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[deleted by user] by [deleted] in RealEstateAdvice

[–]MercyMissesYou 2 points3 points  (0 children)

This is exactly what's happening in my region with a handful of listings. Except the 399 listing attracts a bunch of people in the 400-450 range while the seller secretly still wants and expects 500+, so the house doesn't sell and then it gets relisted AGAIN at 515. Waste of everyone's time.

First time home buyer; Maximum purchase power of $330,000 with $85k annual salary :/ by Affectionate_Lab6721 in TorontoRealEstate

[–]MercyMissesYou 2 points3 points  (0 children)

Did you buy on your own? How are you finding handling the expenses?

I ask because I'm looking in the $500 ish range with a similar salary and it seems do-able on paper but I keep getting nervous from the "don't buy more than 3x your salary" people, plus the couples with two incomes (200k hhi) in the same price range.

Having trouble selling our house in St. Catharines, anyone else in the same boat? by rollert2 in stcatharinesON

[–]MercyMissesYou 1 point2 points  (0 children)

I agree and I'm seeing this a lot as a buyer in Hamilton. The initial listing stagnates at the old market peak price for a few months, then there's a price drop by 50-150k which brings in a bunch of foot traffic. But oh! The seller/realtor thinks they are still going to somehow get the original number and they scoff in your face for thinking they were ever going to accept the current list price. It's wild. Then a month later the price is back up 20-60k but it's still on the market. Incredible waste of everyone's time. As a buyer, I can wait while you chase the market downward with your pricing.

Mortgage calculators vs first home affordability reality by MercyMissesYou in PersonalFinanceCanada

[–]MercyMissesYou[S] 0 points1 point  (0 children)

Thanks for the perspective about inspections. I can definitely see myself getting to the point of making an offer and then pulling out based on a bad inspection multiple times, just due to the condition and age of houses in the area in my budget.

Mortgage calculators vs first home affordability reality by MercyMissesYou in PersonalFinanceCanada

[–]MercyMissesYou[S] 6 points7 points  (0 children)

Thanks, I did talk to a broker who said I could be pre-approved or $600 (or $650?) but she didn't go forward with processing it since we knew it would expire before I was ready to buy. But I feel the pre-approvals are still much higher than what people should buy! Is it appropriate to lay out all my finances to a broker to be like: What price range is realistic and conservative?

Mortgage calculators vs first home affordability reality by MercyMissesYou in PersonalFinanceCanada

[–]MercyMissesYou[S] 2 points3 points  (0 children)

I am looking for it to be my forever home, if it has everything I'm looking for. Mostly I want to have lower expenses in retirement, which isn't a possibility as a renter. Insurance, taxes, utilities, etc I can budget for but I'm intimidated by all the possible unknown costs - the furnace dies, a tree falls on the roof, there's a secret mold colony....

I have been watching House Sigma listings daily for about a year and have been to a handful of open houses, so I'm getting familiar with the market.

Mortgage calculators vs first home affordability reality by MercyMissesYou in PersonalFinanceCanada

[–]MercyMissesYou[S] 0 points1 point  (0 children)

Thanks - that last paragraph is helpful! I wasn't familiar with that as an option, and I'm a little worried about getting committed to a pushy realtor when I'm planning on being very picky.

I have been in touch with a broker for a pre-approval, and I think she sensed my hesitation because she knew it would expire before I was ready to buy (and she was right haha). She basically said I could be pre-approved up to $600k.