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I'm in a conundrum right now.
Still looking to buy a 2 bedroom, haven't found much that we like with the low inventory levels. What we have liked, has gone for $40k to $70k over asking and we have been outbid.
Found a pre-sale unit in New West that has a floorplan that is exactly what we were looking for, with features that check most of the boxes. Only problem is that we would have to wait until 2019 for move-in, if there are no hold ups or delays. Obviously everyone is in different situations, but we would have to rent for 2 more years and wait for the building to be completed. Not ideal, but it also wouldn't be the end of the world.
From my understanding, if we bought pre-sale, we wouldn't get locked into a mortgage rate until the building was complete in 2019? And if mortgage rates go up, that would be an additional cost.
The other option at this point, is to wait out the summer and what comes on the resale market in August/September with hopes that there are less bidders.
Thoughts?
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