How much is your home worth?

[barmanjay]

A collegue of mine has been doing this in another forum,.. so I thought I would do it your you fine folks

I will do a very basic CMA (market analysis) on whatever property for free,.. no this IS NOT an appraisal

If you want a certified appraisal,.. talk to 01sahara

I'll just give you an "Idea" on what you house is currently worth or what it "might" sell for in this market

What I will do is take your addy and look it up,.. from there I will search for comparibles that have recently sold

I'll try and get as accurate as I can

What I will need for you to pm me is:

your address

email for me to send the comparibles to

FYI: this is only really good for Calgary and surrounding areas,.. I can't do Grande Prairie,.. LOL

[barmanjay]

Thx for the pm's guys

please be patient,.. i got slammed,.. LOL

I'm working on them as fast as I can

feel free to keep them coming

[barmanjay]

All pm's should be replied to via email

I hope everyone is satisfied with their very basic results.

If there are other people interested in the market value of their home, by all means pm me,.. I'll keep doing this for you guys for a little while longer

[barmanjay]

All of you may notice that I like to use '8's alot,.. the reasons are:

#1 - it catches everyones attention
#2 - asians seem to think its a lucky number,.. I have no preference and I'm 1/2 asian. the german side thinks "ja vol mein herr"  and goes with the flow,.. LOL

[Matt4x4]

I bought my house several years ago for $100,000, mortgage was $600 @ 4.5%. House is just about paid off in full. It is now worth close to $400,000. All I do is go to the mls.ca website, look at all the houses for sale in my neighborhood and the sorrounding neighborhood. I will hold onto it until it reaches 500-600k which will happen in the next year or two. The homes in my neighborhood go up more then average because its in an ideal part of town. Goal is to get another house real soon and start renting getting a home every couple years. The more homes I rent out the faster I can pay off mortgages and buy additional homes. The ideal # is 4 homes

[barmanjay]

That is awesome

That is a great plan, using your equity, you can leverage yourself to get a few homes as rental properties.

Pending the size of your downpayment you withdraw from your equity to pay for your rental properties will determine your profits.

If you do it right,.. you could have 2 rental properties, each paying their own mortgage and the profits paying the balance off on yours,

[Matt4x4]

My long term goal is to own several homes and rent them all out. You get rental income and the price of the house will increase every year. Looking back on it now, I should have bought a second house when I got my first one.

[barmanjay]

that is one of the problems many people are having,.. as many people bought 2 houses last year. Since, the market has corrected, those people who bought multiple properties last year have lost alot of money in equity.

If you would like to consult my mortgage broker about what your future plans are,.. she'll talk to you no prob and guide you to what you will need.

Best of all,.. it'll be free

[ornamental]

I bought my house several years ago for $100,000, mortgage was $600 @ 4.5%. House is just about paid off in full. It is now worth close to $400,000. All I do is go to the mls.ca website, look at all the houses for sale in my neighborhood and the sorrounding neighborhood. I will hold onto it until it reaches 500-600k which will happen in the next year or two. The homes in my neighborhood go up more then average because its in an ideal part of town. Goal is to get another house real soon and start renting getting a home every couple years. The more homes I rent out the faster I can pay off mortgages and buy additional homes. The ideal # is 4 homes

why is the ideal to have 4 homes?    in this same area?

[frenchy]

I bought my house several years ago for $100,000, mortgage was $600 @ 4.5%. House is just about paid off in full. It is now worth close to $400,000. All I do is go to the mls.ca website, look at all the houses for sale in my neighborhood and the sorrounding neighborhood. I will hold onto it until it reaches 500-600k which will happen in the next year or two. The homes in my neighborhood go up more then average because its in an ideal part of town. Goal is to get another house real soon and start renting getting a home every couple years. The more homes I rent out the faster I can pay off mortgages and buy additional homes. The ideal # is 4 homes

Real estate prices are on the decline, correct ?
What is it about the current economy that make you confident enough to acquire 3 additional mortgages ?

[barmanjay]

It seems the major reason for the decline is less people migrating to calgary per month, plus a flooding market,.. too many people selling their houses at over-inflated prices.

The market looks as if it has stabalized,.. It has dropped quite a bit from last year. Lots of houses are now within the "affordable" range for the average working couple.

Aside from the high inventory of homes for sale,.. there really isn't any other contributing factor to prices falling even more

Do we see any big outfits laying an obscene amount of people off? Are lots of people losing their jobs? no,.. infact there seems to be still small steady growth.

I can forsee many more people from Ontario moving out this way in the next couple of years.

oil prices are still high = all the local o&g companies are fairing well,.. should be a trickle effect down to the average joe.

No, I don't see prices going up anytime soon,.. maybe come 2012ish,.. but not now,.. looks like we hit a plateau of correction.

[Matt4x4]

Some area's will increase, others will decrease dramatically like Whitehorn/Forest Lawn and sorrounding area's. But highend neighborhoods will increase.

[01sahara]

Some area's will increase, others will decrease dramatically like Whitehorn/Forest Lawn and surrounding area's. But highend neighborhoods will increase.

Yes, some will decrease or increase more than others but I do not agree with you conclusions or examples indicated above. Just my observations from daily analysis of the real estate market.

[barmanjay]

unfortunate you classed whitehorn and forest lawn together,.. LOL

area's like martindale fell, whitehorn is holding pretty good,.. pending inner city area,.. some are good,.. some fell pretty good

[frenchy]

oil prices are still high = all the local o&g companies are fairing well,.. should be a trickle effect down to the average joe.

Increasing oil prices will destroy our economy, it will happen sooner then most think... That is my opinion as noone can predict the future.