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It seems as though houses are now selling for under asking, and taking longer to sell. Anyone else see this trend or have any insight?

I have to sell the house in 2 years (moving into condo), but a part of me is wondering if I should just get out now, and rent for 2 years....
 
It seems as though houses are now selling for under asking, and taking longer to sell. Anyone else see this trend or have any insight?

Funny you should say that, I was out for a walk last night, and I commented on how every house I saw with a "For Sale" sign also had "Sold" on it. This could very well be because they've been on the market a while, and the owners dropped the price a bit.

I have to sell the house in 2 years (moving into condo), but a part of me is wondering if I should just get out now, and rent for 2 years....

Can I ask why you're leaving the 'hood for a condo? I'm hoping to have my finances in order enough to buy in a few years, and I would love to buy in Cabbagetown.
 
Can I ask why you're leaving the 'hood for a condo? I'm hoping to have my finances in order enough to buy in a few years, and I would love to buy in Cabbagetown.


I love the neighborhood and am moving close by. The houses can wear you out with their constant upkeep (leaks, termites etc). Also, we were gettting tired of 3-floor living. It was a tough decision, and if we didn't get such a good deal on the condo, I doubt we'd be moving.

We second-guess ourselves regularly.
 
Quick question (anyone is welcome to respond).

Do you think that condo fees end up costing less or more than upkeep on a house? Do they include taxes and the like (I'm a total n00b on about these things)?

It might be one for the real estate board, but I'm here now.
 
If you buy a house that develops unanticipated problems then the condo would have been a wiser financial choice. If you buy a condo that develops unanticipated problems then the house would have been a wiser financial choice. But you can't really anticipate the unanticipated. Personally, I've come out ahead by buying a house - based on average condo fees vs. required and optional renovations to the house. But others will have different tales to tell. With a house you have more options: building a whole new wing to the palace for instance, or adding another floor, or finishing the basement etc. And maybe one will prove to be a better investment than the other based on location, or the difference in appreciation between houses and condos. It really is apples and oranges.
 
Roy, if you can hold out, I'd wait a few more years before selling in Cabbagetown. In less than 10 years Regent Park will be cleaned up, the Star of Downtown (poorly named, I know), Parliament Street will have improved and the demand for housing in the area will increase. When I moved to Fredericton from 2003 to 2007 we kept our place in Cabbagetown because we knew that if we sold it we would one day be walking past the house cursing ourselves for selling what would have been a goldmine in a few years.

I know what you mean about the stairs. Our family room is in our basement, while our bedroom is on the third floor, so that's three sets of stairs to climb. However, it's good exercise. I always think one of the worst thing seniors do is sell their taller houses for bungalows or condos, since once you stop using stairs, you quickly stop be able to climb the stairs. The next step is to buy a chair that raises you electronically, but then you soon stop being able to get out of a regular chair. I see the complete polar opposite on my travels. In China I saw old ladies climbing up the 1,000 steps at the Buddist Shrine in Hong Kong, I've seen ancient looking Greeks climbing hills, etc. Somehow in North America we have the idea that if something is hard, we should avoid it, but we forget that if we avoid it, we lose our ability to do it later.
 
If you buy a house that develops unanticipated problems then the condo would have been a wiser financial choice. If you buy a condo that develops unanticipated problems then the house would have been a wiser financial choice. But you can't really anticipate the unanticipated. Personally, I've come out ahead by buying a house - based on average condo fees vs. required and optional renovations to the house. But others will have different tales to tell. With a house you have more options: building a whole new wing to the palace for instance, or adding another floor, or finishing the basement etc. And maybe one will prove to be a better investment than the other based on location, or the difference in appreciation between houses and condos. It really is apples and oranges.


Thanks, US! See, i knew we could be friends! ;)
 
I love the neighborhood and am moving close by. The houses can wear you out with their constant upkeep (leaks, termites etc). Also, we were gettting tired of 3-floor living. It was a tough decision, and if we didn't get such a good deal on the condo, I doubt we'd be moving.

We second-guess ourselves regularly.
I know what you mean about leaks there, Roy. Our roof sprung a leak last year, and when we opened up the ceiling we noticed that the roof beams had completely rotted away. Basically there was very little wood holding up the roof. $14,000 later, we n0w have a new roof, but I would have rather spent that money (or saved it) elsewhere, that's for sure. I'll be sad to see you leave the neighbourhood, as it was nice to have a fellow Cabbagetowner here on UT. If I was looking for a condo, those new ones in Regent Park would definitely be of interest, as they're sure to be undervalued for the next few years.
 
It seems as though houses are now selling for under asking, and taking longer to sell. Anyone else see this trend or have any insight?

I have to sell the house in 2 years (moving into condo), but a part of me is wondering if I should just get out now, and rent for 2 years....

I think it depends on the house. I've been monitoring homes in our neighborhood for about a year. Some houses have been up for an eternity.
Others blip on the MLS and are quickly gone. If you are leaving in 2 years you might want to consider getting out now. I have noticed price reductions on more than a few. (The 2 family on Winchester, 4 BR on Upper Ontario St, and the set of two 2 bedrooms homes sold separately or together are examples). I also noticed houses without parking take much longer to sell.

You have to weigh the hassle of having to move twice in 2 years as opposed to the gamble on the value of the house.
 
what if the condo is delayed (assuming you've bought precon) and you have to rent for 4 years. i think it's hard to time the market. the neighbourhood is only getting better.
 

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