Should we buy a house .... In view of the current volatile situation....
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Posted on: 15-09-11 11:51:20
Quote:
Originally posted by san-hugo
All in all, when shit will hit the fan my dear , all sitting underneath will be drenched... oh dea' ! All means all, all dumbo dopes as well as smarties !! .
Exactly, my point. You echoed it quite well
.Quote:
Originally posted by ashedfc
but its not the time to sell an existing house & buy a even bigger house by increasing the size of the mortgage....
I agree. It's better to have $3,00,000 left in the mortgage than to further add another $2,50,000 in order to buy a bigger house. The end result? One will end up paying more for mortgage, heat, utilities, hydro, property taxes, etc. In these trying and recessionary times, one has to take control of their financial situation by not adding up the piles of debt. Everyone is aware of what's happening South of the border (with no end in sight), so better learn from that as we are living in interesting times.
You don't need to commit a mistake to learn from it; rather learn from others' mistakes.
Newly constructed houses (3K SQFT) have appreciated by 100,000 since last year. With the frozen interest in the offing, it is going to go further.
The worst would be when the home owner walks into the bank and start tapping the equity next year based on the appreciated value...
Its really hard to stay un-influenced but the tough always have a story to tell the lost.
Quote:
Originally posted by ashedfc
If you have spare money & urgently need a house: by all means "Go ahead & Buy One"..... but its not the time to sell an existing house & buy a even bigger house by increasing the size of the mortgage....
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:
Originally posted by ashedfc
Quote:
Originally posted by san-hugo
All in all, when shit will hit the fan my dear , all sitting underneath will be drenched... oh dea' ! All means all, all dumbo dopes as well as smarties !! .
Start preparing because "SHTF" Shit is about to hit the fan..... Its not the time to be ignorant (we are not in 2009, or 2010; rather we are heading into an inflationary depression as we head into 2012 & beyond).. Inflation will be very high, with lack of jobs. Here is something on China (& keep in mind; once China slows its the end of the global recovery). http://www.telegraph.co.uk/finance/china-business/8766230/China-risks-hard-landing-as-global-woes-spread.html
So its not the time to speculate on housing (buying for need of a roof over the head is lot different than speculating in the housing market with negligible down-payment, which is also a very non-liquid market)..
I am not against buying houses; rather I am in favor of building an emergency cushion for every family, so they are prepared when SHTF...
If you have spare money & urgently need a house: by all means "Go ahead & Buy One"..... but its not the time to sell an existing house & buy a even bigger house by increasing the size of the mortgage....
Well its agreable to play caution at this time. Will be wise to look into your pocket first then towards the roof.
Still I'll have to cut a bit on theory of 'chinaman is slowing down' and him being first to shit. The impact on Canada housing market may not be significant. Prices in GTA continued to sour up by 7-8% even during the recent recessions. Its about demand by continous inflow of immigrants to Toronto and buying capacity of chinese women from hongkong and sheikhs of middle east. plus there is lot lot of smart play by banks, builders and realtors.
2015 pan/parapan games in Toronto, govt pumping billions to improve the looks of shore line are the factors which will continue to influence the home prices and interest of business houses in this region. The investors will keep the companies afloat and to show their strength companies should keep us employed. Just wanted to give some hopes that things may not be as bad as it is being predicted by extra paranoid experts.
Btw also would like to bring in less informed aam admi view point , when a husband sees a dream in his wife (which is built on her office colleagues bragging about her home) to have a lovely home...he ignores the grounded economy and calls up the lucky realtor who will give various dimensions to the dream...aakhir aadmio kamata kiske liye hai , Obama ke liye ? yaa cheen mein band hone waali kisi factory ke liye ? ...biwi bachon ke liye mere dost ..biwi ..~!~..
Though, It remains to be seen how smelly it is going to be this time?, how fast is it coming ? how long the chinaman will hold ?
Till then , din mat gino rather live normal.. because you neva' know !! a chinese bow is also a welcome greeting !!
Quote:
Originally posted by san-hugo
Though, It remains to be seen how smelly it is going to be this time?, how fast is it coming ? how long the chinaman will hold ?
I am not an expert in real estate but surely have an good long experience in stocks & financial market & I can tell you guys to please stop worrying upon the stock market to live your real life….. that’s the real wealth. Don’t let the market affect your lives.
As for the stock market there is no recession going to come, atleast not until 2015-16 (second presidential election in USA), this present scenario is just a correction. We have been filled with all the media hypes about Greece/Europe so we all feel like the sky is going to fall….. Let me tell you guys, in stock market there is a proven fundamental that “when everybody knows about something, it’s really not worth knowing it”
This Europe problem is being dragged upon us from last 2 years & they keep on using it every time they need a correction in the market. Last recession to now it was US who took the lead in taking the market up & from now on it would be Europe who is goona pump the markets to new highs….. this is just the cycle as it works. The Europe problem would be gone overnight someday & within weeks they will take the market to new highs & you won’t even realize that it happened & will loose the opportunity to get into the market…..
For technical trading guys I would surely give my explanation that the market is not in bear territory (20% or more) & they keep on holding it with making new higher lows on important indexes. Check out Retail(RLX) & Nasdaq(QQQ)………
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i..........rock........!!!!!
Quote:
Originally posted by febpreet
Quote:
Originally posted by ashedfc
but its not the time to sell an existing house & buy a even bigger house by increasing the size of the mortgage....
I agree. It's better to have $3,00,000 left in the mortgage than to further add another $2,50,000 in order to buy a bigger house. The end result? One will end up paying more for mortgage, heat, utilities, hydro, property taxes, etc. In these trying and recessionary times, one has to take control of their financial situation by not adding up the piles of debt. Everyone is aware of what's happening South of the border (with no end in sight), so better learn from that as we are living in interesting times.
You don't need to commit a mistake to learn from it; rather learn from others' mistakes.
Don't renters also pay hydro ? I see a lot of ads where the rent is specified + hydro
Lot happening in economy world for sure, Our interest remain in Canadian market and housing demand in GTA which is yet to recede.
?Will there be impact of Greek glitch on rest of the world (and Canada) , Yes !
?Will the world and Canada come to stand still
No !
?Should we still buy house instead of renting
Sure we should, the interest rates are all time low and should remain that way for times to come ...just foresee well that your earning capacity will sustain all economic weather !
I do not see housing demand going down in Toronto and thus the idea of house price coming down is far fetched one though it may have peaked and will stay at a price for long time before starting to move up again based on location.
We desis are known for that act - bhago! aasman girr raha hai !!
Aasman nahi girega, barish jaroor hogi..so prepare for rainy day without killing your desires of today.
