RELATIONSHIP OF VALUE OF HOME PRICE OVER A PERIOD OF TIME COURSEWORK:
When one may be considering to, buy or purchase a home, he or, she may be concerned or interested in knowing whether home prices may be poised to fall or rise. We may see that no one may want to purchase or buy a home which later might plummet in value. This may lead one to insist on buying a house or a home before prices may go upward. It may not be easy to predict what might happen with real estate prices in a city, country or state over a period of time. Therefore, from this one may come to the conclusion that the vitality of an area and economic health may drive the prices and demand for homes in that area. Also, when there may be an increase in jobs, which may pay well, this may in the end increase the demand for housing thus; an increase in price.
When one may be deciding on whether to buy a home or not, he or she may have to consider some of the following how long they might be in that particular area for instance a period of five to ten years or more. Another factor to consider may be whether the current home prices in one’s local area may offer good value. Also, other factors may include the state of the job market, the number of home listings that may be for sale in the area and the level of real estate prices as compared to rent. This may help one to know whether the current home prices may be relatively high compared to the rental cost and he or, she may be able to make a choice on whether to rent or purchase a home. In addition to this, buying a home may be a long-term financial commitment whereby, one may be required to take a 15-30 years mortgage so as they may finance the purchase depending on their income. Normal value may be defined as the price that may be changed by a firm in its home market value. Trade may not be considered ordinary over an extended period of time (Hoekman, Mattoo, and English, 200-203)….