OT: Lets talk about stocks (Part 2)
- Thread starter Lshap
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Scintillating10
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Scintillating10
Registered User
I use Direct investing for my stocks. Cryto I have put on hold. Don't see it coming back until late '21, maybe 2022.
mariolemieux66
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Scintillating10
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llamateizer
Registered User
Scintillating10
Registered User
That was AMC. Suppose to short. It's gone up 20% since Tuesday. Made $800. Not as high as i wanted but alright.So much for that GME squeeze this week. Maybe next week.
DAChampion
Registered User
- May 28, 2011
- 29,796
- 20,951
I've sold nearly all of my crypto and liquid stocks to move forward with a down payment as quickly as possible in this hot market. Wish me luck guys.
llamateizer
Registered User
A friend tried to purchase a condo multiple times in Montreal, she went over the price by 10-20% and lost every time.
She managed to acquire one, but the seller faked the numbers in the living area squarage (surface habitable) by 20%. She canceled the contract as the seller didn't wanted to negociate.
For equivalent Condo, she was overpaying 25%
Good luck
.
DAChampion
Registered User
- May 28, 2011
- 29,796
- 20,951
A friend tried to purchase a condo multiple times in Montreal, she went over the price by 10-20% and lost every time.
She managed to acquire one, but the seller faked the numbers in the living area squarage (surface habitable) by 20%. She canceled the contract as the seller didn't wanted to negociate.
For equivalent Condo, she was overpaying 25%
Good luck
I've seen a lot of sellers lying about how many bedrooms they have. Technically a bedroom must have a window and a closet (local standards), but often times little cubes with no windows and no closets are counted as bedrooms.
In the area that I'm looking at, comparable homes have typically gone for 5% above asking price. We beat that, I hope it's enough, but the home is kind of special, do who knows.
curious about the housing market , I’m looking for a condo myself. I felt like I was waiting for a crash of some sorts but seems demand is still high. Homes are still going to multiple offers, I would assume with the interest rate low, it’s not making it hard for people to invest.
i guess I have to wait until the rates come up so people will be deterred to buy.
how is my reasoning ?
I'm in same boat, just a little later. Making my money in 2020-21, taking the gains and buying a place.
I'm no economic expert but it depends how long you're willing to wait.
It seems like there is a backlog and demand is far greater than supply. I fear that even when interest rates go down the prices won't as many people accumulated savings during covid and the demand is still there.
What you're saying is logical though, I just fear that there is a residual demand and savings we can't ignore.
llamateizer
Registered User
your reasoning is too logical
When I bought my house in 2013, it was not the time to acquire.
right now, it's even worse. If you don't have a house, you're doomed.
I don't believe that the market will crash. it might SLOW down or stagnate. but not going down.
Mrb1p
PRICERSTOPDAPUCK
your reasoning is too logical
When I bought my house in 2013, it was not the time to acquire.
right now, it's even worse. If you don't have a house, you're doomed.
I don't believe that the market will crash. it might SLOW down or stagnate. but not going down.
Its really discouraging seeing the market right now. All my friends got in a few years a go, meanwhile here I am stuck in an appartment.
I have pretty good liquidity and assets, but I wont be able to afford anything as a single person.
DAChampion
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- May 28, 2011
- 29,796
- 20,951
It depends on too many variables to see here.
For myself, some of the variables include that I'm getting married this summer, and that rent in this market costs as much or more than a mortgage.
We also don't care if the price drops by 10% soon or whatever, as we plan to stay there a long time.
For what you need, how much do you estimate that you need to pay for rent versus mortgage?
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QuebecPride
Registered User
I doubt home prices really come down in the next few years. Maybe for a condo it's different, but people want more room and a teleworking place at home. Also, the millenials (yours truly) will become buyers more and more, so that will expand demand.
My reasoning is that people rarely accept to sell a home below the price they paid. Unless there's something wrong with the house or if they're really struggling financially. Rates will increase eventually, but probably not to an amount that will squeeze people out of their homes.
With that being said, being a renter is looking more and more interesting. Of course rents in bigger cities are also ridiculous, so you're damned if you do buy a house, or if you don't. It's not an easy market for first time buyers.
My advice is that if you can tolerate being a renter, accumulate more funds to buy eventually. But if you have to buy a house because you're done with loud neighbors or because you need a bigger place for the kids, well you have to take it on the chin
Another good advice I got from the podcast Animal Spirits: If you go to buy a house, buy a house you'll live in for 10-15 years, not a starter home for 2-3 years. Transaction fees will ruin all the profit you'll make if you go for a house temporarily. Of course, shit happens and you can't predict breakups or losing your job, but your intent should probably be to buy for the long term.
Hope Of Glory
Registered User
I doubt home prices really come down in the next few years. Maybe for a condo it's different, but people want more room and a teleworking place at home. Also, the millenials (yours truly) will become buyers more and more, so that will expand demand.
My reasoning is that people rarely accept to sell a home below the price they paid. Unless there's something wrong with the house or if they're really struggling financially. Rates will increase eventually, but probably not to an amount that will squeeze people out of their homes.
With that being said, being a renter is looking more and more interesting. Of course rents in bigger cities are also ridiculous, so you're damned if you do buy a house, or if you don't. It's not an easy market for first time buyers.
My advice is that if you can tolerate being a renter, accumulate more funds to buy eventually. But if you have to buy a house because you're done with loud neighbors or because you need a bigger place for the kids, well you have to take it on the chin
Another good advice I got from the podcast Animal Spirits: If you go to buy a house, buy a house you'll live in for 10-15 years, not a starter home for 2-3 years. Transaction fees will ruin all the profit you'll make if you go for a house temporarily. Of course, shit happens and you can't predict breakups or losing your job, but your intent should probably be to buy for the long term.
Plus the immigration will resume eventually. That should drive prices (both for renting and for buying) upwards.
I wonder how much people we'll let in once the pandemic is under control. Will we compensate for the low immigration in 2020 and 2021? Or will we keep the same yearly ceiling we had before?
danyhabsfan
Registered User
In CCIV (LUCID), NGA (LEV), GNUS, ICBU, IDEX
ICBU is my first OTC play. I own 460 000 shares. Give me 2$ and I'm millionnaire :p
ICBU is my first OTC play. I own 460 000 shares. Give me 2$ and I'm millionnaire :p
Scintillating10
Registered User
This is a good way to look at it. Buy something you love (and can afford!), commit to staying in it for mid-long term, don't expect to make a mint on it, and you can't lose.
Congrats and wishing you luck, tough market. My advice is stick to your list of what you want / need and don't get pushed off it, something will come up that fits.
Lafleurs Guy
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- Jul 20, 2007
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Something to consider...
I was lucky enough to buy an investment property before this madness began. Got it at a reasonable price and then renovated it to become a legal duplex. Now I rent it out with renters upstairs and down. It covers the mortgage.
If you're willing to live with it, you could get a place and live on the top floor while renting out the basement. Do that for a while and a good chunk of your mortgage will be paid by somebody else. Of course, you need the right tenant and a woman who's willing to go along with your plan...
Anyways congrats on getting hitched.
Mrb1p
PRICERSTOPDAPUCK
Yeah with these never really going under 7 figures its not going to be easy.
The only options around are condos or living 45 min + of MTL.
Lafleurs Guy
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- Jul 20, 2007
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