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Old Posted Feb 4, 2009, 7:20 AM
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SpongeG SpongeG is offline
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Better off renting

Better off renting

“Ocean Park is an amazing area to live,” says one reader who sent a lengthy missive from British Columbia.

“It is an older, established area with lots of trees. The families are fantastic and you can walk to the beach.”

Sarah responded to my request for stories about real estate across the country with a dynamic snapshot of the sudden downturn in the market in and around Vancouver.

The atmosphere in the small, seaside community just south of Vancouver illustrates the chill that has descended over B.C. housing.

A few months ago, Sarah and her husband decided to sell their “perfect starter home” after about 6 years in Ocean Park. With three kids, they found they were running out of space.

They put their house on the market early in September figuring they might face less competition from other buyers for their next place during the slower months of the winter.

“By some miracle, we managed to sell our home in three weeks the day before the first stock market crash” on Sept. 29th, she says.

Soon after, they found a house they liked and put in an offer but the owners rejected it.

They started the hunt anew and found what they thought was the perfect house. They negotiated a significant amount off the asking price and even did the inspection.

But when it came to signing off, they just couldn't do it, Sarah says.

“We agonized over the decision. Neither my husband nor I felt peace about it.”

The couple was spooked, she says, because not one house they had looked at during the course of several weeks had sold. Asking prices appeared to be coming down.

Immediately after letting the homeowners know they would not be going through with the deal, the sellers offered them more off the price. The couple still said no.

Sarah and her family decided to rent for a while instead. They found acceptable accommodation in the same area so their kids' routine is pretty much unchanged. The family is paying a bit more in rent than they laid out for their monthly mortgage payment, but the difference isn't great when property tax and maintenance are factored in. They figure it's worth it.

Meanwhile, the sellers contacted Sarah and her husband again and suggested they consider putting in an offer at $50,000 less - it might be accepted.

And they also heard from the owners of the first house they had moved to buy. Now those sellers were offering to sell at less than the price they had previously rejected.

Sarah knows she was lucky to sell when she did: The numbers would later show that sales of detached homes fell 50.3 per cent in the Greater Vancouver Area in September compared with the same month a year earlier.

I've heard from other buyers who are sitting on the sidelines in Vancouver. While prices have fallen from their peak, many expect them to drop farther.

Where will Sarah end up? She doesn't know.

The couple managed to negotiate a lease that allows them to rent from month-to-month so they have complete flexibility.

“I would like to find a house soon but for now we are just watching the market and enjoying the break from being homeowners - no maintenance and no responsibility.”

http://business.theglobeandmail.com/...ory/WBhometurf
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  #2  
Old Posted Feb 4, 2009, 1:20 PM
EdinVan EdinVan is offline
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Join Date: May 2008
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I just love the dramatics. This witch needs a reality check if she thinks her "problems" are even remotely important, considering that there are people out there sleeping on grates and starving to death. Absolutely no shame.

"The chill that has descended over B.C. housing..."

“By some miracle, we managed to sell our home..."

“We agonized over the decision. Neither my husband nor I felt peace about it.”

"The couple was spooked..."

"Where will Sarah end up? She doesn't know."

I think many of us know where Sarah should end up.
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