Housing market situation

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admin
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Re: Housing market situation

Post by admin » Sun Jan 21, 2018 1:41 pm

Interesting piece in the editorial today about the number of Chileans that live alone.

http://impresa.elmercurio.com/Pages/New ... PaginaId=3

It is 3x greater than it was in 1990. That trend is accelerating among young people in Chile, that have traditionally lived with their parents until they got married (and often after they got married). They want their independence.
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Gloria
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Re: Housing market situation

Post by Gloria » Sun Jan 21, 2018 2:43 pm

admin wrote:
Sun Jan 21, 2018 1:14 pm
One of our housekeeper that worked part time for us a few years ago at one point owned three houses. One she inherited, one she got as a subsidized house from the government, and one she bought with a mortgage. She finally sold all three and moved out to the country to live with some family. She quit working as a housekeeper to start her own furniture business. Think she had less than 10 million pesos in to all three houses over about 10 years, and was able to sell them for 40 million pesos each.
Well, either someone gave you the wrong info or was blowing smoke up yours cause when you inherit property in Chile, you cannot get a gov. subsidy, period.
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FrankPintor
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Re: Housing market situation

Post by FrankPintor » Sun Jan 21, 2018 5:01 pm

I know someone who did that... just not in the exact same order, Gloria ;-)
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Gloria
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Re: Housing market situation

Post by Gloria » Sun Jan 21, 2018 5:08 pm

FrankPintor wrote:
Sun Jan 21, 2018 5:01 pm
I know someone who did that... just not in the exact same order, Gloria ;-)
I would love for you to explain it so we can all learn. My info is from a bonafied lawyer....( a well known lawyer is a matter of fact) If that person did it several years ago, maybe, just maybe but since 2010 and on, things are totally different. The RUT is connected to every part of the gov. and every move you make can be detected.
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Re: Housing market situation

Post by admin » Mon Jan 22, 2018 7:09 am

Gloria wrote:
Sun Jan 21, 2018 2:43 pm
admin wrote:
Sun Jan 21, 2018 1:14 pm
One of our housekeeper that worked part time for us a few years ago at one point owned three houses. One she inherited, one she got as a subsidized house from the government, and one she bought with a mortgage. She finally sold all three and moved out to the country to live with some family. She quit working as a housekeeper to start her own furniture business. Think she had less than 10 million pesos in to all three houses over about 10 years, and was able to sell them for 40 million pesos each.
Well, either someone gave you the wrong info or was blowing smoke up yours cause when you inherit property in Chile, you cannot get a gov. subsidy, period.
Really, that is what you came away with?

She already owned the government subsidized house.
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Gloria
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Re: Housing market situation

Post by Gloria » Mon Jan 22, 2018 9:29 am

admin wrote:
Mon Jan 22, 2018 7:09 am
Gloria wrote:
Sun Jan 21, 2018 2:43 pm
admin wrote:
Sun Jan 21, 2018 1:14 pm
One of our housekeeper that worked part time for us a few years ago at one point owned three houses. One she inherited, one she got as a subsidized house from the government, and one she bought with a mortgage. She finally sold all three and moved out to the country to live with some family. She quit working as a housekeeper to start her own furniture business. Think she had less than 10 million pesos in to all three houses over about 10 years, and was able to sell them for 40 million pesos each.
Well, either someone gave you the wrong info or was blowing smoke up yours cause when you inherit property in Chile, you cannot get a gov. subsidy, period.
Really, that is what you came away with?

She already owned the government subsidized house.
So, first she owned a subsidized house and then inherit a property and bought another with a mortgage? If it happened in that order sure it´s possible. But if she inherit first...nope.
I'm from the generation of common sense, wisdom and unfiltered answers. Anótese, comuníquese, publíquese, archívese. I sayeth as I seeth.

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Re: Housing market situation

Post by Donnybrook » Mon Jan 22, 2018 9:56 am

When we bought our house we had a larger than normal (for Chile) chunk for down payment. We didn't want a huge mortgage. Real estate vendors here were horrified that we were not aiming higher in the housing market given the amount of cash in hand we had. They kept telling us we could buy a property twice the cost of what we were looking at. Most people here look at the affordability of the mortgage payment rather than the total price of the property and stretch that as far as they can go. We had a comfortably small monthly mortgage payment, same as the rent on a small flat we moved from, and were happy with that. We were a one income family so that also influenced our decision. But that is not the norm here. People don't actually own those very expensive properties, the bank does, but they have their toe in the property door. As long as prices rise, by however much, and everyone keeps their job, it works.

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Re: Housing market situation

Post by nwdiver » Mon Jan 22, 2018 2:20 pm

Divorce seems to be the driving factor in "need to sell" in the eastern barrios these days I know of two houses that must sell in the next few months at prices they will never get.........
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Re: Housing market situation

Post by admin » Tue Jan 23, 2018 8:57 am

So sii comes out with their tax valuations for the last 4 years across the country.

https://www.df.cl/noticias/economia-y-p ... 01109.html

Caution with those numbers as they are often under market, but at least show a trend in prices.

Interesting that they also seem to mirror a 40+% rise in homeless / squater camps over the last 4 years around the country.

http://www.ellanquihue.cl/impresa/2018/ ... incipal/5/
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Re: Housing market situation

Post by admin » Tue Jan 23, 2018 9:09 am

So let's take Lo Barnechea, one of the hotter markets in the country.

40% rise, over 4 years, about 10% a year. Fast rise, but not extrordinary. I have seen bigger moves around the country. However, you can see why with 3% mortgage rates, that is not a bad return. At least staying ahead of the cost of ownership.
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Re: Housing market situation

Post by admin » Tue Jan 23, 2018 9:41 am

An article on the housing constructiin trends and prices for 2018 (pdf):

http://www.df.cl/custom/site/df/interne ... 171122.pdf

56% of the construction seems to be focused on the under 50 square meter market.
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Re: Housing market situation

Post by The wanderer » Sat Mar 10, 2018 7:58 am

Would it be a favourable market for buyers now? What about in just the land market? Would people recommend using a buyers agent or just go it alone? What about negotiation on advertised price some agents say they can negotiate better prices than the ordinary person anyone any experience with that?

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