You've drawn on more points than I alluded to. But you've also highlighted my points, the enigma of it all, the reasons and benefits for buying a home are complex, too complex and so absolute valuation is so hard. And so the valuation is simplified to affordability coupled with a bit of risk management. The people valuing the property market, the buyers and sellers, arguably should care about many of these issues you economists raise, but don't, they measure how best they can, and so in the medium term they matter: its almost a chartist vs fundamentals argument.
Ultimately, though, it's that utility of living in a house that makes absolute valuation nigh on impossible. What wordly pleasures would you accept to sacrifice your home and take up shelter in a tent?
Re: house prices
Date: 2005-09-18 11:23 pm (UTC)Ultimately, though, it's that utility of living in a house that makes absolute valuation nigh on impossible. What wordly pleasures would you accept to sacrifice your home and take up shelter in a tent?
chaos