How much minimum carry home Salary needed to buy home 300-325K
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Posted on: 29-01-09 16:47:48
Quote:
Originally posted by rahul_singh23
One of my colleagues bought on peak price with 315K (15k down) + closing cost. Today he is saying from his mouth that property is 365K. I would say serious offer will be 355K.
Property loss: 60K
Realtor’s commission for sale: 12K app.
Closing cost he paid: 8k app.
Total loss: 80K around.
Same property you can rent for $1400-$1600/month without paying any tax or condo fee ($300).When 315K price will come back at least not for next 10 yrs.
I was not able to understand the point you were making in above refrence
Oops.. my mistake it was 265 and 255.
One of my colleagues bought on peak price with 315K (15k down) + closing cost. Today he is saying from his mouth that property is 265K. I would say serious offer will be 255K.
Quote:
Originally posted by kabutar12
Quote:
Originally posted by rahul_singh23
One of my colleagues bought on peak price with 315K (15k down) + closing cost. Today he is saying from his mouth that property is 365K. I would say serious offer will be 355K.
Property loss: 60K
Realtor’s commission for sale: 12K app.
Closing cost he paid: 8k app.
Total loss: 80K around.
Same property you can rent for $1400-$1600/month without paying any tax or condo fee ($300).When 315K price will come back at least not for next 10 yrs.
I was not able to understand the point you were making in above refrence
Quote:
Originally posted by amit kalia
Quote:
Originally posted by Fido
There s a difference b/w guiding and misguiding . Show me one Realtor today who would advise his clients to buy after 6 months ... ' The right time is NOW ' is what they say knowing that prices are expected to fall in future ...
See for yourself; My blog post dated Jan 14, 09:
http://condopundit.com/wordpress/?p=96
Since Nov 08 I have been asking my buyers to hold on, and have advised them to jump in when the right opportunity comes.
There are many honest and sincere Realtors out there. You need to find one!
Please don't lean towards bashing Realtors during these tough times.Most of the posts end up lamenting over Realtor commissions etc. This is not the time to corner Realtors, or for that matter any sales professionals, the market is tough.
Amit ,
There are very very few honest realtor in GTA atleast.
Most of the Realtor never guide rather misguide and advise their clients to buy if buyer comes to them and advise them to sell if seller comes to them as everyone is interested in making his/her own living.
Seen Realtor and clients do not remain in talking terms once the deal is over.
Jai Ho!
Quote:
Originally posted by kabutar12
I agree with Amit you can't generalize/stereotype Real estate agents (or any profession).
There are lot of good Realtor's but you just need to do hardwork and also pray to God that you find a good one.
So what are some of the ways/ tricks to evaluate/know who is a good RE Agent?
Of course referred could be one but are there any other ways? Also who pays to RE the seller or the buyer or both? And when one chooses an REA does that mean one has to buy from their specific listing? Does number of listing could be a criterion? Is it good/bad to buy from the RE's listing?
Thanks,
~K
Quote:
Originally posted by Fido
There s a difference b/w guiding and misguiding . Show me one Realtor today who would advise his clients to buy after 6 months ... ' The right time is NOW ' is what they say knowing that prices are expected to fall in future ...
haha
Consider this house buying-selling as a transaction. Now, remove the "buyer" and "seller" from this transaction.
Everyone else makes money. I mean everyone else earns money.
RE agents, Mortgage spec., Bank, Govt, city, home inspector, Moving company, utility companies, canada post, you-name-it-and-it-will-falls-here.
I'm not complaining. No offence to anybody for what so ever.
But just trying to say that nobody can and nobody will better understand YOUR financial condition better than YOU.
Damn.
This should be in a new thread.
First things first. The RE agent gets paid upon your purchase/sale. Faster you purchase/sell, the faster the agent get's his pay. and, fatter the transaction, fatter his pay.
But keep in mind, that is going to be your home and you are gonna live there. If you don't feel comfortable, keep looking.
Next, there is no good or bad REA. They are just different. Some are smart enough to understand what you mean based on just one statement. Some are ultra hardworking enough to put 100 houses to show in front of you and let you pick/reject.
And never get into this: "Why pay $1000 rent, you could buy a house and pay $1000 as mortgage. You could build your blah blah blah". Immature REAs use this trick. Don't let it work.
No "chal-gayega" attitude. ("Don't worry, it will be okay" type thinking)
Keep your price range short, narrow and tight non-flexible. If your range is 300K to 320K, then don't bother about anything that's $320,001
(This could be a good check for how good that REA is. Does he understand Max 320K means MAX 320K?)
Quote:
Originally posted by kisi143
So what are some of the ways/ tricks to evaluate/know who is a good RE Agent?
First and foremost, that agent should belong to that area. If you're looking for a house in Brampton, it's always good if the agent LIVES in Brampton. Even better if he belongs to the same neighborhood as the one you are looking into.
This has huge benefits. He can point out small details that might help you a lot.
Remaining all, yeah .. that's lil bit tough. It's like asking how to identify good person. But at the end of the day, REA also wants you to buy one.
Next, he should understand your needs. If you say you don't wanna live next to a park, he should also understand that you might even not like living next to school as well. (Well, this is just an example)
Quote:
Originally posted by kisi143
Also who pays to RE the seller or the buyer or both?
Usually it goes from seller. But it depends. It's well documented when you sign the contract with the agent. Nothing hidden here.
Quote:
Originally posted by kisi143
And when one chooses an REA does that mean one has to buy from their specific listing?
Nope. Well, you should never buy from his own listing. In that case it would be like "dual-agent" and he might not work in interest of both, buyer and seller.
Usually, the REA looks for houses that might match your criteria and then the show begins. But if you too find some good house during your regular drive, bring that into your REA's notice. He should for sure help. If he doesn't, well ... time to say good-buy.
Quote:
Originally posted by kisi143
Does number of listing could be a criterion?
Never restrict yourself to any number of listings. I've seen ppls buying their first home after 30 ... or even 50+ showings. Yes, seeing 50+ houses and then finally getting their dream home.
As I said, it's you and your family that will be living there. Not REA.
Quote:
Originally posted by kisi143
Is it good/bad to buy from the RE's listing?
If by RE's listing you mean the MLS listing .. well I think that's the most consolidated listing. It's always good .. nothing bad.
Usually you sign a contract with REA. Something like you hire the agent. That contract is for short period of time - 3 months, 6 months.
As I understand, till that contract is valid, the REA has a right to claim his commission on any house you purchase with anybody.
So, if you are planning to change REA, you should fire him. Written notice or an email .. something that shows that you fired that REA before signing the purchase agreement with some another REA.
Realtor - A friend or foe
Person lands in Canada and takes apartment on rent and meet some Realtor.
And realtor asks what are you doing now a days? New immigrant says looking for work. Realtor says why do not you buy a home. on this new immigrant says I do not have a job. let me have a job first then decide. Realtor says you are paying rent anyways so why not buy one. Do not worry , I will arrange job letter for getting you Mortgage. On this new immigrant says I have no money for down payment. Realtor says he will manage money by over billing for some down payment or with zero down payment with 40 years Mortgage and advise the new immigrant to go for home as he can let out his basement for $750 which will take care of $150K mortgage.
Many new immigrants face such situation.
it is for individual to decide?
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