Selling house to buy another house.

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I bought 5% down and paid chmc. I calculated it out and it was still cheaper to buy this house in Tottenham then to continue renting a basement apt in Toronto.

What i didnt do is go out and max out my mortgage limit.

...and we're still not going to do that. Tottenham housing blew up in the last two years as new developments started building. Average house on our street sold for 300+ with no houses going for less than 300. We have in the last 4 years done: new roof, new driveway, renod kitchen, renod washroom, new high eff furnace and water tank (owned). Expanded the shed and reroofed.

Plan is to sell at peak of market and buy further north for not much more than what we sell ours for. fingers crossed.
 
How far north? I'm thinking more out west inbetween guelph and sauga. I want some farm land I can convert 2-10 acres.

Red_Liner740 said:
I bought 5% down and paid chmc. I calculated it out and it was still cheaper to buy this house in Tottenham then to continue renting a basement apt in Toronto.

What i didnt do is go out and max out my mortgage limit.

...and we're still not going to do that. Tottenham housing blew up in the last two years as new developments started building. Average house on our street sold for 300+ with no houses going for less than 300. We have in the last 4 years done: new roof, new driveway, renod kitchen, renod washroom, new high eff furnace and water tank (owned). Expanded the shed and reroofed.

Plan is to sell at peak of market and buy further north for not much more than what we sell ours for. fingers crossed.
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Just north of Alliston. Around the Base Borden area. Dont wanna do the 401 corridor, no way no how.

Several good prospects in the 350 to 400 range. Only major issue for me is the lack of natural gas as heat. Its all propane/oil/electric and i know it'll kill me come winter time.

hence the need for alternate energy sources.
 
Yeah it's the same issue I think I'll have. I'm considering spending the extra money and putting in the pipes. My cousins in CT are on a mountain with no gas line. They have an oil tanker and it's super expensive. I think they are planning on putting a wood stove that would heat the entire house next year. Probably the cheapest. I've been to their house in winter. It's not fun in that much cold.



Red_Liner740 said:
Just north of Alliston. Around the Base Borden area. Dont wanna do the 401 corridor, no way no how.

Several good prospects in the 350 to 400 range. Only major issue for me is the lack of natural gas as heat. Its all propane/oil/electric and i know it'll kill me come winter time.

hence the need for alternate energy sources.
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mimico_polak said:
Thats probably because you were reasonable when selling your houses. Most of the COMFREE houses I've seen have a lazy homeowner who outright says 'no low balling whatsoever so don't even bother'.

To to them it's an emotional decision and they price out to lunch. Check out the COMFREE house at Browns Line and Valermo area....700k for a small bungalow! I laughed and laughed and it's been on the market for months.

anyway OP, you're on the right track. Negotiate with the agent and try to use the same one for both transactions if you can. They'll be easier to negotiate with if they come out ahead overall.
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That's correct...they finally hire an agent who prices it correctly.
 
It depends on if the area you live in is popular. We sold a home in Ottawa in a few weeks using a no frills internet agent that saved us a fortune and we set the new record price for the area we lived in with more cash in our pockets and less in any agents. We did all the negotiating via our internet guy and played hardball with the buying agents. Third offer took the house, the first couple had outrageous riders on their offers so we told them to take a hike. High demand areas don't need an agent as far as I can see.

edit. We selected the price, our guy said it should be lower but we ignored him as we knew the area was in demand.
 
A 50x200ft vacant lot sold in Bronte (oakville/burl border) yesterday for $700k. Builder plans to spend about 2mil total on the project. Oy Vey. North is looking better.
 
jc100 said:
edit. We selected the price, our guy said it should be lower but we ignored him as we knew the area was in demand.
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Good on you. That's another BS tactic that agents used. Always trying to get you to lower the price to make a quick sale.

Everybody has a final figure they are willing to let the house go at. If they are anxious to sell, price will drop. If it's ridiculously high, then they're not really interested in selling are they?

It's in an agents interest for you to lower your price as much as possible.

Regardless of list price, I just offer what I'm willing to pay and go from there....
 
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LiNK666 said:
How far north? I'm thinking more out west inbetween guelph and sauga. I want some farm land I can convert 2-10 acres.
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you're going to have to go further west. Prices around Guelph are rising quickly. Not sure what your budget is but it'll cost you quite a bit.
 
Red_Liner740 said:
Just north of Alliston. Around the Base Borden area. Dont wanna do the 401 corridor, no way no how.

Several good prospects in the 350 to 400 range. Only major issue for me is the lack of natural gas as heat. Its all propane/oil/electric and i know it'll kill me come winter time.

hence the need for alternate energy sources.
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Those same homes were $250-300k 3 years ago. All the development in Angus, Barre and Innsifil and the influx of people waking up and getting out of the city is skyrocketing prices.

I live in a custom built home on a large 3/4 acre lot with two road allowances. The same house just sold a block away from us with a 1/4 acre lot for $90,000 more then we paid in less then a week. People are starting to catch on that it's cheaper and the builders have adjusted prices accordingly.
 
So what is your solution? That same rise in housing price has raised the value of my home as well. Probably more than other areas. Tottenham was a little hidden gem. Prices all around it were much higher. It looks like that hidden gem was discovered. New housing is being advertised as semi-detached starting at mid 350s and there was a lineup of people when they first opened. Seeing as how we bought our detached for 236k im laughing!

Google map Mcknight crescent and tell me what you think the houses in the 70 to 100 mcknight look loke they should go for.



rbjeepthing said:
Those same homes were $250-300k 3 years ago. All the development in Angus, Barre and Innsifil and the influx of people waking up and getting out of the city is skyrocketing prices.

I live in a custom built home on a large 3/4 acre lot with two road allowances. The same house just sold a block away from us with a 1/4 acre lot for $90,000 more then we paid in less then a week. People are starting to catch on that it's cheaper and the builders have adjusted prices accordingly.
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From my house hunting experience, a good real estate agent will take you to different types of houses within and outside of your desirable range so that you can narrow down to what are the "must-haves" and what items you can live without. Glad our agent took the time to do that with us. Also, there are things that once you've seen them in present state, they cannot be unseen even with renovation.

Also a good home inspector will ensure you are taken care of. We ended up with a new build, and this guy went up in the attic and did 100 measurements of the insullation. Nothing of them passed the building code (should be 18inches, but testing came back in the range of 8-11inches). Just an example of his work, and to me & wife, he was worth the $350.

Good luck with your search & sale.
 
Granite kitchen counter tops and stainless steel appliances sell houses. Not insulation and vapour barrier.


Yeah, there's so much crap in the market, a good agent that knows the area combined with your wants/needs can help you filter through the crap.
 
Red_Liner740 said:
So what is your solution? That same rise in housing price has raised the value of my home as well. Probably more than other areas. Tottenham was a little hidden gem. Prices all around it were much higher. It looks like that hidden gem was discovered. New housing is being advertised as semi-detached starting at mid 350s and there was a lineup of people when they first opened. Seeing as how we bought our detached for 236k im laughing!

Google map Mcknight crescent and tell me what you think the houses in the 70 to 100 mcknight look loke they should go for.
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If your talking about Tottenham Mcknight Cres I would say high 300's low 400's. Your right because Caledon and Bolton went to poop in my opinion so you have a lot of people who moved to Tottenham to get out.

http://www.baywoodhomes.com/greatbassestates/index.shtml#homes

These homes which still have not been built yet were originally advertised 2 years ago at Starting from the mid 200's now they say from the mid 300's. It's like this all through out Innsifil. To me it's just been a huge jump over a very small short of time compared to other markets at these price points.
 
SunnY S said:
Good on you. That's another BS tactic that agents used. Always trying to get you to lower the price to make a quick sale.

Everybody has a final figure they are willing to let the house go at. If they are anxious to sell, price will drop. If it's ridiculously high, then they're not really interested in selling are they?

It's in an agents interest for you to lower your price as much as possible.

Regardless of list price, I just offer what I'm willing to pay and go from there....
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Yup, it's not rocket science. You can get a list of the homes that recently sold in the area, look at the pros and cons and do your homework. We weren't being greedy just taking advantage of the fact that there were major employers in the area and thus people wanted to live nearby so there was a premium for that, we also had no condo fees or maintenance fees on our property and advertised that too. As for an agent helping you buy a place, maybe, but then again we can read listings really well and also look at the area on our own. An agent tried to get us to buy a place in Ottawa that was in a low lying area. We found that the area was susceptible to flooding and that the basements in these places had problems in the past and said no way. Sure enough, heavy rains came and the whole area was filled with water damage insurance claims again. Another agent found a place for my wife right in the middle of a Somali gang ghetto and neglected to tell her this. I'm not super trustworthy of agents at all and I think the fees they charge are outrageous for the work they do.

The no frills/internet type agents are a good midway point between "for sale by owner" and a full service real estate agent. Ours arranged for professional pictures and to act as the go between for communications between us and the buyers agents/buyers all for a flat fee which was wayyyyyyyyyyy less than any full service agent. We had agents try to come to represent us and moan about %age commision fees we had set out but we told them that we didn't see a need to pay more since people were actually knocking on our door while we were living in the place asking if we wanted to sell.
 
SunnY S said:
It's in an agents interest for you to lower your price as much as possible.

...
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Not always correct, if the agent specializes in one area, it is for their best interest to set record high homes so the next sales on that area are going up using that house as a comparable. My agent was ****** the other agent sold a home in my street low, because it made it harder for her to sell my house at the price point we wanted, we end up getting the price we wanted and she used our price as a comparable to sell her next house in my area.

So some lazy real state agents will want to sell bulk and lower the prices as much as they can, but the good ones do it right.
 
EC2010 said:
Also a good home inspector will ensure you are taken care of. We ended up with a new build, and this guy went up in the attic and did 100 measurements of the insullation. Nothing of them passed the building code (should be 18inches, but testing came back in the range of 8-11inches). Just an example of his work, and to me & wife, he was worth the $350.

Good luck with your search & sale.
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+1 a good home inspector is worth more than the agent. Don't use the real estate's buddy who will give you a discount. Find the most reputable and skilled inspector ever. Pay him for a throughout inspection. He will save you more than anyone else.

EC2010: can you pm me the details of the inspector? Always looking for a good inspector.
 
my wife's BFF is a real estate agent ... if you want to PM or email me for her contact information I can provide it to you. She is good and sold both of our places very quickly. She did all the work for us and we didn't need to lift a finger (worked for us since we had a newborn at the time) she'd be coming over at midnight with forms, etc.
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