Welcome to 'GUESS HOW MUCH', the ANTI-bubble housing blog. Climb up in the banana tree and find a branch. We're all going to start chattering about the tension, angst and idealism alive in the real estate market today. Share your stories and rumors, talk about your life as a renter or a home owner, discuss the real estate bubble disaster correction and potential. Talk about foreclosures preforclosure bankruptcy tax liens and profit income windfall and after-tax gains.
It seems the blogsphere is filled with optomistic boosters and catastrophy prophets. Yes, any number of websites will tell you that the real estate market is moving in both directions. Current psychonomics (psychological-economics that scream 'SELL' when everyone is selling and 'BUY' when everyone is buying) seem to be hearding all the leamings off the cliff in Chula Vista while simultaniously having them line up days before a sales office opens in Nagoya.
So, to have some fun while you're crying, screaming or laughing, let's try a little experiment: I will post a photo of a house, with it's general description (NO ADDRESS). Whoever guesses the price closest to it's actual current MLS listed price will get to submit the next week's listing. The fun part is that we'll remove geographical identifiers, and with them the three golden rules of real estate: location location location.
So when you guess a price, you'll be doing so from your own experience and knowledge of your specific market or the markets you are familiar with. Please state the rough geographical area your price guess relates to, so that even though the featured house might be located somewhere else in the world, we will get an idea of what it might be worth in your area.
For instance: you may live in Bangor, Maine but you are guessing the price of a house which is in Houston, Texas. If your guess wins, you get to submit a listing for the next week. You may want to send in a listing from Bangor , or for a ranch outside of Calgary, Alberta or a condo in Key Largo, Florida or a house in Capri, France or a flat in Perth, Australia. For ease and simplicity, please convert your pricing guess (via www.ex.com/ucc) into USD funds. At the end of the week, the price AND LOCATION will be revealed, and we'll start again.
Does everybody follow?
The point of the game (now that we've all become so obsessed over the bank balances that our residences have become) will be to develop an understanding of bubbles or busts that may be happening outside of your specific market, turn you on to new opportunites elsewhere in the world, and to hopefully begin to change your mind about the spot your soul calls home.