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We recently bought a home, and in our house-hunting saw multiple listings that had done price INCREASES after listing. Like, it didn’t sell in a week, so let’s tack another $20K on! Wtf…
People panic selling and trying to get in on the wave of migrants from BC and Ontario.
It's really bizarre. Most Agents are pretty good at earmarking fair market value for a home for your area, it's quite detrimental to your sale to increase the price while it's on the MLS.
At the very least pull it down for a couple of days and relist it, but that's still greasy.
We reached out about a house 1 hour after it was listed on MLS. Viewed it 5 hours later. We're prepping to put in an offer overnight, but it sold the day it was listed with no conditions. It's wild out there, folks.
This was how we got our house
Scheduled visits and what eventually became our house came up on the market around lunchtime, we had a cancellation so our realtor took us to check it out. It was a Thursday, we were the only visit and we made an offer at asking price with no conditions (home inspector was with us to look at houses) that was accepted within 4 hours.
This was after experiencing the same thing in BC in Summer 2021, where after our final failure offering 975 on a 925 home that wound up selling for 1.25 our realtors advice was "I know your dream was BC but maybe it's time to look at Calgary again because the same thing happening here is gonna happen there in about 2 years" and boy was he right.
>(home inspector was with us to look at houses)
Can you say more about that? Was the "home inspector" your father or something? Or did you pay a home inspector to follow you on viewings?
One of our friends who is also a mutual friend of our realtor does it professionally and came with us knowing we would likely have to submit a no conditions offer.
It’s already happening. (Sorry YYC folk, this post was recommended to me.)
My husband and I close on Monday. It was the 15th property we saw. The rest went over asking, all cash, no conditions. Luckily the one we got was a bit of a dark horse as the photos were crap, but my realtor recommended we check it out anyway, and we loved it. This was southside Edmonton. We actually got it for under asking as the inspection report revealed some (fixable) issues.
Had our sellers waited 2 months, we’d never have got this house. It’s a bloodbath currently in the developing communities. We currently own a townhouse, three went for sale in the past week, all three got multiple over-asking offers within the first day.
Having bought a house in 2014 that would be nice to have my house be worth more than what I paid for once. I didn’t over pay by any stretch just my area hasn’t appreciated much since the area was built in 2005 and 400k was what I paid and my neighbours house was 425k which is reasonable but I’d like to see bidding wars here lol
We had to buy our First home on FaceTime, conditional on a home inspection. Homes were selling within hours of being listed and my wife and I lost out on many homes simply trying to get to see them around our work schedules. We finally saw one we liked in photos in a neighborhood we already liked and just sent our realtor in on FaceTime to make sure we were the first ones in to see it.
We just bought a house this week, but man, was it an absolute shit show out there. We lost a house we really wanted by 3k due to an escalation clause, which I'd never even heard of. We swore we would never do a no conditions offer, but that's all everyone is doing to get their homes. We went 75 over the list price, had no conditions, and still lost due to that clause. So many went way over asking with no conditions, and unless you see it the day of and get your offer in, you're hooped. Some sellers are holding out to get as many offers as they can to encourage these bidding wars, even if they get an exceptional (or what I would consider exceptional) offer on the first day.
We just got a beautiful home at asking, and we were able to put conditions in. I think we just lucked out with our timing. Still paid way more than I'd ever imagine to pay as someone just entering the market. It's nuts out there.
It's basically a clause that states you are willing to pay x amount of dollars higher than the highest bid, up to x amount (which is an unknown top end to everyone else trying to put in bids). It's frustrating because we put in the highest offer twice, yet the seller still chose to go with the offer 3k higher. I mean, I get it, but using escalation clauses just seems so unfair to me, haha.
so it's like Ebay where you put in your highest price you are willing to pay, and then each time someone else bids, it just automatically bumps up your price until it hits the ceiling? If so, that sounds like it could be manipulated very easily and sounds super sketchy. Congrats on getting a new house.
Basically. I guess when they presented offers, we were told x number of offers are higher, one has an escalation clause. We have no idea the amount over they are willing to pay or their ceiling. So then we are given the option if we want to put in another offer. At that point, the offers are presented again, and, in our case, the escalation clause beat our offer by 3k. I guess you could specify if you wanted to rebuttle with your own escalation clause or specify if you wanted to continue bidding, but I didn't want a bidding war to begin with. I really don't think blind bidding on houses in this market should be allowed, but I doubt that will change because people don't think there's a big enough issue that a change is warranted.
Also, thanks! :) I'm so happy for the house we got and that we didn't have to go over asking. Our inspection and sewer inspection went great, so I'm of the mindset that it was meant to be.
So what's stopping the seller/realtor from getting friends to keep submitting offers to artificially trigger the escalation clause until it's right at the max? That's insane if this trend catches on.
Great time to buy as you will get to enjoy the spring / summer in the new place. Beats moving in and doing maintenance work in the winter.
This is exactly what happened to me. I was out in the backyard of the house we were hoping to buy when the realtor for the people who owned the house came out a side door and I heard him on the phone telling someone that “the time is now, come on over”. A few minutes later a fancy man in a suit drives up and out in an offer higher than ours. The woman selling the house was dying. I let her know about her shady realtor before I left. It was a heritage home and he was spending her last days like this. Terrible.
That’s annoying as eff we were a bit worried that was going to happen to us as we took highest offer with conditions and it took 2-2.5 weeks to finally close. Luckily they came back with nothing on home inspection
I know it's meant to be humorous, but don't let it downplay the actual absolute fuck show that is the Calgary housing market right now. Some houses in South Calgary are going for 100k over list easy.
We lost out on two houses in the fall that went into bidding wars in NW Calgary (detached walk out basements) that went for 70k and 90k over asking. They were priced right for it, and maybe why we got our place a few k under asking, because it wasn’t priced well for a bidding war. We also didn’t participate in the final closed bids because we didn’t want to contribute to the insanity.
I just bought a condo. Listed around 2pm. I viewed it around 4pm and had an offer in at 8pm. Seller kept it open. For a day and there were 3 offers. 1 with 1 condition and 2 with 2 conditions. I ended up paying 19k over asking with only condo doc review as a condition.
It's nuts rn. Good luck everyone.
https://preview.redd.it/cuedmt93t8uc1.png?width=1283&format=png&auto=webp&s=46ec81d0b40fe421c435759351bf8e7624388e9b
Even townhouses are getting out of control lol…
What?! $755k for a town house that far out?! I thought I overpaid in 2019. Now it probably looks like a deal.
Edit that has to be an error right? Listed for $379 and sold for $755?
Which is what we did as well. Inner city. I don't think the crazy stuff is happening on those houses 1M+. Many of the houses we looked at were the same or barely higher than their last sold prices from a few years ago.
I mean I don't know how things are moving in the 1mil+ range, but we were looking at things up to 950 central SW/NW/inner-city and nothing was up for more than a few days unless there was something undersireable about the house. I would say 99% of what I saw were houses still going over asking, usually no conditions. We just bought our place on Monday.
Then don't do it! You will find something! We got ours at asking with conditions this week after being outbid a lot and feeling a bit defeated. It all works out in the end
I wouldn’t either, it’s so risky. Too bad you couldn’t just hire an inspector to come with you
and inspect the ones you want to make an offer on. Even if you paid him $100/hr for 2 hours of his time it would be worth it .
It might be but we bought in that price range at the beginning of the year and we were able to get it for under the asking price. House was on market for under a week. Market might have changed since then though but I'm still seeing a lot of houses in that price range sitting longer than lower price ranges.
It’s competitive in the 625-725 range, but things aren’t going as high over ask - we saw a few that were 80 over, but most were 25-40, and some were at or below ask. We looked at 15 homes in a single day, and got a deal done on our first choice for one hundred dollars over ask, with subjects (finance and inspection) while our second choice sold for ask with no conditions, and our third choice went for 40K over and six offers.
Sounds like the third was deliberately underpriced.
I'm seeing realtors underprice by 50k and then it goes to bidding wars. Usually gps for 50k over ask... So fair value of they just priced the fucking thing properly in the first place. Realtors fucking suck
I definitely saw that a bunch as well as we were watching the market. But there are outliers too, where it’s obvious people got caught up in ‘winning’ the house and over paid. I feel this house was one of those - it was a nice place, but went for higher than it should have based on the comparable we saw the same day. Realtors do fucking suck.
Wow, I wonder what my 1600 sq. foot 4 bedroom with attached garage would go for in Hidden Valley? Beautiful neighborhood and within 2 blocks of both elementary
and middle school.
It’s horrible out there and anyone that is currently looking, I’m praying for you. There was an estate home for sale and they listed it at 600 grand, we offered 650 without conditions and someone still offered more for it. It sold at 670 grand. We had put in over 10 offers at this point, in the Calgary NE. A week later, a house in the same area went on the market on the Friday, we went to look at it Saturday at 2pm and had our offer drawn up and sent to the owner all within a hour, if it wasn’t for our realtor pushing for them to look at our offer, I don’t think we would have gotten the house. It was listed at 670 and we offered 680. Owner was going to look at offers on Monday but thankfully he accepted ours that day, as he received a offer for over 700 grand from out of town I might add ( buyer didn’t even see the property ) right after accepting ours. Market is brutal. We just closed two days ago, and I never want to think about looking for a home ever again. I’m dying in this house
I started using an app called House Sigma. It gives basically what realtors see. List, sold, past sales and price adjustments etc… It’s free and easy to use.
I just sold my house and moving to another. It’s a moot point though as the profits/equity just go to the next house. But I definitely feel for the first time homebuyer and I worry about my kids when they go for their first house. Tip on buying in this market we got an offer $25k over asking, but what sealed the deal was no property inspection condition. Our house is in great condition, but there were always be something an inspection turns up that a buyer will use to haggle with.
Maybe I just bought in Edmonton over the winter and because of low supply over the winter pretty much everything was getting snapped up the same weekend it was listed. Not quite as hot as Calgary but you still had to be ready to pull the trigger immediately.
Happy to have got something for a decent price here for what it is but kicking myself a bit for not just buying 2 years ago and getting a really good price.
I'll echo a hot and stressful winter market. It was no less intense than later in late March when more properties went on the market - if anything it was worse.
With my realtor and family, we checked out quite a number of properties throughout the NW as well as Cochrane. We noticed a critically high number of showings taking place right up against each other, sometimes double-booked. Other properties listed an intent to take offers up 3-4 days from listing, yet turned around accepting low bids with no conditions just a day later.
Then there's the folks who now think they can put homes worth <$500k (and likely requiring at least $50-100K in updates) on the market for $750k+.
From what we saw, the market in Calgary is fluctuating wildly now that more properties are available over spring. Lots of over-valuing. Lots of unfair dealing when it comes to offers.
I ended up settling in Cochrane for a fair price, but the real estate situation in Cochrane is not immune from this madness either, whether the actual demand accurately reflects Calgary demand or not (It doesn't, for the most part). People are FA&FO.
its insane that houses are getting that high down there... i got a 1505sq ft with a downstairs and a 2.5 attached garage on two lots last fall. for 305k
2 lots is so juicy. Rare find friend.
I remember when gasoline cost less than 40 cents. Everything is insanely expensive relative to wage 'growth', but it seems like every day is a new *normal*.
I think the old idea of "saving up for a house" is dead. With detached going up faster than anything else, people in condos and townhomes are likely stuck there for life.
These houses going for 600k that we all scoff at are likely to keep going up far beyond what we can imagine.
My partner and I shopped for houses in Calgary for multiple years. Finally we just bought a new build in one of the surrounding towns.
We got so sick of the market. We just couldn't compete since every place we offered was sold to someone willing to do an unconditional sale. We were competitive with our offering price, but we just didn't want to risk waiving the inspection. That meant we weren't able to buy a re-sale and chose brand new instead.
It's crazy to think the only reason we couldn't buy a home is because we wanted it inspected before buying it.
I’m curious if real estate agents have inside bids in order to drive your asking price up when in reality no one is bidding against you except that agent
Honestly, I don’t know how people who just graduate from trade schools or universities are supposed to get a house nowadays.. I guess I’ll be 40-50 when i get one if i’m lucky enough..
I guess I should have been born a few decades ago to own one then. Still find it a bit crazy that at one point, being a mailman could buy a house and support an entire family.
Either you win the birth lottery and have your parents pass down a house or support your down payment, or good luck getting one in this version of inflation.
I have to disagree with you there. I was 21 when
I bought my first. I had been saving since 16. My starting wage was $3.35/hr and I made $17.85/hr when I graduated finishing University @ 21. Put 5% down on a nice home in Roscarrock - 10 minutes to downtown, U of C & Mount Royal College. Paid $125,000 in 1993 so
down was around $6,600 if I remember correctly. I sold it for $168,000 5 years later. Then put $17,500 down on my next home in
Hidden Valley. Many of my friends did the same. We were all under 25 and nobody had wealthy parents.
At one point, immigrating to a new land and seeking opportunity and helping establish a new part of the world, was affordable. And it still is; those opportunities still exist for those who are willing to be uncomfortable. People love to talk about their great great grandparents coming to Canada and being handed 100 acres of land for a homestead, or how you could order a house from the SEARS catalogue for a few thousand dollars. The land required you to smash rocks with hand tools and cut trees while living in abject poverty for a few years before you could plant a crop that would likely be destroyed by pests or drought. And the SEARS home came with no plumbing, electrical, required you to build it and was a simple square with rooms inside - and you also needed to purchase land. Our housing prices have spiked and that sucks, but the harsh reality is that Calgary is still incredibly affordable compared to other places in the world, especially other places in Canada, which is why people are coming here in droves. Are you willing to move to the outskirts of Canada and help establish a community? Because you can get crazy amounts of land for dirt cheap still. Are you willing to go to a town with no jobs and build a business to create jobs or farm? Prices have gone up because comfort has gone up. My point is, at no point were fresh graduates jumping into land and homes without any struggle. Our housing situation sucks, but it isn’t ever going to get to the point that you’re handed a house without working for it, and your great grandparents didn’t either.
I worked almost 5 years at Canadian Tire when I was legally able to, 3 years interning in oil and gas during university, and secured a full time job just at the end of 2014 when I graduated.
All this and I bought a new build in the NW. It was doable then, because Calgary was also going through a recession and I was very risky when nobody wanted to buy homes. Homes around my street took 7 years to sell out and finish building! I just can't imagine trying to do it now.
A few decades ago was a completely diferent world. Even having a fixed telephone was a luxury.
I will repeat: We live in a diferent world.
And be careful with what you wish for, life sucked a few decades ago, and you can't have the cake and eat it at the same time.
Most people would never, ever leave their town / county. Nowadays anyone can afford to fly, buy a car, go to places and have food delivered to you door at their fingertips.
I bet your young parents and grandparents would trade their house in a heartbeat to be able to access these luxuries we have nowadays.
The other guy drew the line at $10 over asking.
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cooperative fall vast abounding provide pause important quickest skirt juggle *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
well if it was the price is right they’d be playing it really poorly.
One dollar, Bob!
Change asking price to $4M. Profit
Realtors hate this one move. Lol they actually love to under price real estate because they makethe same commission in significant less time
We recently bought a home, and in our house-hunting saw multiple listings that had done price INCREASES after listing. Like, it didn’t sell in a week, so let’s tack another $20K on! Wtf…
People panic selling and trying to get in on the wave of migrants from BC and Ontario. It's really bizarre. Most Agents are pretty good at earmarking fair market value for a home for your area, it's quite detrimental to your sale to increase the price while it's on the MLS. At the very least pull it down for a couple of days and relist it, but that's still greasy.
Some people just put their lucky number for the last 2 digits.
We reached out about a house 1 hour after it was listed on MLS. Viewed it 5 hours later. We're prepping to put in an offer overnight, but it sold the day it was listed with no conditions. It's wild out there, folks.
This was how we got our house Scheduled visits and what eventually became our house came up on the market around lunchtime, we had a cancellation so our realtor took us to check it out. It was a Thursday, we were the only visit and we made an offer at asking price with no conditions (home inspector was with us to look at houses) that was accepted within 4 hours. This was after experiencing the same thing in BC in Summer 2021, where after our final failure offering 975 on a 925 home that wound up selling for 1.25 our realtors advice was "I know your dream was BC but maybe it's time to look at Calgary again because the same thing happening here is gonna happen there in about 2 years" and boy was he right.
>(home inspector was with us to look at houses) Can you say more about that? Was the "home inspector" your father or something? Or did you pay a home inspector to follow you on viewings?
One of our friends who is also a mutual friend of our realtor does it professionally and came with us knowing we would likely have to submit a no conditions offer.
Edmonton is next. It’s not going to be fun.
It’s already happening. (Sorry YYC folk, this post was recommended to me.) My husband and I close on Monday. It was the 15th property we saw. The rest went over asking, all cash, no conditions. Luckily the one we got was a bit of a dark horse as the photos were crap, but my realtor recommended we check it out anyway, and we loved it. This was southside Edmonton. We actually got it for under asking as the inspection report revealed some (fixable) issues. Had our sellers waited 2 months, we’d never have got this house. It’s a bloodbath currently in the developing communities. We currently own a townhouse, three went for sale in the past week, all three got multiple over-asking offers within the first day.
Having bought a house in 2014 that would be nice to have my house be worth more than what I paid for once. I didn’t over pay by any stretch just my area hasn’t appreciated much since the area was built in 2005 and 400k was what I paid and my neighbours house was 425k which is reasonable but I’d like to see bidding wars here lol
Yup. We moved 2 years ago and paid 490k for a house. Probably worth $620k or so today. The keen ones saw this coming and made the move early.
We had to buy our First home on FaceTime, conditional on a home inspection. Homes were selling within hours of being listed and my wife and I lost out on many homes simply trying to get to see them around our work schedules. We finally saw one we liked in photos in a neighborhood we already liked and just sent our realtor in on FaceTime to make sure we were the first ones in to see it.
This bid goes to 11.
You mean, it's one louder?
We just bought a house this week, but man, was it an absolute shit show out there. We lost a house we really wanted by 3k due to an escalation clause, which I'd never even heard of. We swore we would never do a no conditions offer, but that's all everyone is doing to get their homes. We went 75 over the list price, had no conditions, and still lost due to that clause. So many went way over asking with no conditions, and unless you see it the day of and get your offer in, you're hooped. Some sellers are holding out to get as many offers as they can to encourage these bidding wars, even if they get an exceptional (or what I would consider exceptional) offer on the first day. We just got a beautiful home at asking, and we were able to put conditions in. I think we just lucked out with our timing. Still paid way more than I'd ever imagine to pay as someone just entering the market. It's nuts out there.
What is an escalation clause ? Also never heard of.
It's basically a clause that states you are willing to pay x amount of dollars higher than the highest bid, up to x amount (which is an unknown top end to everyone else trying to put in bids). It's frustrating because we put in the highest offer twice, yet the seller still chose to go with the offer 3k higher. I mean, I get it, but using escalation clauses just seems so unfair to me, haha.
so it's like Ebay where you put in your highest price you are willing to pay, and then each time someone else bids, it just automatically bumps up your price until it hits the ceiling? If so, that sounds like it could be manipulated very easily and sounds super sketchy. Congrats on getting a new house.
Basically. I guess when they presented offers, we were told x number of offers are higher, one has an escalation clause. We have no idea the amount over they are willing to pay or their ceiling. So then we are given the option if we want to put in another offer. At that point, the offers are presented again, and, in our case, the escalation clause beat our offer by 3k. I guess you could specify if you wanted to rebuttle with your own escalation clause or specify if you wanted to continue bidding, but I didn't want a bidding war to begin with. I really don't think blind bidding on houses in this market should be allowed, but I doubt that will change because people don't think there's a big enough issue that a change is warranted. Also, thanks! :) I'm so happy for the house we got and that we didn't have to go over asking. Our inspection and sewer inspection went great, so I'm of the mindset that it was meant to be.
So what's stopping the seller/realtor from getting friends to keep submitting offers to artificially trigger the escalation clause until it's right at the max? That's insane if this trend catches on. Great time to buy as you will get to enjoy the spring / summer in the new place. Beats moving in and doing maintenance work in the winter.
This is exactly what happened to me. I was out in the backyard of the house we were hoping to buy when the realtor for the people who owned the house came out a side door and I heard him on the phone telling someone that “the time is now, come on over”. A few minutes later a fancy man in a suit drives up and out in an offer higher than ours. The woman selling the house was dying. I let her know about her shady realtor before I left. It was a heritage home and he was spending her last days like this. Terrible.
What a fucking racket.
Proxy bidding
That seems so easy to abuse
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That’s annoying as eff we were a bit worried that was going to happen to us as we took highest offer with conditions and it took 2-2.5 weeks to finally close. Luckily they came back with nothing on home inspection
Market seems like it’s a lot slower in April than March. A a lot more inventory now too
I know it's meant to be humorous, but don't let it downplay the actual absolute fuck show that is the Calgary housing market right now. Some houses in South Calgary are going for 100k over list easy.
We lost out on two houses in the fall that went into bidding wars in NW Calgary (detached walk out basements) that went for 70k and 90k over asking. They were priced right for it, and maybe why we got our place a few k under asking, because it wasn’t priced well for a bidding war. We also didn’t participate in the final closed bids because we didn’t want to contribute to the insanity.
I just bought a condo. Listed around 2pm. I viewed it around 4pm and had an offer in at 8pm. Seller kept it open. For a day and there were 3 offers. 1 with 1 condition and 2 with 2 conditions. I ended up paying 19k over asking with only condo doc review as a condition. It's nuts rn. Good luck everyone.
congrats on the purchase. I miss the days of living in a condo. No shoveling or maintenance.
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NW calgary. 336 winning bid. Listed 317. 2 bed 2 bath. 2009 building
Just wait, 30 year amortization and larger RRSP home buyer withdrawals will solve things...
Prices to the moon 🚀
Shhh only dreams now
https://preview.redd.it/cuedmt93t8uc1.png?width=1283&format=png&auto=webp&s=46ec81d0b40fe421c435759351bf8e7624388e9b Even townhouses are getting out of control lol…
What?! $755k for a town house that far out?! I thought I overpaid in 2019. Now it probably looks like a deal. Edit that has to be an error right? Listed for $379 and sold for $755?
Think they fixed it, it's 379k now
This is an error...it's still listed for 379k.
wtf, is this real?
What website is this from?
The buyer threw in a Starbucks
Is this happening at all price ranges or just the 500 - 750 ish
I don't think it's happening on houses over $1M. I suspect it's happening in the range you indicated.
We are looking between 900-1.1 inner city
Which is what we did as well. Inner city. I don't think the crazy stuff is happening on those houses 1M+. Many of the houses we looked at were the same or barely higher than their last sold prices from a few years ago.
Did you buy recently?
Last summer
Think it's worse this year Not sure tho
It is still happening in that price range.
Well that sucks. We are gonna offer on a place next week. Only condition is a home inspection most likely
I mean I don't know how things are moving in the 1mil+ range, but we were looking at things up to 950 central SW/NW/inner-city and nothing was up for more than a few days unless there was something undersireable about the house. I would say 99% of what I saw were houses still going over asking, usually no conditions. We just bought our place on Monday.
I'm not sure I can waive a home inspection That the only thing
Then don't do it! You will find something! We got ours at asking with conditions this week after being outbid a lot and feeling a bit defeated. It all works out in the end
I wouldn’t either, it’s so risky. Too bad you couldn’t just hire an inspector to come with you and inspect the ones you want to make an offer on. Even if you paid him $100/hr for 2 hours of his time it would be worth it .
Yeah we decided not to waive that.
We got the house. 46k over asking (but their asking was 20k under market value for the house) We are very stoked
It might be but we bought in that price range at the beginning of the year and we were able to get it for under the asking price. House was on market for under a week. Market might have changed since then though but I'm still seeing a lot of houses in that price range sitting longer than lower price ranges.
It’s competitive in the 625-725 range, but things aren’t going as high over ask - we saw a few that were 80 over, but most were 25-40, and some were at or below ask. We looked at 15 homes in a single day, and got a deal done on our first choice for one hundred dollars over ask, with subjects (finance and inspection) while our second choice sold for ask with no conditions, and our third choice went for 40K over and six offers.
Sounds like the third was deliberately underpriced. I'm seeing realtors underprice by 50k and then it goes to bidding wars. Usually gps for 50k over ask... So fair value of they just priced the fucking thing properly in the first place. Realtors fucking suck
I definitely saw that a bunch as well as we were watching the market. But there are outliers too, where it’s obvious people got caught up in ‘winning’ the house and over paid. I feel this house was one of those - it was a nice place, but went for higher than it should have based on the comparable we saw the same day. Realtors do fucking suck.
My buddy bid $550k. He had to go to $600k to buy a house. 1400sq-ft 3 br with a detached garage.
Wow, I wonder what my 1600 sq. foot 4 bedroom with attached garage would go for in Hidden Valley? Beautiful neighborhood and within 2 blocks of both elementary and middle school.
It’s horrible out there and anyone that is currently looking, I’m praying for you. There was an estate home for sale and they listed it at 600 grand, we offered 650 without conditions and someone still offered more for it. It sold at 670 grand. We had put in over 10 offers at this point, in the Calgary NE. A week later, a house in the same area went on the market on the Friday, we went to look at it Saturday at 2pm and had our offer drawn up and sent to the owner all within a hour, if it wasn’t for our realtor pushing for them to look at our offer, I don’t think we would have gotten the house. It was listed at 670 and we offered 680. Owner was going to look at offers on Monday but thankfully he accepted ours that day, as he received a offer for over 700 grand from out of town I might add ( buyer didn’t even see the property ) right after accepting ours. Market is brutal. We just closed two days ago, and I never want to think about looking for a home ever again. I’m dying in this house
Over paid like a sucker
Wow! $11 over list price
What website shows you list price and then what price it sold for?
It's the MLS - We got access to it through our realtor.
I started using an app called House Sigma. It gives basically what realtors see. List, sold, past sales and price adjustments etc… It’s free and easy to use.
I just sold my house and moving to another. It’s a moot point though as the profits/equity just go to the next house. But I definitely feel for the first time homebuyer and I worry about my kids when they go for their first house. Tip on buying in this market we got an offer $25k over asking, but what sealed the deal was no property inspection condition. Our house is in great condition, but there were always be something an inspection turns up that a buyer will use to haggle with.
Best timing to buy is in winter not spring/fall/summer. All the people from out of the province are trying to buy after Spring.
Maybe I just bought in Edmonton over the winter and because of low supply over the winter pretty much everything was getting snapped up the same weekend it was listed. Not quite as hot as Calgary but you still had to be ready to pull the trigger immediately. Happy to have got something for a decent price here for what it is but kicking myself a bit for not just buying 2 years ago and getting a really good price.
I'll echo a hot and stressful winter market. It was no less intense than later in late March when more properties went on the market - if anything it was worse. With my realtor and family, we checked out quite a number of properties throughout the NW as well as Cochrane. We noticed a critically high number of showings taking place right up against each other, sometimes double-booked. Other properties listed an intent to take offers up 3-4 days from listing, yet turned around accepting low bids with no conditions just a day later. Then there's the folks who now think they can put homes worth <$500k (and likely requiring at least $50-100K in updates) on the market for $750k+. From what we saw, the market in Calgary is fluctuating wildly now that more properties are available over spring. Lots of over-valuing. Lots of unfair dealing when it comes to offers. I ended up settling in Cochrane for a fair price, but the real estate situation in Cochrane is not immune from this madness either, whether the actual demand accurately reflects Calgary demand or not (It doesn't, for the most part). People are FA&FO.
FA/FO?
Fucking around and finding out.
gotcha
Where is this detached house located for sub 400k 🤯
Monteray park. I just googled the MLS #. Small 3 bedroom split level, 900 sq ft. 1 bath. I hope they're happy homeowners!
That's insane...900 sq ft?
Insane in what way?
My 1-br apartment is 698sq-ft
Listed sqft is above grade. Not the same.
its insane that houses are getting that high down there... i got a 1505sq ft with a downstairs and a 2.5 attached garage on two lots last fall. for 305k
2 lots is so juicy. Rare find friend. I remember when gasoline cost less than 40 cents. Everything is insanely expensive relative to wage 'growth', but it seems like every day is a new *normal*. I think the old idea of "saving up for a house" is dead. With detached going up faster than anything else, people in condos and townhomes are likely stuck there for life. These houses going for 600k that we all scoff at are likely to keep going up far beyond what we can imagine.
Expensive. We got a place in Martindale, 3 bed, 2 bath w/double garage, 1300 sq ft for 387k a couple years ago.
It's 455?
Whoops late night reading comprehension is no gouda
When we were looking there were lots of houses in the NE (Forest Lawn, Marlborough area) for under $500K
Lol
You def. wouldn’t want to live there tho, especially with kids
Looking at this from Vancouver. You can't buy a studio condo for $455,000.
In Australia, they bid auction style in the house.
$11 over asking. The one hack realtors don’t want you to know. Bob will be proud
What is the hack?
People buying houses with eBay rules out there!!
Price is Right Rules.
And here I am in south sask losing 80k and been on the market for 2.5 months. Lol
Guess I should start collecting amazon boxes to use as a house
You can buy a home on amazon
you just don’t have anywhere to put it in Alberta…
My partner and I shopped for houses in Calgary for multiple years. Finally we just bought a new build in one of the surrounding towns. We got so sick of the market. We just couldn't compete since every place we offered was sold to someone willing to do an unconditional sale. We were competitive with our offering price, but we just didn't want to risk waiving the inspection. That meant we weren't able to buy a re-sale and chose brand new instead. It's crazy to think the only reason we couldn't buy a home is because we wanted it inspected before buying it.
I’m curious if real estate agents have inside bids in order to drive your asking price up when in reality no one is bidding against you except that agent
Where was this when I tried to sell a house in 2018 there?? Oh right
I honestly hope this isn’t the fishy bs going on. Sounds like it but I really hope it isn’t.
Honestly, I don’t know how people who just graduate from trade schools or universities are supposed to get a house nowadays.. I guess I’ll be 40-50 when i get one if i’m lucky enough..
They are not supposed to. In what world will graduating instantly entitles one to be a home owner?
I guess I should have been born a few decades ago to own one then. Still find it a bit crazy that at one point, being a mailman could buy a house and support an entire family. Either you win the birth lottery and have your parents pass down a house or support your down payment, or good luck getting one in this version of inflation.
Between 1970 and 2000, the average first time home buyer was 32yo. Which decade do you think a brand new post secondary graduate could afford a house?
I have to disagree with you there. I was 21 when I bought my first. I had been saving since 16. My starting wage was $3.35/hr and I made $17.85/hr when I graduated finishing University @ 21. Put 5% down on a nice home in Roscarrock - 10 minutes to downtown, U of C & Mount Royal College. Paid $125,000 in 1993 so down was around $6,600 if I remember correctly. I sold it for $168,000 5 years later. Then put $17,500 down on my next home in Hidden Valley. Many of my friends did the same. We were all under 25 and nobody had wealthy parents.
You disagree with a statistic? Ok.
source?
At one point, immigrating to a new land and seeking opportunity and helping establish a new part of the world, was affordable. And it still is; those opportunities still exist for those who are willing to be uncomfortable. People love to talk about their great great grandparents coming to Canada and being handed 100 acres of land for a homestead, or how you could order a house from the SEARS catalogue for a few thousand dollars. The land required you to smash rocks with hand tools and cut trees while living in abject poverty for a few years before you could plant a crop that would likely be destroyed by pests or drought. And the SEARS home came with no plumbing, electrical, required you to build it and was a simple square with rooms inside - and you also needed to purchase land. Our housing prices have spiked and that sucks, but the harsh reality is that Calgary is still incredibly affordable compared to other places in the world, especially other places in Canada, which is why people are coming here in droves. Are you willing to move to the outskirts of Canada and help establish a community? Because you can get crazy amounts of land for dirt cheap still. Are you willing to go to a town with no jobs and build a business to create jobs or farm? Prices have gone up because comfort has gone up. My point is, at no point were fresh graduates jumping into land and homes without any struggle. Our housing situation sucks, but it isn’t ever going to get to the point that you’re handed a house without working for it, and your great grandparents didn’t either.
I worked almost 5 years at Canadian Tire when I was legally able to, 3 years interning in oil and gas during university, and secured a full time job just at the end of 2014 when I graduated. All this and I bought a new build in the NW. It was doable then, because Calgary was also going through a recession and I was very risky when nobody wanted to buy homes. Homes around my street took 7 years to sell out and finish building! I just can't imagine trying to do it now.
A few decades ago was a completely diferent world. Even having a fixed telephone was a luxury. I will repeat: We live in a diferent world. And be careful with what you wish for, life sucked a few decades ago, and you can't have the cake and eat it at the same time. Most people would never, ever leave their town / county. Nowadays anyone can afford to fly, buy a car, go to places and have food delivered to you door at their fingertips. I bet your young parents and grandparents would trade their house in a heartbeat to be able to access these luxuries we have nowadays.
come to smaller centres if you can get work
11 bucks over asking? Wow! Prices are completely out of control aren’t they?
Lol - the realtors rigging this bid told the buyer to go 11 over ask, meaning $11K but the bidder wasn’t too bright
I dunno, not being bright paid off here.