Welcome to my blog! Going forward, I plan to periodically provide you with valuable real estate information. Today, lets look at whether a change in median sales price, a term widely quoted in the news, affects the value of your home.
The change in median sales price, nationally or in your town, is not always a good indicator of whether the value of your home has increased or decreased. Home values vary widely based on the characteristics of your local market, employment growth, the pace of new construction, incomes, type and condition of home, all sorts of things.
The median home price is shaped by other factors having nothing to do with any particular home or market but, rather, the specific mix of homes sold in that month. There are times when lower priced homes are the ones in more demand and other times when higher priced homes are more in demand.
The best way to find out the current value of your home is to contact a real estate agent who sells a lot of homes in your area. Why an agent who sells a lot of homes? Because she or he is the most knowledgeable about the current state of the market in your area and can give you the most accurate idea about where things are trending.
If you have any questions or need assistance, please call me at 203-874-7653. I look forward to being of service.