Private Home Sales.

Re: Private Home Sales.

Postby dirtybiker » Jan 25th, 2021, 10:42 am

Bsuds wrote:Biggest problem in Kelowna right now seems to be if you sell where are you going to go?

What is available goes fast.


Slim pickings for sure. A valued advisor full of smarts says (speculates)
house prices to tank by many percent by late summer 2021 as all the
Covid related money hand-outs start showing their cracks.
The forced to sell crowd is thought to be a large one in the
near future.

Having liquid assets on hand to take advantage of the swing will
be paramount.

We will all know, or know of someone caught out like this and if timed
right can do a deal beneficial to both parties by keeping it private.
"Don't 'p' down my neck then tell me it's raining!"

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Re: Private Home Sales.

Postby stuphoto » Jan 25th, 2021, 10:58 am

Noisy Boater wrote:if we end up in a Maytag box under the bridge I will send a curse down upon you. [icon_lol2.gif]

If I still lived in Kelowna I would let you pitch a tent in my backyard and even plug an electronic heater in.

I agree with others about finding something else before selling.
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Re: Private Home Sales.

Postby dirtybiker » Jan 25th, 2021, 11:03 am

Or sell now when the most money can be gleaned from it.
Have a closing date further into spring. Liquidate the older stuff.
Put the rest into a storage container, then boondock (RV) around
for the summer keeping a close eye on things, at the ready
to pounce when the time presents itself.

Life is a gamble.
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Re: Private Home Sales.

Postby normaM » Jan 25th, 2021, 12:55 pm

^^ people don't want to wait months ( buyers) for a closing date. Friends just bought a place - 15 days close
I am stuck as I can't afford to buy til I sell, the idea of 2 mortages makes me as faint as seeing someone wearing suspenders and a belt.
I get asked a lot re selling my place - the spirit is tempted but my soul yells NO.
Unless of course Boater can find a double wide Maytag box :/
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Re: Private Home Sales.

Postby Queen K » Jan 25th, 2021, 12:58 pm

If I were to buy again it would be with a legal suite already installed, that way Noisyboater could rent off me til he flies back down to Mexico.

I tried the "sell privately route" and am dead glad it failed when the townhouse was only at $98K. I was also very naive and didn't own a computer back then with the 'net to look stuff up. I didn't understand the value of a good RE lawyer back then either. Experience/knowledge lacked.
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Re: Private Home Sales.

Postby pieinthei » Jan 25th, 2021, 1:11 pm

i sold my house on Kijiji.. had 3 parties ready to buy. first one with a deposit won.. we wrote it up. i went to a notary, and they did the rest.. I'd definitely do it again.

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Re: Private Home Sales.

Postby stuphoto » Jan 25th, 2021, 2:29 pm

dirtybiker wrote:Or sell now when the most money can be gleaned from it.
Have a closing date further into spring. Liquidate the older stuff.
Put the rest into a storage container, then boondock (RV) around
for the summer keeping a close eye on things, at the ready
to pounce when the time presents itself.

Life is a gamble.

Good points Biker,
Who knows, if you are out exploring in an RV you may find a place you like better than the Okanagan.
Even if you don't, I would think the prices should fall after the free money dries up and people go broke.
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Re: Private Home Sales.

Postby Sparki55 » Jan 25th, 2021, 2:40 pm

stuphoto wrote:I would think the prices should fall after the free money dries up and people go broke.


Most anyone was able to get was $2000 a month and a one time $500 top-up.

Even for a couple, that's $4000 a month and a one time $1000 top-up.

So at the very most, there was about $24,000 given to families out of work this year. I fail to see how this makes homes go up by anything measurable. It's not like that bank would treat this as "income" either. It's not as if this money was given on top of typical wages, only those out of work could apply.

This will affect landlords and rentals as rent money may dry up for a bit. Landlords typically don't buy an investment property with the same ease a homeowner will. My point is that a landlord can weather the drop in income until renters stabilize.

We bought a SFH this year and have money to float it should we be out of work... we won't even need CERB/ EI and could last a year. With EI/ CERB we could last years. There are many that will hold their homes (like we will) until the market recovers. Why sell low if we don't have to?

:topic:

Selling privately can save you $20,000 - $30,000 on an average home in BC. Should prices go to crap, you could price $50,000 lower than everyone else, forgo the relator, and get a quick sale before homes plummet and only lose $30,000 because you skipped the relator.
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Re: Private Home Sales.

Postby Noisy Boater » Jan 25th, 2021, 6:24 pm

Great feedback from all!! If we need a double wide Maytag box stuphoto will need to supply 2 heaters!! Good plan to sell asap. We have the RV to live in if need be. And yes pickins are slim. We can always move in with the daughter and son n law and torture them. Once again lots of great suggestions. :130:
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Re: Private Home Sales.

Postby normaM » Jan 26th, 2021, 6:49 am

AS long as you have a place to land. Keep us posted k?
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Re: Private Home Sales.

Postby Noisy Boater » Jan 26th, 2021, 8:43 am

10-4 on that. We booked an appraiser to come and give us a much more accurate monetary value. I know there are numerous ways to do this yourself but I feel more comfortable having an expert do it. I could do my own dental work but I leave that to the experts also. :biggrin:
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Re: Private Home Sales.

Postby Queen K » Jan 26th, 2021, 9:00 am

If you're happy with your appraiser clap your hands.
If you're happ...j/k
PM me name and number?
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Re: Private Home Sales.

Postby Noisy Boater » Jan 26th, 2021, 9:54 am

I will be happy if they give me a giant amount of $$$$$. Appt will happen this week keep ya posted. :up:
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Re: Private Home Sales.

Postby 60-YEARS-in-Ktown » Jan 26th, 2021, 2:12 pm

Take your best guess then compare with appraiser.
I am betting many folks are saving the appraiser fee.. I am guessing 1500 ish, and losing themselves 20 K or a lot more..
..pennywise..dollar dumb... :smt045
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Re: Private Home Sales.

Postby Sparki55 » Jan 26th, 2021, 2:32 pm

I don't get the point of an appraiser for homes?

For me, I do the following:

Step 1: Find 5 homes in your town with the same specifications (sqft, #of rooms, lot size, amenities) that recently sold. Write down the average.
Step 2: Next, find 5 homes in your immediate neighboorhood with recent sales history and compare their prices to similar homes near the houses you found in step 1.
Step 3: Balance the relationship between the same specifications to the location, i.e. get an inferred price by combing the data.
Step 4: See what price homes are currently listed for in your immediate area and compare the price you came up with from step 3.
Step 5: Add in extra $$$ for anything that isn't included from above. Is your kitchen brand new, did you just landscape the entire yard, etc.

I understand that the appraiser is a "pro" but if they are anything like the home inspectors I've hired then they are more talk than they are really worth.

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