Posted by sporopat on 17th of Mar 2010 at 03:51 pm
I'm just going to put my two cent in on this one. I live
in Toronto and my husband and I are looking to upgrade to a house
from our townhouse condo. We aren't in a hurry so we have
just been casually going to open houses in the neighbourhoods we
are thinking of moving to.
There are serious bidding wars going on and all the houses we
have looked at have been sold in 24 hours from when offers are
being taken, going for way more than the asking price. My
cousin put her house on the market and she sold it in 8
hours. There is definitely a frantic feeling in the
air. The open houses we've been too have been "tense" with
most people bringing their agents in tow.
I personally think it is because of the low rates and because of
all the taxes and rules that are going to be coming into
effect.
We are just going to sit tight for now. I could never
stomach bidding $100,000 more for a place. If space really
becomes an issue (when we have our 2nd kid down the road), we'll
rent out our place and then rent a separate place for
ourselves. I refuse to be part of a bidding war.
sporopat -- despite what someone else from canada said about
there not being a bubble, what you are describing is a perfect
description of a bubble. That's just not normal market
behavior. Wait a couple years, you'll buy a house
cheaper. The bottom isn't even in here in the U.S. and the
bubble has been burst for three years.
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Posted by sporopat on 17th of Mar 2010 at 03:51 pm
I'm just going to put my two cent in on this one. I live in Toronto and my husband and I are looking to upgrade to a house from our townhouse condo. We aren't in a hurry so we have just been casually going to open houses in the neighbourhoods we are thinking of moving to.
There are serious bidding wars going on and all the houses we have looked at have been sold in 24 hours from when offers are being taken, going for way more than the asking price. My cousin put her house on the market and she sold it in 8 hours. There is definitely a frantic feeling in the air. The open houses we've been too have been "tense" with most people bringing their agents in tow.
I personally think it is because of the low rates and because of all the taxes and rules that are going to be coming into effect.
We are just going to sit tight for now. I could never stomach bidding $100,000 more for a place. If space really becomes an issue (when we have our 2nd kid down the road), we'll rent out our place and then rent a separate place for ourselves. I refuse to be part of a bidding war.
housing bubble
Posted by Michael on 17th of Mar 2010 at 05:10 pm
sporopat -- despite what someone else from canada said about there not being a bubble, what you are describing is a perfect description of a bubble. That's just not normal market behavior. Wait a couple years, you'll buy a house cheaper. The bottom isn't even in here in the U.S. and the bubble has been burst for three years.