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  #11  
Old 2015-08-28, 05:11 PM
BlkStnBerk2 BlkStnBerk2 is offline
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Originally Posted by shane View Post
What city is your current home in?
Not sure how someone came up with 'Home values/pricing are not on the increase', but in most parts of the city prices have been on a steady increase. with mortgage rates being reduced again it is likely the market would be steady. The reality is price your home right it will sell, a good realtor can also tell you how long comparable type homes take to sell in your neighbourhood.
I guess you haven't been paying attention to the economic situation we're in?

Their location shows in the upper right.

We're talking about resale market. There has not been a major inclination in resale pricing compared to a year ago. The market is flat here, or slightly leaning towards a buyer's market with the huge supply. Hence no worries of losing money if someone sells now versus 8 months from now like the 200k example given above.
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  #12  
Old 2015-08-28, 06:00 PM
WellThatsLovely WellThatsLovely is offline
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Originally Posted by BlkStnBerk2 View Post
I guess you haven't been paying attention to the economic situation we're in?

Their location shows in the upper right.

We're talking about resale market. There has not been a major inclination in resale pricing compared to a year ago. The market is flat here, or slightly leaning towards a buyer's market with the huge supply. Hence no worries of losing money if someone sells now versus 8 months from now like the 200k example given above.
Unless you count the 8 months of renting and paying for an extra move...
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  #13  
Old 2015-08-28, 08:51 PM
BlkStnBerk2 BlkStnBerk2 is offline
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Unless you count the 8 months of renting and paying for an extra move...
You're right. Saving property taxes for 8 months and paying $1400/month to rent a Townhome is a horrible idea.

Ever heard of Dymon? I stored my entire house in a unit there for just over $200/month. Free truck and driver at move in.

Then I used PUPS with my next build. $200/month for my whole house. Containers picked up and dropped off in my driveway.

As I said, multiple neighbours did this when building their current homes, and I've done it twice.

Remember you're speaking from the GTA, and I am speaking from the market in question. Totally different markets altogether.

I can't find any Ottawa realtors who recommend selling 60 days before a new closing. It's not impossible, but why risk it? The market here is not in the seller's favour. It's flat or slightly leaning towards being a buyer's market.

If the OP has no problem carrying two mortgages, the by all means. But it's a risk they probably don't need to take if they can't.
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  #14  
Old 2015-08-29, 12:02 AM
WellThatsLovely WellThatsLovely is offline
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Guess it all depends on living situations. Took us an 18 wheeler and $2300 to move from one house to the other. Can't imagine what it would cost to move it twice, on top of paying for storage.
It has little to do with the market and more to do with price. If the home is priced right, it will sell.
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  #15  
Old 2015-08-29, 11:54 PM
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mc_ottawa mc_ottawa is offline
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Originally Posted by BlkStnBerk2 View Post
You're right. Saving property taxes for 8 months and paying $1400/month to rent a Townhome is a horrible idea.

Ever heard of Dymon? I stored my entire house in a unit there for just over $200/month. Free truck and driver at move in.

Then I used PUPS with my next build. $200/month for my whole house. Containers picked up and dropped off in my driveway.

As I said, multiple neighbours did this when building their current homes, and I've done it twice.

Remember you're speaking from the GTA, and I am speaking from the market in question. Totally different markets altogether.

I can't find any Ottawa realtors who recommend selling 60 days before a new closing. It's not impossible, but why risk it? The market here is not in the seller's favour. It's flat or slightly leaning towards being a buyer's market.

If the OP has no problem carrying two mortgages, the by all means. But it's a risk they probably don't need to take if they can't.
Bang on assessment. In Ottawa, the current average DOM (days on market) is hovering around 90 days. Waiting until the very end to sell is a terrible idea IMHO.

The last time we moved, we ended up making two separate moves (sold our place, moved out, temporary accommodations, moved into our new place). It was a pain to have to hire movers twice and pay for storage, but to get the place that we want, we had to give a little. We are likely doing the same thing (two moves) when we *fingers crossed* move in a couple of months.

Having spoken to multiple realtors in Ottawa in the last few weeks, it has been pretty clear to me that it is a buyers market and that prices have stagnated in the last year or so. Selling a year out may be on the extreme end, but I would rather live in temporary accommodations and move twice, rather than carry two mortgages for an undefined period of time.
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  #16  
Old 2015-08-30, 08:36 AM
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Originally Posted by Volleyman View Post
So we just signed our PA for a house that's closing in July '16.

We currently own a house right now. When is a good time to put it on the market?

And what are your thoughts on a realtor vs doing it yourself (Ex: Grapevine)?
A big factor no one has touched on yet is: what are you selling and where is it?
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  #17  
Old 2015-08-30, 09:49 AM
Volleyman Volleyman is offline
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A big factor no one has touched on yet is: what are you selling and where is it?
I'm in Ottawa (Orleans, specifically Chapel Hill). Selling a 1500sq ft detached house. The advantage in my case is that the house sells for almost the same price as a condo. It's a great starter home or downsizing home. I think my target audience is people moving from an apartment to their first home, meaning that closing date should be very close to July 1st.

Which is where the problem lies... Our closing date so far is end of July. With 2 kids, I would have preferred to avoid 2 moves.

Thoughts?
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  #18  
Old 2015-08-30, 11:13 AM
BlkStnBerk2 BlkStnBerk2 is offline
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Originally Posted by Volleyman View Post
I'm in Ottawa (Orleans, specifically Chapel Hill). Selling a 1500sq ft detached house. The advantage in my case is that the house sells for almost the same price as a condo. It's a great starter home or downsizing home. I think my target audience is people moving from an apartment to their first home, meaning that closing date should be very close to July 1st.

Which is where the problem lies... Our closing date so far is end of July. With 2 kids, I would have preferred to avoid 2 moves.

Thoughts?
If you can list the last week of February to beat the rush, you'll have five months until the end of July. You can always put your preferred closing in your listing as end of July, so your two closing dates coincide.

Here is the other scenario..

Say you sell July 1st, and the new owners need 60 days. As long as you have a firm sale, and a firm purchase agreement, you can take them to your bank and get bridge financing.

So you can technically own two homes at once, but live in your new home when it closes.

If you sell, July is pretty popular for closings. People tend to move once the kids finish school. So odds are you will get a closing at some point in July.
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  #19  
Old 2015-08-30, 11:30 AM
WellThatsLovely WellThatsLovely is offline
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Originally Posted by Volleyman View Post
I'm in Ottawa (Orleans, specifically Chapel Hill). Selling a 1500sq ft detached house. The advantage in my case is that the house sells for almost the same price as a condo. It's a great starter home or downsizing home. I think my target audience is people moving from an apartment to their first home, meaning that closing date should be very close to July 1st.

Which is where the problem lies... Our closing date so far is end of July. With 2 kids, I would have preferred to avoid 2 moves.

Thoughts?
You COULD sell now and rent from the purchasers... if it's a starter home, they likely won't have another property to sell or may still be living with their parents so it gives them more time to save while you pay their mortgage?
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