Take property prices for example. Banks like to value your property and then decide how much they will lend against that. But then let’s take a step back, it is Valuers that value the property for the bank. They base their values on a set of assumptions and market data. Well where does the market data come from? Well of course from people buying and selling their houses. Well what drives these prices? Is it the Real Estate agent who tells you how much he thinks your property is worth? Or is it the media, who tell you when the market is having a major price rise, or plummeting due to interest rates. What do you think your property would be worth if there was no media to cause speculation around what is happening in the market? How would you value your property? What would you decide were they key aspects that you would measure the value of your property against? Is it lifestyle? Is it location? Is it status?
When we look around the world and see the devastation you can’t help but sit back and say what is value? For those that have been in earthquake affected areas. Many of whom have lost everything ... what is it that they now value? How would you prioritise what is of value to you and what is not? If I look at Christchurch in New Zealand, what has happened to the property prices there? What about all the so called experts that have valued properties at certain prices. What do their values now mean to those that owned these properties? Someone else’s value does not equate to the value you place on it. The question is, in these situations should the value even be a monetary value. Is it not more about a home and shelter? As more of the world continues to unravel, value as a whole is being called into question.
True value resides with the owner. Whilst others may give us opinions, thoughts and their views at the end of the day it really comes down to what value we place on things. What does it mean for us? No one else can really answer that question.
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