Cashing out!

[NoShangriLa]

My GF wanted to list our house now (4 years old house), and the first realator suggested to list the house for $620K-$640K.

I wanted to hold the house till next spring because the market will certainly be hotter than fall/winter season, and it also give me time to repaint the house and install sprinkler/resod and new hedge.

Is it worth my time to wait because the market is expected to grow an additional 7-8% for 2008 and drop down to around 4% growth rate by 2012 for Victoria, BC. Canada.

Or, it is better to cash out now and make $80K-$100K after all taxes, fees & update (not including mortgage payments, property tax, and ultilities), and this will be our earing after owning the house since December of 2006.

Thanks all for the input.

 

[FoBoT]

when did you buy the house?

 

[NoShangriLa]

Originally posted by: FoBoT
when did you buy the house?

Dec 2006 as said in the original post.

 

[FoBoT]

you are going to sell a house after owning it less than one year


ok, that sounds crazy, but good luck

 

[NoShangriLa]

Does Grand Nagus Rossman have an opinion on this matter?

 

[tasmanian]

I would wait unless you have some important reason to move.

 

[Rogodin2]

Sell it now!

We're going to dive into a recession very soon.

Rogo

 

[NoShangriLa]

Originally posted by: tasmanian
I would wait unless you have some important reason to move.

The GF saw how good of a result that I did on improving the house, therefore she wanted to get another and dress it up while the market is hot here in Victoria.

At this rate I would be able to do about 1 house per year while holding down a full time job as well.

 

[HeroOfPellinor]

Hahaha....$640,000 CDN in US dollars is only worth like...............oh wait.



Personally, I'd wait until Summer 2010 with all the Olympics hype to hit what I'd guess would be a little peak spurned on by the euphoria and publicity.

Why do you want to sell it? If it's for a radical move then don't worry about it. If it's to cash in, then I'd, personally, wait.

 

[NoShangriLa]

I have been eyeing my neighbors that selling their houses for $590K-$640K & their houses aren't any where near the quality of my home.

 

[thepd7]

I can't even tell you how much it saddens me that these types of jokes are no longer funny:


"what is that, like 2 grand in US dollars?"

"That would buy, what, a 100 sq ft shack in the US?"

or the ever popular

"Your not as good as us because the Canadian dollar is worth less."


I think the world might be coming to an end.

 

[HeroOfPellinor]

Ah, so you want to be flippers.

People can flip houses during any housing market. So long as you do your homework. So no reason to wait for another 4% out of this one when you could be making another 100K on your next house.

 

[AStar617]

Originally posted by: HeroOfPellinor
Ah, so you want to be flippers.

People can flip houses during any housing market. So long as you do your homework. So no reason to wait for another 4% out of this one when you could be making another 100K on your next house.

True, but he also mentioned he'd like to take the time to pull the place together a bit. Nitpicking buyers can knock thousands off the ultimate sale price due to stuff that is easily / cheaply addressed before the house hits the market. My advice to OP: don't wait for the sake of waiting, but don't rush at the expense of a sloppy presentation either.

Good luck.

 

[NoShangriLa]

Originally posted by: HeroOfPellinor
Ah, so you want to be flippers.

People can flip houses during any housing market. So long as you do your homework. So no reason to wait for another 4% out of this one when you could be making another 100K on your next house.

I'm not a flipper at heart, but my GF is Chinese & she have that mentality. She & everyone around me believe that I could do up another house by the Winter Olympic game.

I have an industrial design degrees & just wanted to put some of my skills that acquired during the 5 years at design/university to good use. And, this is an avenue for me to do that, since every job that I ever had never utilize any creativity or skills that studied for.

 

[NoShangriLa]

Originally posted by: AStar617

Originally posted by: HeroOfPellinor
Ah, so you want to be flippers.

People can flip houses during any housing market. So long as you do your homework. So no reason to wait for another 4% out of this one when you could be making another 100K on your next house.

True, but he also mentioned he'd like to take the time to pull the place together a bit. Nitpicking buyers can knock thousands off the ultimate sale price due to stuff that is easily / cheaply addressed before the house hits the market. My advice to OP: don't wait for the sake of waiting, but don't rush at the expense of a sloppy presentation either.

Good luck.

I was hoping to hold on to it another 1-1.5 year so that I could install in wall speakers system for every room, hidden remote control entertainment center, heated travertine bathroom floors & shower walls, jacuzzi bath tub, and gazebo/outdoor BBQ.

 

[HeroOfPellinor]

Originally posted by: NoShangriLa

Originally posted by: AStar617

Originally posted by: HeroOfPellinor
Ah, so you want to be flippers.

People can flip houses during any housing market. So long as you do your homework. So no reason to wait for another 4% out of this one when you could be making another 100K on your next house.

True, but he also mentioned he'd like to take the time to pull the place together a bit. Nitpicking buyers can knock thousands off the ultimate sale price due to stuff that is easily / cheaply addressed before the house hits the market. My advice to OP: don't wait for the sake of waiting, but don't rush at the expense of a sloppy presentation either.

Good luck.

I was hoping to hold on to it another 1-1.5 year so that I could install in wall speakers system for every room, hidden remote control entertainment center, heated travertine bathroom floors & shower walls, jacuzzi bath tub, and gazebo/outdoor BBQ.

You wouldn't get your money back on those upgrades. You certainly wouldn't make enough to justify waiting. The bulk of flipping money comes from just cleaning, repairing and updating the house. Odds of a buyer caring about in-wall speakers and the gazebo are slim.

Also, you're a college grad with a serious girlfriend. You may have a family in your near future at which point all this luxurious free time will vanish. So while you're both still young and have the time, maximize it. If you can manage 100K a year on these houses and after three years are ready to settle down a bit, you'll have a nice down payment on a long term residence. Again, if you do your homework.

 

[AStar617]

Originally posted by: HeroOfPellinor

Originally posted by: NoShangriLa

Originally posted by: AStar617

Originally posted by: HeroOfPellinor
Ah, so you want to be flippers.

People can flip houses during any housing market. So long as you do your homework. So no reason to wait for another 4% out of this one when you could be making another 100K on your next house.

True, but he also mentioned he'd like to take the time to pull the place together a bit. Nitpicking buyers can knock thousands off the ultimate sale price due to stuff that is easily / cheaply addressed before the house hits the market. My advice to OP: don't wait for the sake of waiting, but don't rush at the expense of a sloppy presentation either.

Good luck.

I was hoping to hold on to it another 1-1.5 year so that I could install in wall speakers system for every room, hidden remote control entertainment center, heated travertine bathroom floors & shower walls, jacuzzi bath tub, and gazebo/outdoor BBQ.

You wouldn't get your money back on those upgrades. You certainly wouldn't make enough to justify waiting. The bulk of flipping money comes from just cleaning, repairing and updating the house. Odds of a buyer caring about in-wall speakers and the gazebo are slim.

I couldn't agree more. Additions in the form of extra rooms etc are one thing, but none of that stuff actually raises the projected resale value of the home. Don't waste your time--if that's all you're waiting to do, sell now.

 

[Patt]

So, I'm considering a move to Victoria from Northern Alberta ... just how retarded is the housing market for a new purchaser? I'm not quite ready to splash out $600K for a house, considering the one I live in now was purchased for $103K, although it is now probably around $240K.

Do you work in the IT field in Victoria ... can you tell I'm job hunting?

 

[Capt Caveman]

Sell it now. Your upgrades will not bring a good return on investment. And who knows what the market will be like in the spring.

 

[NoShangriLa]

Originally posted by: Patt
So, I'm considering a move to Victoria from Northern Alberta ... just how retarded is the housing market for a new purchaser? I'm not quite ready to splash out $600K for a house, considering the one I live in now was purchased for $103K, although it is now probably around $240K.

Do you work in the IT field in Victoria ... can you tell I'm job hunting?

You don't have to spend 600K for a house, but at 600-650K you should be able to get a good size new house. Or, stay 10-15 Km from the downtown and the price is 100K less. There are houses that can be had for around 370-400K but the tend to be absolute dump and/or in really bad part of town.

You are not going to get better salary than Alberta, but IT sector is much better than it was 2-3 years ago. However, it is no where as good as the construction business.

<-- Ex-database/network security admin, presently heating & air conditioning tech.

Good luck with the job hunting.

 

[NoShangriLa]

Originally posted by: Capt Caveman
Sell it now. Your upgrades will not bring a good return on investment. And who knows what the market will be like in the spring.

The concesus is to paint the house & sell it. We had 2 more realators came by today and they assessed the house to be between 629-649K. 2 more realators are coming tomorrow.

 

[jagec]

If you're planning on buying another house right away and fixing it up, and there are no penalties involved with flipping a house that quickly, now would probably be about right. Don't bother with those upgrades, which are cool but won't get you more money. Painting would probably be a good idea.