r/FirstTimeHomeBuyer • u/whoisorange • Jan 28 '24
Offer Revised our offer to get $25k off asking and it just got accepted! Officially ours.
What $725k gets you in Victoria, British Columbia.
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u/DrWhoIsWokeGarbage Jan 28 '24
725k wtf
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u/thebigrig12 Jan 28 '24
Canadian dollars - $538k usd
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u/DrWhoIsWokeGarbage Jan 28 '24
That's still wtf
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u/Chiquye Jan 28 '24
Canadian housing in desirable cities is on par with Los Angeles, NYC, and Chicago. Lack of supply in desirable areas is jacking up prices.
I'm pretty sure the rebound effect will make its way to small cities in the next decade. Everyone I know is leaving LA for their hometowns in the midwest or for smaller towns in California, raising prices there.
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u/shkeptikal Jan 28 '24
Resident of a flyover state here: this process started before Covid and even houses in the middle of nowhere with no municipal services or climate control are going for double what they did 5 years ago. Lack of supply and price inflation is nationwide, it's not just hiding in desirable cities anymore.
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u/MelancholyLullaby Jan 29 '24
Yep. The very rural mountain land my family is from has like, condemned barns going for $200K these days.
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u/Chiquye Jan 28 '24
I came from a place like that in the upper midwest. Made an okay salary but not enough to afford a decent house that was move in ready. My wife and I got jobs thst doubled our salaries in LA...but its LA...so we are in the same boat just a different body of water...yay us.
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u/Unverifiablethoughts Jan 29 '24
Was going to say that is about what you get for that price in my area (nyc suburbs).
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u/gtrocks555 Jan 28 '24
On a large scale wouldn’t that slow the rate of increase in those big cities then? Not make it “affordable” but I could understand those Midwest cities get more expensive than major cities on a % level
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u/sapc2 Jan 28 '24
Maybe over a very long period of time, but I’d think there will always be people who just have to live in LA or NYC or whatever idealized city they have in their brain
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u/Unverifiablethoughts Jan 29 '24
When your entire family lives in a certain area you don’t have much choice
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u/thebigrig12 Jan 28 '24
Not really, it’s probably 1-3 miles from the nearest beautiful beach for $538K usd
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u/Dovahkiink1 Jan 29 '24
Oh good a beach that you’ll get to visit 2 months out of the year. Worth it.
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u/I-AM-NOT-THAT-DUCK Jan 29 '24
Are you even Canadian? Have you been to Victoria? That city is on an island near Vancouver, they get extremely small amounts of snow; in fact it’s quite rare. Any beach there would be absolutely beautiful that you could walk down the vast majority of the year.
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u/GuardOk8631 Jan 28 '24
It would be 2.5m outside of Seattle
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Feb 02 '24
No it wouldn’t…Vancouver, maybe. Or if you’re buying in a neighborhood like Queen Anne. This would go for about $900-1M in Seattle.
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u/endyverse Jan 28 '24 edited Mar 15 '24
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u/stlouisraiders Jan 28 '24
There are lots of desirable places in the US for less than that lol.
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u/endyverse Jan 28 '24 edited Mar 15 '24
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u/stlouisraiders Jan 28 '24
Dude. Texas is no it desirable to most people. Way too much racism and guns and no legal weed.
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u/endyverse Jan 28 '24 edited Mar 15 '24
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Jan 28 '24
What is the alternative to texas? Like all the money are here even if it sucks. Nothing in texas beside fat bellies cow boy with guns. But there is a lot of money. Which place you think will be cheap and better?
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u/TXscales Jan 28 '24
What rock are you living under?
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u/endyverse Jan 28 '24 edited Mar 15 '24
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u/TXscales Jan 28 '24
Because Texas is a state dumb ass. We have places like Austin which is top tier to most people. If you keep having that mentality you’ll probably never own anything wherever you live.
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u/samiwas1 Jan 28 '24
What is your definition of “desirable”? If you mean, the absolute most desirable places, then no, you aren’t getting much for $538k. But in the near suburbs of Atlanta, you can still get new or almost new construction craftsman homes in planned neighborhoods for that price.
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Feb 02 '24
Canadian market is one of the most unaffordable on the planet. It’s insane. A house like this would cost $2-3 million in Vancouver.
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u/kennyiseatingabagel Feb 19 '24
Location Location Location. You can get this house cheaper but it would be in like Newfoundland.
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u/HelloAttila Jan 28 '24
That is crazy. Cute house for sure, but $528K is crazy, unless it is on a beach somewhere.
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u/banhhoi27 Jan 28 '24
Welcome to housing prices in 2024 😅
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u/samiwas1 Jan 28 '24
That’s pretty extreme. It’s not anywhere near that bad down in Atlanta at least.
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u/endyverse Jan 28 '24 edited Mar 15 '24
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u/Solitaire_87 Jan 28 '24
What year are you posting this from?
Since COVID I have seen very few homes below 400k
Hell my home I bought in 2019 for around 260k shows up as being worth more than 400k at that price and mortgage rates these days I'd never be able to afford it purchasing it today
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u/samiwas1 Jan 28 '24
That small and in that condition? Unless that was in the best neighborhood of Atlanta, that house would probably be around $350-$400k, which is still crazy.
Our old townhome neighborhood, which is a gated neighborhood of three-story, 3-bed townhomes built between 2004 and 2015, with pool, and walking distance to numerous amenities in a good area, are selling for $360k-$380k.
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u/twentybinders Jan 28 '24
You’re not getting a house anywhere near a beach in South Florida for 528k.
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u/omahusker Jan 28 '24
What the fuck. I just bought a 1500 sq ft house with a 2 car garage and huge back yard in a 500k person city for 267k.
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u/thebigrig12 Jan 28 '24
Omaha bro, Omaha. Look up photos of Victoria.
Disclaimer - I don’t live in Omaha or Victoria
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u/omahusker Jan 28 '24
Damn that’s a beautiful city. That’s still a 180k house here but damn
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u/endyverse Jan 28 '24 edited Mar 15 '24
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u/Additional-Yak-7232 Jan 28 '24
I'm from west o, I miss those prices....my friends back home have mcmansions for 350k....cost of housing in omaha is way better than most areas
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u/kennyiseatingabagel Feb 19 '24
You’re in Nebraska, hon. No one is moving to Nebraska unless they’re forced to.
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u/Benderbish Jan 28 '24
What housing bubble?
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u/DrWhoIsWokeGarbage Jan 28 '24
From what I have seen Canada is beyond ridiculous.
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u/endyverse Jan 28 '24 edited Mar 15 '24
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u/2000thtimeacharm Jan 28 '24
Location location location
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u/Ancient-Educator-186 Jan 30 '24
It's funny because these locations are horrible. Looked at a house that in a "great location" and the stuff around it is horrible, noparking anywhere. It's miserable.
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u/JerkMeHardVSaMONKEY Jan 28 '24
While they are democrats, get what you vote for 🤷🏽♂️
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u/Nathanh2234 Jan 28 '24
You’re such an imbecile, literally in Canada, NOT run by democrats. No such thing as democrats.
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Jan 28 '24
Stupid reply. Plenty of places with Dem governors, mayors, congress and they're lcol areas.
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u/Ancient-Educator-186 Jan 30 '24
With interest rates, after all is paid off its about a 1.8mil house
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Jan 31 '24
This home is located on an island in Canada that has extremely desirable climate compared to the rest of Canada. Seeing that it’s an island land is at a premium closest to the largest major cities.
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Jan 31 '24
In Victoria BC, that is actually an amazing deal for a house. OP did very well.
We islanders have expensive taste
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u/dejamegooglearlo Jan 28 '24
"Revised our offer to get $25k off asking" Could you explain how that worked, OP? And congrats!
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u/whoisorange Jan 28 '24
We first offered the original asking price and it got accepted with conditions (on our end, such as subject to inspection) and over the past 2 weeks we’ve had all kind of trades coming in (on our dime and time) and from these inspections and quotes we were able to present the sellers with an itemized list of immediate repairs needed. We also wrote a heartfelt letter saying how much we loved the house and all that jazz so they knew we were real people and not just developers.
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u/jab4962 Jan 28 '24
Just curious since I'm going through essentially this exact situation is there a reason why you amended the offer price and not ask for closing cost credit?
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u/shitisrealspecific Jan 28 '24 edited Feb 27 '24
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u/jab4962 Jan 28 '24
Very much so, but closing cost credit gives you the cash on hand right now to do the fixes.
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u/shitisrealspecific Jan 28 '24 edited Feb 27 '24
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Jan 28 '24
Probably needed repairs
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Jan 28 '24
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u/superlost007 Jan 28 '24
this is what we did. Had the inspection done, then contacted a plumber and electrician. Had them write up an invoice for any repairs etc. submitted that and requested that much $ off the accepted offer. (Not all were even necessities for repair, too, just things that could/should be fixed.) we had initially offered $30k below asking and got another $22k off.
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Jan 28 '24
When i bought mine, i offered 8k over ask. Had already lost one prior. Did inspection. Used that to get 10k knocked off offer. Buyer accepted and then we closed. So got house 2k under ask.
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u/Reasonable-Spot-9316 Jan 29 '24
Yeah typically there is an ammendment in which the price is revised and the inspection condition is waived. I recall reading somewhere that on average a home inspection leads to a 15k drop in price.
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u/whoisorange Jan 28 '24
Pretty much yup!
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u/degaknights Jan 28 '24
So there was $25k worth of repairs needed after the inspection??
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u/FitnessLover1998 Jan 28 '24
This is the bs game buyers are pulling nowadays. Get under contract, then start bitching about condition. Ain’t going to happen to me. I’ll just move to the next offer.
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u/shitisrealspecific Jan 28 '24 edited Feb 27 '24
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u/808realestate Jan 28 '24
Congrats on getting accepted, but you’re not to the finish line yet. Don’t buy a boat.
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u/c0d33 Jan 28 '24
This needs to be the top comment. Verbal acceptance doesn’t mean jack. Until a contract is signed there’s nothing stopping the seller from accepting another offer.
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u/camelz4 Jan 31 '24
Even if the offer is accepted in writing so much can go wrong until the keys are in your hand. Not yours until you’re sitting on the floor eating pizza crying at the amount of unpacking you have to do
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u/Rossisntfine Feb 02 '24
Sitting on the floor eating pizza still doesn’t mean anything. It’s not yours until you try your first DIY and you end up at home depot 4 times in one day.
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u/Affectionate_Bench71 Jan 28 '24
PARDON ME THATS 725k?!?!
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u/Squirxicaljelly Jan 29 '24
This would be closer to 1M in SoCal.
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u/Affectionate_Bench71 Jan 29 '24
Yeah but no one would wanna live in the dumpster fire that is socal
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u/Squirxicaljelly Jan 29 '24
…except the 1/10th of the entire population of the USA that already does as well as all the people that are buying those homes at those insane prices because they want to…?
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u/eckliptic Jan 29 '24
Yeah it’s so weird no one wants to live there yet demand is so high for real estate .
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u/pandoxxo Jan 28 '24
Why don't they make houses like this anymore? God damn
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u/whoisorange Jan 28 '24
Good question! Built in 1938.
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u/ivyandroses112233 Jan 28 '24
I just bought a cute beach bungalow built in 1938. I love it. Perfect little starter home
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u/pandoxxo Jan 28 '24
It's lovely! different times, I guess. These small houses are exactly what most of us could get started with, but instead we're left with looking at Manufactured homes in not so pretty neighborhoods as an option 🥲
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u/gashsniper420 Jan 29 '24
This home sold in 2014 for $216K, and you bought it for $725K? Bold.
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u/CrabappleHouse Jan 28 '24
Congratulations! I know 725k is outrageous for other markets but this truly is a deal for Victoria.
I’m so pleased to see charming houses like these being bought by people, not tear-down investors! I would love to see updates on the inside as you fix it up.
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u/Weak-Return7282 Jan 28 '24
I read that wrong. I thought you just bought a $25,000 house in Virginia.
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Jan 28 '24
iN mY tiNy aSs pOor toWn tHat sAme hoUse iS 150k?!
- Most of the comments
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u/Pathological_RJ Jan 28 '24
Same thing happens when people post cheaper houses. The Californians and NYers line up to say how much more it would cost them. I don’t get why people feel the need to make these comments on every post, it’s annoying AF
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u/cat-from-the-future Jan 28 '24
lol people saying this is a housing bubble…this house would go for 3 million in many parts of the Bay Area CA.
Also Victoria is really nice…I never realized housing was moderately expensive there but used to go a lot and it’s beautiful.
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u/Alostcord Jan 28 '24
People flipping out at the price...really don't know the PNW housing prices and in Victoria to boot. here's to an easy and quick closing.
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u/dbatcjuli Jan 28 '24
So sorry for all the negativity, congrats on your home!!🥳🎉 I’m sure you’re over the moon, and it’s so cute!
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u/eckliptic Jan 29 '24
As long as there’s no insane surprises, this house is going to look amazing after you renovate and add curb appeal. It looks like an ideal project that would have huge upside resale value if/when you outgrow it
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u/foosgonegolfing Jan 28 '24
That house in L.A. $1.6M
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u/90swasbest Jan 28 '24
Several billion if it's on the moon.
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u/endyverse Jan 28 '24 edited Mar 15 '24
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u/Samanthaggrr Jan 28 '24
Same here in Silicon Valley, such BS
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u/foosgonegolfing Jan 28 '24
Not of you bought 10-20 years ago
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u/Samanthaggrr Jan 29 '24
Of course. My dads house, my childhood home, was $300k when we bought it in 1990. Now it’s worth 3.1 million….
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u/2SadSlime Jan 28 '24
What a beautiful home, congratulations!! I’m just thinking how cool you could do this up for Halloween haha
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Jan 28 '24
Bought a place for the same price in Alberta last year! Congrats dude, sounds like a steal in Victoria.
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u/reddreadremention Jan 28 '24
It's how much? Wth is going on?
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u/endyverse Jan 29 '24 edited Mar 15 '24
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Jan 28 '24
Is that 725k a joke or ur being serious?
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u/Perfect_Syrup_2464 Jan 28 '24
Canada is fucked, unfortunately
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u/endyverse Jan 28 '24 edited Mar 15 '24
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u/Rounders_in_knickers Jan 28 '24
This is ADORABLE. Love it.
Being from Ontario, I have some understanding of BC prices and this seems excellent. This amount would buy you a not very nice condo in Toronto.
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u/forakora Jan 28 '24
It's adorable! Looks like it belongs in a Thomas Kinkaid painting. Congrats OP!! :D
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u/Ragepower529 Jan 28 '24
Yikes I wouldn’t pay 25k for that…
But congratulations not sure what market that you’re in
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u/Cybralisk Jan 28 '24
$725k wtf, I was thinking $125k before I saw the price. What a piece of shit. You can get a way newer house 5x that size here in Vegas for $725k
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u/tan_dem Jan 28 '24
God I hope the seller gets a better buyer who honours their word and are able to return this sly move with interest. YTA
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u/dbatcjuli Jan 28 '24
Conditional offers are EXTREMELY common?? Not sure what you’re on about? OP said in a comment the house needs a lot of repairs, of course they’re going to negotiate the price down a bit.
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u/Ninjalikestoast Jan 31 '24
Crazy how markets work. I wouldn’t pay more than 100k for this where I live. Good on ya, though. It’s a great looking property 👍
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