• Hi Guest: Welcome to TRIBE, the online home of TRIBE MAGAZINE. If you'd like to post here, or reply to existing posts on TRIBE, you first have to register. Join us!

Buying a house/condo - your experiences?

juice

TRIBE Member
I've been in the market for the last few weeks for a house. Put in two offers so far, lost both in bidding wars. Three offers on one place, four on another, both ended up going for over $100K over asking and myself and my agent thought we put forward some aggressive offers that were well over asking.

I wanted to hear some stories, positive and negative about any of your experiences with all of this. I think it might make me feel better :) As is stands it could be a long frustrating spring/summer. I really refuse to just drastically overpay for a place. However, even though early in the process I'm starting to get how people end up doing it after months of looking and just saying fuck it we'll pay $50K+ more then we want to as we're tired of looking and spread over 25 years it isn't so much. I'm trying very hard to not fall into this trap though.
 
Cannabis Seed Wedding Bands

kyfe

TRIBE Member
patience, when we bought our place we looked for about 2 yrs first very casually then once we knew what we wanted to got our realtor involved. It took us a few months of looking, luckily we did not get into any bidding wars. You'll know when it's the right house and once you know you won't have this internal debate you'll pay what you need to and get the home.

but yeah Patience!

where are you looking Andrew?
 
tribe cannabis accessories silver grinders

juice

TRIBE Member
Spinsah said:
holy fuck.

can we just get a home owners forum? and a baby forum?
Wow sorry that this ruined your day.

And junglegirl here's another vote for you shutting the hell up!
 

juice

TRIBE Member
kyfe said:
patience, when we bought our place we looked for about 2 yrs first very casually then once we knew what we wanted to got our realtor involved. It took us a few months of looking, luckily we did not get into any bidding wars. You'll know when it's the right house and once you know you won't have this internal debate you'll pay what you need to and get the home.

but yeah Patience!

where are you looking Andrew?
Yeah I think I just need that patience aspect drilled into me. Looking only really in the Annex.
 

junglegirl

TRIBE Member
hahah I think im just jealous cuz Im nowhere near buying a house, not so jealous on the baby tip though :)

good luck!
 

Fillmore

TRIBE Member
Sounds rough but stick with it. IMO purchasing property is a very wise decision.

When we bought our condo we had to wait in line for two and a half days. They took a roll call every two hours to ensure everyone could keep their spot in line. If you didnt answer roll call, to the back of the line you went. There were 185 units for sale and about 200 buyers lined up. Thankfully the Daniels Corporation (the builder) brought in Tim hortons for breakfast and pizza pizza for dinner and we had two cops standing watch. It was weird though sleeping in a large tent in a sleeping bag with 200 strangers.

If I can get through that, you can manage buying a house this summer.

Good luck!!! Its well worth the stress in the end!!!!
 
tribe cannabis accessories silver grinders

mingster

TRIBE Member
i have to say i don't feel like i have the nerves for a bidding war. but then again, i might feel differently if i were to come across the property of my dreams. we were the only offer on our property and because of it, we had that power to negotiate.

andrew, things might calm down a bit in a month or so, when people aren't so spring-fever about buying.
 

madnezz

TRIBE Member
Spinsah said:
holy fuck.

can we just get a home owners forum? and a baby forum?

Yes, it's called the TRIBE General Stuff. Get used to it!!! :p

Anyway Juice, sorry to hear there are still loads of bidding wars going on. You could always just go buy in the states for CHEAP!!

ist2_4273718_foreclosure_home_for_sale.jpg
 

madnezz

TRIBE Member
mingster said:
andrew, things might calm down a bit in a month or so, when people aren't so spring-fever about buying.

July and August are considered "slower" months, but things don't really slow down until winter at this point.

My opinion is just to give in now with an aggressive offer before you get burned too many times.
 

Stan

TRIBE Member
It's like dating... you gotta keep an open mind and don't just stick to one option. And sometimes you just gotta bang a fatty when nothing else is available.
 

Flashy_McFlash

Well-Known TRIBEr
We lost 13 houses in bidding wars. Thir-motherfucking-teen.

Patience and persistence is your friend. Also, look outside your target area. The Annex is a great investment but all up in that area is naturally going to go into bidding wars (even more so than other areas).

You're also looking during the highest sales period of the year. If you can, wait until fall/winter to jump on something.

The temptation might be there to overspend, but if you possibly can, wait until you find one in your price range and stick to it. That doesn't mean one that's listed in your price range BTW, but one that's a little lower so you can go in with your target price and snag it.
 
tribe cannabis accessories silver grinders

Vote_4_Pedro

TRIBE Member
Isn't this really poor timing to buy a house? The market is ridiculously expensive, houses are going for much more than they are worth. The American economy is going into the toilet, and yes, it will affect ours (hopefully not to the same degree) but it will catch up with us. I'm not sure if I've made this up, but isn't there a saying that goes "never buy a house in an election year?"

It might not be our election year, but to be honest -the economy is on a down-slope right now. Also, the housing market in Toronto is in need of a correction - people simply cannot continue to pay more than what they are buying is worth, it's a recipe for disaster.

I do wish you the best, and please don't get caught up in a bidding war and pay more than you are able to afford. Yes, a house is a good investment, as long as you can afford it (which I assume you can, since you are actively looking!).

Keep us in the loop please!
 

juice

TRIBE Member
Fillmore said:
Sounds rough but stick with it. IMO purchasing property is a very wise decision.

When we bought our condo we had to wait in line for two and a half days. They took a roll call every two hours to ensure everyone could keep their spot in line. If you didnt answer roll call, to the back of the line you went. There were 185 units for sale and about 200 buyers lined up. Thankfully the Daniels Corporation (the builder) brought in Tim hortons for breakfast and pizza pizza for dinner and we had two cops standing watch. It was weird though sleeping in a large tent in a sleeping bag with 200 strangers.

If I can get through that, you can manage buying a house this summer.

Good luck!!! Its well worth the stress in the end!!!!
Wow that is dedication. How much (ballpark) do you think you saved on going this route?
 

~atp~

TRIBE Member
wow, I hope we start a fight about the validity and worth of various topics on a message board, despite the desperate posturing on all sides to appear more important than me.
 

juice

TRIBE Member
mingster said:
i have to say i don't feel like i have the nerves for a bidding war. but then again, i might feel differently if i were to come across the property of my dreams. we were the only offer on our property and because of it, we had that power to negotiate.

andrew, things might calm down a bit in a month or so, when people aren't so spring-fever about buying.
It is rather fucked that people just pull numbers out of the air, even going to these properties and seeing all the other buyers and we're giving them the evil eye :) I can see how the two that I did offers on could be a dream house for someone, each had a few small things off from them though so that I didn't want to go to my max. I guess when you see something that is 100% perfect you stretch to your max.
 
tribe cannabis accessories silver grinders

Spinsah

TRIBE Member
juice said:
I get it you're pretty Tribe cool ...
I sure hope not.

Either way, homeboy, I am sure there are a billion threads on this very topic that probably have lots of solid advice and personal anecdotes.
 

juice

TRIBE Member
Flashy_McFlash said:
We lost 13 houses in bidding wars. Thir-motherfucking-teen.

Patience and persistence is your friend. Also, look outside your target area. The Annex is a great investment but all up in that area is naturally going to go into bidding wars (even more so than other areas).

You're also looking during the highest sales period of the year. If you can, wait until fall/winter to jump on something.

The temptation might be there to overspend, but if you possibly can, wait until you find one in your price range and stick to it. That doesn't mean one that's listed in your price range BTW, but one that's a little lower so you can go in with your target price and snag it.
Ok that is insane ... 13 ... how do you really let the previous 12 houses go in your mind and not keep constantly comparing them? There were that many that you liked to put an offer in on? Or were you just looking to get something on the cheap and do work to it either now or down the road?
 

madnezz

TRIBE Member
Vote_4_Pedro said:
Also, the housing market in Toronto is in need of a correction - people simply cannot continue to pay more than what they are buying is worth, it's a recipe for disaster.

The Toronto market is still undervalued compared to just about every other major centre in the world, so just because you think prices are high, it doesn't mean they're not worth what they're selling for.
 

Flashy_McFlash

Well-Known TRIBEr
juice said:
It is rather fucked that people just pull numbers out of the air, even going to these properties and seeing all the other buyers and we're giving them the evil eye :) I can see how the two that I did offers on could be a dream house for someone, each had a few small things off from them though so that I didn't want to go to my max. I guess when you see something that is 100% perfect you stretch to your max.

This is a good attitude. Stick to your guns and don't overpay. Sure, there's all manner of houses we could have gone way over on, but in the end we found a great house with all our criteria that was just out of our target area. However, I've since realized that our target area totally blows and I love where I live now.

Bidding wars have a way of getting to you though. You invest yourself into a property and no matter how much you don't want to, you feel like it's yours. Some of those offer presentations were sketchy though, like hanging-out-in-a-darkened-car-outside-a-realtor's-house sketchy. I fucking hate that this is what one has to go through to buy a house!
 

juice

TRIBE Member
madnezz said:
The Toronto market is still undervalued compared to just about every other major centre in the world, so just because you think prices are high, it doesn't mean they're not worth what they're selling for.
It really is, I know you can't just compare Toronto that easily to other cities but for what places go for in San Fran and Boston Toronto is still really a decent value.
 
tribe cannabis accessories silver grinders
Top