Ask a Realtor anything

[xrox]

Seems to be dropping fast now in our immediate area. Down about 15-20% in less than a month. Now 5 properties around us that were listed in early April and won't sell despite multiple price drops.

[Marty Canuck]

Seems to be dropping fast now in our immediate area. Down about 15-20% in less than a month. Now 5 properties around us that were listed in early April and won't sell despite multiple price drops.

Perhaps the impact of a fear of what interest rates might do?

[davepratt]

Seems to be dropping fast now in our immediate area. Down about 15-20% in less than a month. Now 5 properties around us that were listed in early April and won't sell despite multiple price drops.

Wow. What area is that? I'm seeing less bidding wars and if there is one, it's 3 or 4 offers and not 15. I'm not seeing an impact on prices though.

[dmcdam]

Perhaps the impact of a fear of what interest rates might do?

I wonder if we'll see a repeat of what happened a few years ago when the province attempted to fix things by dampening demand. Buyers who had purchased just before the announcement suddenly demanded discounts upon closing or they'd walk away from the deal.

[xrox]

Perhaps the impact of a fear of what interest rates might do?

Most probably. At one point during the pandemic we were looking for a place and our locked in 5yr fixed rate was 1.9. Currently it looks to be about 3.8 and going up again next month it seems.

This is northwest Oakville btw.

[davepratt]

I wonder if we'll see a repeat of what happened a few years ago when the province attempted to fix things by dampening demand. Buyers who had purchased just before the announcement suddenly demanded discounts upon closing or they'd walk away from the deal.

That's one of the reasons we are demanding very large deposits. The biggest cause of deals blowing up right now is after someone paid stupid money with no conditions, the bank may then do an appraisal and not approve the funds based on what the buyer paid.

[787 Golfer]

Any info on what 3 Grandview Court in Quinte West sold for. This is the area I hope to retire to and this property looked perfect us.
Thanks, Mike

[Sportyluis]

It's an interesting time. I went to open house two weeks ago (oakville).. noticed only 5 realtor cards and my wife and I were the only ones inside near the end of the showing. Selling realtor said the house was priced for what they wanted and holding offers anytime. It's still on the market. House next door to this one had an open house last weekend (had about 7-10 families inside looking at it and I saw a lot of realtor cards on the table). They were holding offers (listed about 300K below the one next door despite being 300 sq ft bigger?) I was super curious to see how much it went for as I was sure it would sell with that many people walking through. It didn't sell on offer night and now they increased the price by 500K.

[davepratt]

Any info on what 3 Grandview Court in Quinte West sold for. This is the area I hope to retire to and this property looked perfect us.
Thanks, Mike

$1,010,000 and yes a beautiful area. I was at the Quinte Hills Golf course yesterday.

[787 Golfer]

Thanks for the info. I play Oak Hills Golf Course with my brother pretty regularly. I like the area. Wish I was ready to make the move

[davepratt]

It's an interesting time. I went to open house two weeks ago (oakville).. noticed only 5 realtor cards and my wife and I were the only ones inside near the end of the showing. Selling realtor said the house was priced for what they wanted and holding offers anytime. It's still on the market. House next door to this one had an open house last weekend (had about 7-10 families inside looking at it and I saw a lot of realtor cards on the table). They were holding offers (listed about 300K below the one next door despite being 300 sq ft bigger?) I was super curious to see how much it went for as I was sure it would sell with that many people walking through. It didn't sell on offer night and now they increased the price by 500K.

Yes some wacky goings on out there.

[dmcdam]

My neighbour just listed at $1,050,000 and sold for $1,450,000 after 3 offers. Hers set a record high for the Canterbury Common seniors development. It's a 2 bedroom bungaloft and while it had been updated, definitely wasn't high end or big on wow factor at all. We aren't part of that community but we butt right up against it. Makes me wonder what we could sell for as our place is almost twice the size - both building and lot.

[Fore Warned]

It's an interesting time. I went to open house two weeks ago (oakville).. noticed only 5 realtor cards and my wife and I were the only ones inside near the end of the showing. Selling realtor said the house was priced for what they wanted and holding offers anytime. It's still on the market. House next door to this one had an open house last weekend (had about 7-10 families inside looking at it and I saw a lot of realtor cards on the table). They were holding offers (listed about 300K below the one next door despite being 300 sq ft bigger?) I was super curious to see how much it went for as I was sure it would sell with that many people walking through. It didn't sell on offer night and now they increased the price by 500K.

My take on this.....FWIW....total speculation of course...

- First house realistically priced,
- Second house, priced to attract bidding war, using first house as bait,
- Second house new price, more realistic, given larger size,
- In both cases, buyers shy in market downturn.

I am guessing a price differentials and increase of $500K puts these houses in the $3M range.

It would be interesting to see the valuation given to these houses by House Sigma.

[55plymouth]

Okay, here is my question. I bought a condo (The Branch) in Oakville a couple of years back. The closing is in April of next year. I somehow think I want to live in my house now and don't want to move anymore. I would like to transfer in my daughter's name before possession. I don't want it to affect my capital gains. Is this possible? Maybe a lawyer question but thought I ask here and see,

[davepratt]

Okay, here is my question. I bought a condo (The Branch) in Oakville a couple of years back. The closing is in April of next year. I somehow think I want to live in my house now and don't want to move anymore. I would like to transfer in my daughter's name before possession. I don't want it to affect my capital gains. Is this possible? Maybe a lawyer question but thought I ask here and see,

Definitely a lawyer question. The first thing is to have your offer reviewed to see if you are are allowed to assign the offer to your daughter and if so, are there any fees.