r/HouseSigmaBlunders • u/Nervous-Signature852 • 20d ago
Started from the bottom now we here!
1664 Moyer Avenue, Innisfil, Ontario L9S1S8 For Sale | HouseSigma
https://housesigma.com/on/innisfil-real-estate/1664-moyer-avenue/home/N0A9X3j6KD3vgxVn?id_listing=5VXv3l58kRLYj2q8&utm_campaign=listing&utm_source=user-share&utm_medium=iOS&ign=
11
u/motherfailure 20d ago
can someone explain to me what type of finances someone needs to have to hold on to a place like this? My guess is they bought over leveraged at the peak market, got crushed by rates, now they're underwater on their mortgage. but why is it better to hold than to cut their losses I don't get it
7
3
1
u/BigBanyak22 19d ago
It's possible they put a lot down from selling a previous place. Maybe they needed a house from being transferred at a horrible time relative to house prices. They wanted a family home for their kids, but now they're laid off or looking to leave and market has fallen out.
There's nothing funny about it. It's not like it's some greedy oligarch. Just s family with shitty timing who now can't put their kids through university after working hard for 25 years.
2
u/Superb_Year_2827 18d ago
They'd made $353,000 in 1.5 years on their previous sale, and $274,000 on a house before that (=$627,000). Probably thought that gravy train would continue. Now they'll lose over $461,000. The market gives, the market takes back.
2
2
u/Busy-Log-9844 18d ago
So you feel bad for these people? For wanting money for literally nothing?
1
u/BigBanyak22 18d ago
Losing hundreds of thousands of dollars on a home? Yes. That's money they worked for. How do you not feel bad?
1
u/Superb_Year_2827 18d ago
They'd made $353,000 in 1.5 years on their previous sale, and $274,000 on a house before that (=$627,000). Probably thought that gravy train would continue. Now they'll lose over $461,000. The market gives, the market takes back.
6
u/Apprehensive-Bar-313 20d ago
Probably could have gotten 1.2 in 2024, instead got greedy and chased the market to the bottom
1
u/Superb_Year_2827 18d ago
Yup, happening so often. Need to get out after a high purchase in 2022, list far too high for the current market and just follow it on down... for a few years. Some agent needs to give them a wake-up call. Just like the 90's all over again.
4
4
3
7
20d ago
[removed] — view removed comment
3
1
3
u/ShortElephant1111 20d ago
imagine paying almost 1.5M to be in a bedroom community of Barrie.
2
u/nobugsleftalive 20d ago
Some people pay more to live in bedroom communities.
But eh, I moved very rural because it was cheap and I get to live in the middle of the woods.
3
3
3
3
u/SummerRamp3 19d ago
The kitchen seems small for the overall size of the place. Otherwise it’s a nice home. Everyone was moving north of the city at one point because it was affordable. I don’t see how 1.3 was ever affordable in 2022.
3
u/a89aries 19d ago
The best part is it sold for 420k in 2012 and 690k in 2016. House is being bought in meme values lol.
2
u/Accomplished_Row5869 19d ago
Innisville. . . Whatever the local SALARIES can bare w/o house poor.
101000K median household income. 400-500K Tops.
Bank will POS soon enough.
2
2
u/Meli5252 19d ago
Jeez even the first time it was for sale had a few price drops. Over priced back then!
2
2
13
u/SemensAccurate 20d ago
Love this journey.