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thoughts on buying really old townhomes? i am looking for 2+bedrooms for under $650K in Vancouver/Burnaby areas but with that budget, they are all built in the early 80's |
They made good homes in the 80’s. Your just going to get a closed layout and probably smaller windows. Like any place older then a few years, keep an eye on the stratas finances as well as any reports of the buildings condition. |
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Really old = built in the 80’s? Lol |
I took a bit of time to look up statistics to see how it compares to the things you guys have said in addition to the hearsay I got which lead me to the question i presented you guys. I came across this site, which cites gvreb (from my search on that, should be reliable source) https://www.mortgagesandbox.com/burn...state-insights There are graphs for 2017, 2018, 2019. For house, townhouse and condo, there is a distinct drop of purchases in July. If we take it a little further it drops Jul, Aug Sept before going back up a little. Do we have different definitions of summer? Because i see summer as July Aug when kids have their summer vacations from school. And yes, I do notice that Dec Jan is lowest out of the whole year. Is that what you guys mean by fall winter? Because I think of that as just winter. |
All my realtor friends say may and june is the peak, and then it slowly begins to taper off until the following spring. |
June has been quite good; picked up a lot compared to the previous 6 months. |
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Where did it pick up? W.Van, where there were two sales? Or Langley, where sales are down 65%? Could you enlighten us here, or are you just fake news? |
Looks like Richmond is picking up for sure. Most of the places we've seen all had offers and was sold relatively quickly. Even the pieces of shits that we didn't like end up moving |
Lol, only realtors and bankers will tell you the market is picking up... As of July there were 2315 properties for sale in Richmond with an average list price of $1,387,549. In June 106 properties sold with 100 properties selling below list price and 4 above list. |
Yeah for sure all of them were below asking but still they were moving. All the ones we saw are now gone �� |
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Not going to throw out statistics on specific regions. Within the circle of realtors (my family & relatives) as well as the realtors who are my friends, their current supply of (30M+) existing residential listings, 5 of them closed, from 1.8 M to 700k apartments, were all solid in June. 1 realtor also signed 4 new listings as well. So within the demographics of realtors; when one realtor who only sold 2 listings from January to May and now in June, 3 transaction was done (just residential) + 2 commercial pending, June has been like light at the end of the tunnel. Not going to count the assignments but there were 2 also completing soon. |
Been keeping an eye on detached in East Van, seems like there is decent buying support at around 15-20% below assessed. |
so still 1.2M+ for a crack house |
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It moves in Delta as well. Houses are "reasonably" priced as it's still pretty close to South Surrey, Richmond, Burnaby, New West, South Van. |
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hahaha, good eye on that one. Quote:
There are 8516 listings in the Fraser Valley with an avg price of $753k, and a total of 1306 sales. That's 6 months worth of inventory sitting there, not moving. 3300 of those are long term, active listings. Sellers want last year's pricing, while buyers want to pay next year's pricing. We're now in the midst of a market correction, aka crash. The uber hot market in Langley had 76 sales last month with prices currently sitting 10% lower than they were at this time last year. That's a trend that makes me think that anyone buying real estate right now is throwing money away. June 2017 had 234 active listings, and 171 sales in Langley with an avg price of $1,038,518. Equal to a half month's inventory. Wow, things are sure picking up, aren't they? The buyers probably listened to their realtors talk about Quote:
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I was talking to a realtor and he says now is the best time to buy he’s ever seen! He’s pretty sure the market will go up at least 10% next month. He told me to get in now or get left behind! I mean, all the data in the world can’t be right if a realtor tells me it’s time to buy and the market is going well. In other news I heard bitcoin is expected to make its biggest gains next week according to a bitcoin seller. Man I’m gonna be able to retire soon. |
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He knows realtors, you know. They sell things... I wonder if they were involved in this sale? Quote:
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