Another Housing Question

Re: Another Housing Question

feeds@yuku.com (speedyforme) — Wed, 04 Jun 2008 06:44:50 GMT

enough to be bumped

hey I haven't been here for a LONG time

Re: Another Housing Question

feeds@yuku.com (worstdog) — Wed, 04 Jun 2008 06:42:29 GMT

How many threads ARE there about this???

Re: Another Housing Question

feeds@yuku.com (RoMa) — Wed, 04 Jun 2008 06:41:42 GMT

bump

Re: Another Housing Question

feeds@yuku.com (speedyforme) — Wed, 30 Apr 2008 13:34:52 GMT

I know it's like the stock market! Buy now, buy later, move out now, move out later, door #1, door #2 ahhhh!

I know that if I do buy a new house someday I will be SUPER overwhelmed by the choices of everything from floors to cabinets to finishes to upgrades so I think it's best I stick to resale homes so I can get my dad to renovate to my liking at a cheaper cost :)

Thanks everyone!

Re: Another Housing Question

feeds@yuku.com (JVL58) — Wed, 30 Apr 2008 13:31:18 GMT

you never know, in a year you may even find something better!

Re: Another Housing Question

feeds@yuku.com (speedyforme) — Wed, 30 Apr 2008 13:23:15 GMT

So I got hold of the mortgage broker and I qualify for only $245,000 mortgage, boooo I can't afford the new ones, my only hope now is to find a good deal on nearby resales before the closing dates so it can reap the benefits of the new homes being built increasing the area's property value.

The broker did say if the builder is NICE and in a good situation, they may let me buy based on a written letter by the broker confirming that next year before closing I can afford the...

Re: Another Housing Question

feeds@yuku.com (JVL58) — Wed, 30 Apr 2008 13:00:56 GMT

MMMadcow wrote:

JVL58 wrote:
He get's paid by more than the lender, some of those fees on the closing statement are broker fees the buyer pays!

Damn, i wish everyone would just cheer up about this shitty housing market and buy a house, that would help change it!
Those fees are fees we'd pay anyway. We had them with the...

Re: Another Housing Question

feeds@yuku.com (ripeplum) — Wed, 30 Apr 2008 12:50:51 GMT

The premium lots will be taken but the builder will fill in the empty odd ones (not that the lots themselves are odd, just the last one or two on a street)in anticipation of moving on to the next phase. There is nothing wrong with them and the builder will try to vary the models and elevations so that it makes a nice streetscape. In the long run the premium paid for the "premium" lots are absorbed by time as usually the rest of the homes catch up and are worth about the same. On...

Re: Another Housing Question

feeds@yuku.com (speedyforme) — Wed, 30 Apr 2008 06:31:19 GMT

ripeplum wrote:
Americans can't seem to fathom that our housing market in Ontario is hot hot hot. Well priced homes in the right area are selling in days for at or over asking. We so far are unaffected by what has gone on in the States. I know of a house that sold this week that 5 years ago would have been worth maybe 350 - 450...just sold firm in 3 days for 1 million even, even I shook my head in disbelief. This wasn't...

Re: Another Housing Question

feeds@yuku.com (Mr Nibz) — Tue, 29 Apr 2008 20:30:25 GMT

I find that fascinating.

Re: Another Housing Question

feeds@yuku.com (ripeplum) — Tue, 29 Apr 2008 20:28:04 GMT

Americans can't seem to fathom that our housing market in Ontario is hot hot hot. Well priced homes in the right area are selling in days for at or over asking. We so far are unaffected by what has gone on in the States. I know of a house that sold this week that 5 years ago would have been worth maybe 350 - 450...just sold firm in 3 days for 1 million even, even I shook my head in disbelief. This wasn't even in a big city, even our smaller cities and towns are experiencing a huge...

Re: Another Housing Question

feeds@yuku.com (MMMadcow) — Tue, 29 Apr 2008 18:48:48 GMT

JVL58 wrote:
He get's paid by more than the lender, some of those fees on the closing statement are broker fees the buyer pays!

Damn, i wish everyone would just cheer up about this shitty housing market and buy a house, that would help change it!

Those fees are fees we'd pay anyway. We had them with the last house, too. And we didn't use a broker. We just had a shittier interest...

Re: Another Housing Question

feeds@yuku.com (JVL58) — Tue, 29 Apr 2008 17:39:47 GMT

He get's paid by more than the lender, some of those fees on the closing statement are broker fees the buyer pays!

Damn, i wish everyone would just cheer up about this shitty housing market and buy a house, that would help change it!

Re: Another Housing Question

feeds@yuku.com (MMMadcow) — Tue, 29 Apr 2008 16:44:28 GMT

zippityboomboom wrote:
I'd wait until they were doing a closeout. They throw in a lot of incentives, and your house is more likely to get finished on time, because the builder wants to get out of that area. You just have to make sure they aren't half-assing the job.

Zippity speaks the truth. We were offered many upgrades if we'd buy from the developers...

Re: Another Housing Question

feeds@yuku.com (speedyforme) — Tue, 29 Apr 2008 16:23:53 GMT

Well I actually don't think homes in the GTA (Canada) are dropping anytime soon, not new houses anyway

damn and I got all excited too, well definitely next year I suppose

Re: Another Housing Question

feeds@yuku.com (zippityboomboom) — Tue, 29 Apr 2008 16:21:42 GMT

I'd wait until they were doing a closeout. They throw in a lot of incentives, and your house is more likely to get finished on time, because the builder wants to get out of that area. You just have to make sure they aren't half-assing the job.

Re: Another Housing Question

feeds@yuku.com (DownUpside) — Tue, 29 Apr 2008 16:14:09 GMT

I've heard that the market hasn't hit bottom yet. I think if you lock in a price now, you'll be mad in a few months when it's even cheaper. I suggest you wait. In any case, given the current state of things (not likely to greatly improve before next year), you'll be more attractive to work with when you're ready in every way.

Re: Another Housing Question

feeds@yuku.com (speedyforme) — Tue, 29 Apr 2008 15:37:29 GMT

ugh I have a feeling I won't get an approval big enough to cover the cost of the home I want, if only these new homes came out 1 year later

Re: Another Housing Question

feeds@yuku.com (NickF227) — Tue, 29 Apr 2008 15:31:42 GMT

OMG speedy's buying a house. <3

I really think it's just common sense to wait until you're able to pay for it, right?

Re: Another Housing Question

feeds@yuku.com (speedyforme) — Tue, 29 Apr 2008 15:23:37 GMT

So I might be screwed if I can't "afford" the house now even though I can later...

Luckily for me, I am still living at home so being stranded won't be the issue...

Another Housing Question

feeds@yuku.com (speedyforme) — Tue, 29 Apr 2008 11:37:23 GMT

OK so say I go to this showing this weekend for upcoming preconstruction homes to close next year summer. If I want to purchase now, how does the financing work?

Do I put a downpayment?

Is my mortgage approval done as of current or can it wait until next year as my affordability (income/downpayment savings) goes up?