Bought a house when the market was hot and now regret it? You’re not alone

  • 📰 TorontoStar
  • ⏱ Reading Time:
  • 70 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 55%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Some homebuyers who big high in the heated market are now wondering if they jumped the gun. Others who are nearing closing day are facing mortgage shortfalls as their home values drop, leaving them scrambling to scrape together funds.

Tired of waiting for a break in Toronto’s hot pandemic market, the real estate broker bought a four-bedroom bungalowNow, the realtor of 12 years is looking enviously at theas he approaches his June closing. Other bungalows in the area are now going for $1.1 million.

Another who bought a house for $1.3 million saw bigger homes sell in the same neighbourhood for $1.1 million. “I’m feeling stressed and wanted to get out of this deal though I have no option left other than forfeit my deposit,” the buyer wrote in a post shared by a realtor on Twitter.when homes and condos were selling for $1.33 million on average. But with rising interest rates and an injection of new listings, sales have been plummeting this spring in what is normally prime real estate season.

Mary Sialtsis, a mortgage broker at Concierge Mortgage Group, says she’s concerned about anyone who bought before the April 13 interest rate hike whose closing is at the end of May or later, because values are dropping. The buyer, faced with the bank lending significantly less than the purchase price, was then left with few options: to turn to family and friends to borrow money, or to alternative or private lenders.

With further interest hikes looming, realtors and mortgage brokers offered a few tips for recent and futureFirst, don’t panic. If you bought a house and feel you could have purchased a better one for less, it might not be true. You might be comparing apples to oranges because the lot size or other features could be different, Sarvaiya said. Or, a seller of a neighbouring home might have accepted a low offer out of desperation, not market forces.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 60. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Whatever happened to buying a house because you want to live in it?

Lol

dmrider Good riddance.

Alliston is not in the GTA..lol

( Skip to 4:35 - 4:50 ) 'M$ Bu$h money aint everything there r many things that money cannot buy' - 1911-1914/2010 RDR1 $econd Game

Can’t say I’m at all sympathetic when they contributed to the craziness of the market with off the chart bids

Sounds about right

Lol

this is too funny !

I thought prices were rising 30% a year because there was no supply. This article says prices are dropping and lots of listings. So maybe, just maybe, it was all bull. Speculative bubble from cheap rates

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil market volatility not linked to OPEC+, UAE energy minister saysSpeaking at a conference in Abu Dhabi, the United Arab Emirates’ energy minister said oil market volatility is because ‘some don’t want to buy certain crudes and it takes time for traders to move from one market to another’
Source: globeandmail - 🏆 5. / 92 Read more »

Pain not over for U.S. bond market but some see yields nearing their peaksInvestors are starting to think a possible slowdown in price pressure as well as support from yield-seeking buyers could bring a ceiling
Source: globeandmail - 🏆 5. / 92 Read more »