There is all this talk about prices of houses
By jugsjugs
@jugsjugs (12967)
August 15, 2010 4:01pm CST
one minuite the prices have dropped another time like a few weeks later the prices of houses have risen again.We recently decided to see what out what our house is now worth,so when the prices of houses dropped a few weeks ago we had ours valued.We had it valued when the houses were at the lowest price,well i was pleased to hear aswell as confused that it has risen by £10,000 compared to when it was valued a few years ago.How have the house prices dropped,confused.
4 people like this
22 responses
@jugsjugs (12967)
•
15 Aug 10
I was looking at houses in our area and they were 3 bedroom houses,where as ours is a five bedroom house,the three bedrooms are expensive aswell.The three bedroom houses were rather run down that were up for sale.Our house is worth more than three times what we paid for it.I was asking for what it would sell to see if the price had gone down by much,but got a nice shock instead.
@Hatley (163776)
• Garden Grove, California
15 Aug 10
hi jugsjugs Lori told meyou could buy a four bedroom house in Georgia
for twenty two thousand and I almost passed out. here a house of that size even sort of old would fetch five hundred thousand to eight hundred thousand easlily and a lot of houses are close to a million. condos are maybe 500,000 some may go for 300 000 but nothing is cheap now. when we first bought a home here a two bedroom was 20,000 and it was a pretty nice house too.now its out of sight here, even rentals are high.I know know what the current market right now is but am told its still high
1 person likes this
@jugsjugs (12967)
•
15 Aug 10
All i had been hearing that the house prices were going up and down.We thought just for our amusement that we would get our house valued,what with all the talk of prices of house prices falling we thought that our house would be alot less.Our house price is now worth more than three times the amount to what we paid for it.I am pleased that we are still valued high in price,but not happy to think that all of my children will never be able to afford to buy a house,or get on the housing ladder.The rent on houses are just as much as a mortgage.
@michaeldadona (5684)
• Malaysia
15 Aug 10
There are three types of dwelling/house property evaluations under real estate; PMV (Present Market Value), FSV (Force Sale Value), and FMV (Future Market Value). For what you've received was a PMV which is normally valid for six (6) months and after that period of time it must be reinstated for its valuation report validity.
Most of the registered and verified (Licensed) valuers used comparison method in evaluating the property instead of random method. Due to the used of comparison method that was why the figure for PMV related to your house property stated that way (amount).
If I want to buy a house, I much prefer to refer on its FSV. Whatever, I'll take consider the Economy Planning Unit (EPU) report for what future development planned in that specific locality as it can influence FMV.
1 person likes this
@jugsjugs (12967)
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15 Aug 10
I under stand you better than them on the tv.The price if we were to sell today is the price they gave us.If we wanted a fast sale they said we could ask what we wanted,not that we wanted to sell,more curious to what it was worth.How are people going to be able to get on the buying ladder with houses as high as they are.Our house is worth three times the amount that we paid for it.
2 people like this
@lovinangelsinstead21 (36850)
• Pamplona, Spain
15 Aug 10
Hiya jugs,
Same happens here they have this kind of News going every Day now must be to keep someone entertained and to confuse them as well.
If the House prices drop, they go up they go down.
In the end I don´t take a bit of notice of any of them as I already know what kind of House I am looking for and it won´t be a very high priced one just something about right and manageable there are plenty to choose from so I don´t bother my head at the moment with anything like that. Once bitten twice shy in my case. Long story that would be to tell so I won´t tell it. But it has got to do with Houses and the prices and all that. Hope your´s stays at a good price though.
@jugsjugs (12967)
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15 Aug 10
I can not make anything out of what they are saying on the tv.I am glad that the price of my house has gone up,but we have already trebled our money,we were thinking of just for to be curious how much it was worth now.I see that there are alot of houses up for sale around here with some that have big price tags and they are the houses that need things done to them.I can not see how when our children get older will be able to afford to buy a house,as they are too expensive.
@lovinangelsinstead21 (36850)
• Pamplona, Spain
15 Aug 10
Hiya jugs,
Mine have still got problems to get a House there is no Council House system here either and not easy to get a Rented Flat anymore you have to have a permanent Job now who has got one of those? You have to have people to back you up also a whole host of things that they have dreamed up all since last year. As if it were not bad enough already.
I go past loads of Flats and they are being built quickly a bit too quickly for my liking and then there are others that are taking for ever but they are being built very well but much too slow and much more expensive I can bet. However the fast built Flats have got no quality or style in them they remind me of a Prison or Hospi8tal Block they look awful and they are charging the earth for those as well.
I would´nt worry too much about it things will turn out much better if you let it go for a while.
Also your Children will find their way too mine are almost ready to go again they have been back twice already that´s the way it is here. So I am used to having them back. No worries I cannot be bothered to worry I should be but at the moment we are just looking that´s all. Good luck.
@qianyun6 (2067)
• China
16 Aug 10
Oh, I think the price of house goes up and down is a normal thing. And do people in the U.K. like high price of houses? The abnormally expensive houses in China makes all people except the property developers mad, and their prices are still rising, rising and rising!
@smallsaozhou (827)
• China
16 Aug 10
Haha,it is quite interesting that all of our Chinese are complaining the high property price in China.I once heard that if you live in Berlin of Germany,you can even afford a 70-centiare flat only after three years' working although you are a middle class worker.WOW,then that is exactly my big dream to live in Berlin.
@maomao20716 (171)
• China
16 Aug 10
maybe you know somthing about the housing price in china ,it is more serious than in your country .i just bought a house in the beginning of 2008, now it is twice time compared to when i bought. i really do not understand ,now in china the housing price keeps going on ,although the government takes some rules to control the price ,it seems to have only a little effect.. i do not know how the housing price will going in the future ,now in china , if you are a ordinary worker in a company ,have no strong background ,no very high salary, to buy a house is only a dream for you ,because the house loan will make you have a bad life.... the pressure is beyong your imagination...
@smallsaozhou (827)
• China
16 Aug 10
I am also a Chinese.High property price in China is really a big problem.The price is very very horrible and exaggerated ,totally beyond your imagination to afford it.There are too many financial bubbles,especially in the big cities such as Shanghai,Beijing and other first-tier cities. The heavy pressure exactly exists,especially for many bachelors in these cities.These single men and his families still need huge amount of money to buy new house to get married,and that definitely increases the instable element of the society.
@GardenGerty (160949)
• United States
16 Aug 10
It may have been higher, but since you did not have a recent appraisal, you would not know for sure. It is really great that you have some increased value for your investment.
@jugsjugs (12967)
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16 Aug 10
We have less than 10 years to go on our mortgage,so lets hope things stay good for us.I am pleased that our house is worth more than three times the amount more than when we bought it.We have gone without alot of things,but as soon as the mortgage is paid that is when we are going to benefit.
@jugsjugs (12967)
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15 Aug 10
I am happy as it is worth three times the amount that we paid for it.I was looking at the prices of the houses where we live,but they were three bedroom houses that needed work done and could not believe the prices they were,we have a five bedroom house in the same area.I can not see how people are going to be able to afford a house when they move out of their parents,the prices are too high for them to get on the housing ladder.
1 person likes this
@jugsjugs (12967)
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16 Aug 10
Here alot of people in the UK are also loosing their homes,due to hardly any jobs.I am pleased to think that if we ever met hardship then we could always extend our mortgage.Our house is three times the amount we paid for it,so i am really pleased that all our going without has so far been worth it.
@kun2349 (23381)
• Singapore
18 Aug 10
YEah, prices of property has drop and increased for the past few years.. According to the market, there are more increases as compared to dropped value.. Even for my country, we are experiencing the same thing too, just that, property prices only goes up, but never come down!!
Imagine a penthouse apartment costing nearly one million?? With that kind of money, one can afford to be living in private house!! As such, with such a property boom, our government decided to step in to cool down the property market.. hehe
@celticeagle (168256)
• Boise, Idaho
17 Aug 10
It is my understanding that house pricings fluctuate much like the money markets. If people are buying they go up and vice versa when they aren't. So the time to sell would be when they are buying and so forth. It can be very confusing. I try to stay out of it and was lucky enough to have found a woman I went to school with and trusted to do the real estate when we did buy.
@dorannmwin (36392)
• United States
18 Aug 10
You are very lucky to learn that the value of your house has increased. I think that it really is a rollercoaster and it also has a lot to do with how long that you've owned your house. For example, my husband and I have only owned our house for about two and a half years and because of that I suspect that we are upside down on it now. However, I could be wrong because we bought it for far less than the appraisal done on it by the realtor and we've also made a lot of improvements on it.
@nangisha (3495)
• Indonesia
21 Aug 10
Hi jugsjugs!.
I really wanna property price dropped now in my country so we can afford to buy a larger house but the price keep increasing.
The price has been increase 15 times in 2o years, Its a hard to buy a house so many people struggle to buy a house with bank credit.
@markamemory (264)
• India
16 Aug 10
Actually in India, we say the recession is a blessing because it was difficult to even dream of buying a house before recession, but thanks to recession the interest rates have come down and hence the property prices have fallen to almost half of what it used to be, we were just looking for some house to purchase and i could not beleive that we could even get any for the budget we had, but when you actually go to buy or sell you realise that it is just a price hype and the price have really fallen drastically. Good for me!!!
@jugsjugs (12967)
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16 Aug 10
Thankfully for us our house is worth three times the amount that we paid for it.I have the bonus of knowing that all our hard work has paid off and with less than 10 years to go on our mortgage,if we hit hard times then there is always the option of remortgage aswell as extending the mortgage.
@Aussies2007 (5336)
• Australia
16 Aug 10
It is actually very simple.
It is all about supply and demand.
Prices are driven by two things.
1) Shortage of housing or over supply.
If there is a shortage, the price goes up because people will offer more than the house is worth in order to win the bidding in auction.
If there is an over supply, the buyer will offer you less than the house is worth, because he knows that you cannot find a buyer.
2) Interest rates.
If the interest rates constantly goes up, it becomes too expansive to borrow money to buy a house. So people stop buying.
This create an over supply and again the result is the same than above.
When the interests goes down, everyone start buying, and the price goes up as there is soon a shortage.
Prices are mostly driven by interest rates.
The danger with this, is that you need to be on the ball. It is a bit like the share market. You need to pick the right time to buy and sell. If you buy when the market is at its peak, it could be 10 years before you make a profit on your investment.
@jillmalitz (5131)
• United States
16 Aug 10
IUt's the old supply and demand. If the prices are too high nobody will buy. Plus the interest rates rise and fall. And the time of year will make prices vary. Have you done any remodeling or new landscaping? Is your neighborhodd a newer or older one? All those factor in.
@derek_a (10873)
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16 Aug 10
From my experience of houses and I've bought and sold quite a few, prices will never stay permanently down. People always have to have somewhere to live, and the world population keeps growing which means and increased need for housing. Markets will dip and may even be many decades at low price, but they will come back again. If you look after your house, it will always increase in value in the long run. _Derek
@smallsaozhou (827)
• China
16 Aug 10
But the currency is still dropping all the time.I mean,we can't avoid the phenomenon of inflation.Meanwhile,if you don't choose to invest in the area of estate,you only have single house that you still live in ,I don't think whether the price of house drops or rises will have influence in your total asset.
Unfortunately,in the city I live,the price of the houses is always keeping rising and rising and never stop these days.Most of us can't afford to pay the total amount,so there is really heavy pressure on our shoulders.
@christiana81 (717)
• Romania
16 Aug 10
In my country the prices are still very high....even they reduce with 15% !