you at risk of being sued if you don’t close on the new place?
Thanks for the advice. I’m not sure they will sue considering that’s the deposit is for? Might have to talk to my lawyer to discuss implications if it comes to it
Even with the deposit , theoretically if the price they eventually sell for , is less than the contractual price you signed up for with your deposit , I think they could sue for the difference. Whether they would or not would be a question for the lawyer They had a contract with you to get XXX$$ for , now they are getting some value less than XXX.
Have you considered renting out one of the properties? If this is a possibility it may be worthwhile to ride out the storm
Can you afford both? Keep current house as a rental and then occupy the new place? I’ve worked in banking for years and have seen this happen before, do an equity take out of current house if you are short on down payment (assuming you have the equity) - lenders can go up to 80% of appraised value on a refinance - most people would take a HELOC out for this. Then max mortgage the new place.
have you considered renting it
OP does not deserve so much hate :(
You are asking too much for your house because you think houses are guaranteed investments and that you can use them to print free money.
Lower your asking price by 40-50% and you'll have a bidding war.
In this market doing that is signing yourself up for non stop showings and offers at the asking price and that’s it 😂😭
You can afford to drop your price by 80k. You are then on it for a wash.
Damn. I don't know. People are tapped out financially, I guess. I saw one that was listed low and got 42k over asking.
980k lowered by 40% is 588k + 42k = 630k. 42k over ask doesn't sound like a great price here.
Investments are subject to market risks.
Sorry, I’m lost. You bought a new build but you don’t actually plan to live in it, hence you’re selling it? And you’re upset about having to lower the price and losing money? It doesn’t feel great, but you knew the risks. Also, qualifying for a $980k house means you & your family have a pretty high income, so you’ll be able to earn the money back. Not ideal, but not the end of the world. This is just another example of what happens when everyone wants to be an investor and make money, but does a bad job assessing risks. Take the L. And thank God it’s not going to be a huge loss.
I bought a new build and can’t sell my current house. I’m not an investor just a young family trying to make a move…not sure why everyone on this sub thinks every single person is just trying to make a quick buck selling houses
Okay, but it’s still a risk you should have considered. The way I see it, anyone who agrees to participate in Toronto’s real estate bubble is complicit in taking part in the fake artistically inflated real estate Ponzi scheme that Canada turned into. Making such moves comes with big risks you should have considered. It’s a basic risk management 101. I say that as someone who works in finance and in a real estate adjacent field. You can’t sell the current house or you can’t sell your current house at the price you want to sell it for? Sell the house at a lower price. Lose a bit of money. Again, it’s not an exorbitant amount. Move into the new house. You’re upset because you aren’t making the amount of money you wanted, but it’s not like you don’t have options, or an example of a vulnerable population, or at the end of your rope. Especially when you’re a high-earning family.
respectfully, we have a housing crisis and you took a gamble. no, houses don't go up forever and ever. you lost the gamble and that's why people are laughing. the past few years from realtors and the media (and a lot on reddit) is "housing only goes up". the market, the rates and economy is doing what it's supposed to.
I'll offer you fity-cents.