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Real estate market


Dirtyhip

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17 minutes ago, Further said:

Are you going to sell it yourself or use a realtor ?

Likely a realtor.  Too much work.  Too much to deal with trying to list it ourselves and I don't know if we would get enough exposure.  

Our realtor is discounting his fee, as we are past cutomers.  Saves us about 2 grand, if we sell for what we think we will.

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One thing for certain, not happening in my area...I live in an economically depressed city ..which started a few years before covid.  There are nice homes and activity for those who have stable job and having been wanting to own a home.

And a great place for investors or owners who want a much bigger home or several homes to rent.

A detached home now, in Calgary (3-4 bedrooms with garage. Never go for carport in a city with very cold winters) which is nice...can be around $375,000CAN and up. That is considered mid-range in smaller Canadian cities outside of Vancouver and Toronto.

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My sisters and I have purchased and sold a few pieces of real estate recently due to moves or deaths in the extended family, and each time we used a realtor, they were definitely worth every cent we paid them.  They dealt with all the buyers requests and questions, helped navigate the coop board requirements and gave us comfort that we weren't overlooking something important. 

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42 minutes ago, Kirby said:

My sisters and I have purchased and sold a few pieces of real estate recently due to moves or deaths in the extended family, and each time we used a realtor, they were definitely worth every cent we paid them.  They dealt with all the buyers requests and questions, helped navigate the coop board requirements and gave us comfort that we weren't overlooking something important. 

I agree. I only know of 1 person who sold her house directly. 

The key thing is meeting several different real estate agents and finding one is comfortable with and being alert to bug/nudge the real estate agent to price the property fairly for yourself.  Then in selecting a law firm that will allow you to use paralegal services at a lower price, if it's just a straight forward buy or sell when deal is closed with all conditions.  It is possible in Canada.

After working for law firms where my dept. billed research services (up to lawyer to put on invoice or not), I know a bit about what  is reasonable fee/all-in-one service pkg. for various legal services. Always negotiate with law firm. Ask for details what work will be included in their fee estimate.

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3 minutes ago, shootingstar said:

I agree. I only know of 1 person who sold her house directly. 

That For Sale By Owner place in my hood sold pretty quick (signs been gone for a while).  I need to see if it has completed the sale, and see if they hit their asking price or not.  If so, that's a nice "bonus" for them. If not, it's a "why didn't you use a realtor?" question.

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40 minutes ago, Razors Edge said:

That For Sale By Owner place in my hood sold pretty quick (signs been gone for a while).  I need to see if it has completed the sale, and see if they hit their asking price or not.  If so, that's a nice "bonus" for them. If not, it's a "why didn't you use a realtor?" question.

If I was forced into that position to sell directly, then most definitely, I would use a lawyer with experience in real estate in both simple and complex real estate law. (even if your home sale is "simple".)   One needs a lawyer to draw up/ finalize proper (special) conditions for the sale /purchase, etc.  Then, I don't see how that is saving a whole lot of money by not using real estate agent...maybe saving by a couple thousand dollars?? For sure, it seems like a lot more stress/intellectual effort for the seller.

I wonder if these days if one can negotiate real estate agent fee, by limiting how the house is marketed. After all, there are costs. But nowadays it's so easy to take videos, upload digital photos.

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2 hours ago, shootingstar said:

Still working in job for long?  No consideration to live in another part of U.S. because of family/friend ties? (Nothing wrong with that.)

I'm working for at lease another three years, until I am 65 and will qualify for Medicare. Health insurance here is expensive. With the new house I may work for two years after that to age 66 and 10 months to begin drawing Social Security. My Social Security will pay the mortgage and the pension will be for everything else. We will see. My immediate family is in the Northern Virginia area with many cousins up in New England. No family in Oregon. While the west is beautiful with many outdoor activities, I don't want to live there.

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While no longer an active Realtor (licensed, but make referrals only), this will sound weird. Despite the commission, people typically make more using a Realtor. Ignoring the additional benefit of detail and paperwork management, there are two basic reasons. Fist, on a FSBO - you know they are not paying a commission, as a buyer, are you going to let them keep it or will you want a cut of that savings calculated into your offer price? The other issue is marketing (and make sure the Realtor doesn't skimp on it to increase their profit or limit their risk if doesn't sell). Not only do FSBO have to buy up front, they lose it if it doesn't sell, but the Realtor has a massive group to market to that FSBO can't match. More people viewing increases with the marketing buzz supporting price and creates the possibility of multiple offers requiring buyers to bid against each other "Highest and Best by (date/time". 

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4 minutes ago, ChrisL said:

Yeah still really low but they just ticked up a bit.  Looks like interest rates may have bottomed out.

Not surprising. Don't want to sound too political here but Trump brow beat the Fed for low interest rates - even wanting negative interest rates, Normally when you have a "great economy" they raise rates to control inflation, but more importantly, re-load their primary weapon for the next downturn. That didn't happen. Now that Trump is out of the picture, the pressure is off, and expect the Fed to begin gradually raising rates.

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