They Know Everything

[JJReyes]

We were visiting friends today and I did an online search using their home address.  My intention was to get Point A to Point B directions.  The search resulted in additional, unrequested information including date of purchase, price paid ($1,175,000) and current estimated value ($1,800,000).  There was also a frontage picture of their house.  It was shocking how much information is in the public domain.  

[OnMyWay]

2 hours ago, JJReyes said:

We were visiting friends today and I did an online search using their home address.  My intention was to get Point A to Point B directions.  The search resulted in additional, unrequested information including date of purchase, price paid ($1,175,000) and current estimated value ($1,800,000).  There was also a frontage picture of their house.  It was shocking how much information is in the public domain.  

For U.S. housing, it has been that way for years.  Most of the real estate websites have the history and taxes.

Philippines, nothing.

[OnMyWay]

1 hour ago, OnMyWay said:

Philippines, nothing.

I had just been thinking about this last night, because there was a discussion on a FB group about valuations in Angeles City.  Homeowners were saying stuff like "I bought my house for 6 mil, now it is worth 8 mil",  "I built my house for 4 mil, now it is worth 8", etc.  So I said:

"I don't understand how y'all determine valuation when there is no way to know what houses actually sell for. Todd mentioned that he turned down an all cash offer, but other than that, how to determine value? Your neighbor's maid told your maid how much they paid / sold for?",

Only one guy admitted that his house was probably worth less than he paid for it.  Another guy, the "Todd" I mentioned said he had an all cash offer for twice what he paid, so he knows that it is the value.  Of course, he turned it down.  You have to take what these guys are saying with a grain of salt.  About 80% are ex-special forces who hang out at the bars all day and don't use their real name, and if they do own a house, they certainly are going to talk up the price, not down.

 

[Jack Peterson]

1 minute ago, OnMyWay said:

About 80% are ex-special forces who hang out at the bars all day and don't use their real name,

 Obviously from the US 

[hk blues]

30 minutes ago, OnMyWay said:

I had just been thinking about this last night, because there was a discussion on a FB group about valuations in Angeles City.  Homeowners were saying stuff like "I bought my house for 6 mil, now it is worth 8 mil",  "I built my house for 4 mil, now it is worth 8", etc.  So I said:

"I don't understand how y'all determine valuation when there is no way to know what houses actually sell for. Todd mentioned that he turned down an all cash offer, but other than that, how to determine value? Your neighbor's maid told your maid how much they paid / sold for?",

Only one guy admitted that his house was probably worth less than he paid for it.  Another guy, the "Todd" I mentioned said he had an all cash offer for twice what he paid, so he knows that it is the value.  Of course, he turned it down.  You have to take what these guys are saying with a grain of salt.  About 80% are ex-special forces who hang out at the bars all day and don't use their real name, and if they do own a house, they certainly are going to talk up the price, not down.

 

In short, Todd 's full of S***!

I had to listen to the same sort of crap when I first moved here until I established my network of trusted friends(which currently numbers zero) - we live in a new development which continues to expand so plenty of identical comparators and choice for buyers.  Trying to convince people that your house model being sold at 25% or more above your unit does not equate to your unit being worth the same. I used the analogy of a new car v a used car of the same model. It fell on deaf ears. Strangely,  none of them have sold up and cashed in.

It's true everywhere but doubly so here - a house is worth as much as someone will pay. 

[manofthecoldland]

6 hours ago, hk blues said:

It's true everywhere but doubly so here - a house is worth as much as someone will pay. 

For a host of reasons, there are plenty of houses that you couldn't even pay me to take ownership of. LOL

[Mike J]

18 hours ago, hk blues said:

t's true everywhere but doubly so here - a house is worth as much as someone will pay. 

Yep.  A house near us was listed for sale for a few years for 11 million peso.  The seller would tell me it was worth the price.  Several times he told me he had a sale in progress.  It finally sold about a year ago for six million.

[Sea Turtle]

House and lot/land prices do go up. 

Purchase price is often much less than asking price.

Much commotion and deception likely will present itself if and when your looking to buy.

Don't be in a hurry as a buyer or as a seller. 

One thing you can do is look at the rental price of any house/lot to purchase.  Calculate if it makes financial sense from rent vs capital.  If it doesn't, then make an offer that puts the numbers in line.

  

[hk blues]

25 minutes ago, Sea Turtle said:

House and lot/land prices do go up. 

Purchase price is often much less than asking price.

Much commotion and deception likely will present itself if and when your looking to buy.

Don't be in a hurry as a buyer or as a seller. 

One thing you can do is look at the rental price of any house/lot to purchase.  Calculate if it makes financial sense from rent vs capital.  If it doesn't, then make an offer that puts the numbers in line.

  

Alternatively, buy from a developer and avoid all the nonsense that can be associated with a private sale.  However, you may have to compromise on certain things including lot size and house design but it depends on the individual how important these are.  It worked for me here and when I was in the UK the last 4 houses I bought were off plan.  

[JJReyes]

On 8/12/2023 at 5:51 PM, OnMyWay said:

For U.S. housing, it has been that way for years.  Most of the real estate websites have the history and taxes.

We owned a real estate company in Hawaii and each agent was required by the Honolulu Board of Realtors to have a Multiple Listing Service (MLS) subscription.  All kinds of information are available to agents and for their clients.  Some of that information is now available through Google Search even if you don't ask for it.