Everywhere you look these days there is news on home values. It’s in newspapers, like the Cincinnati Enquirer, it’s on the web on sites like CNBC.com and USAToday.com and many others. Some is positive news and some news is very negative.
There are somethings to keep in mind here before you go off the deep end regarding your homes current market value. The first is, don’t forget your basic math. Average sale prices have been going up in some areas, down in others. The average sale price is the just the value that occurs when all of the sales that occur in a given market are added up and divided by the number of sales. For example, if 100 homes have sold for a total sales volume of $16,570,000. the average sale price would be $167,500. This simply represents the average of all of the homes that have sold and does not establish anything remotely close to a property’s value.
The second thing to remember is, when you hear these national news reports and economists discussing the rising or falling home prices, they are talking about national averages and these have nothing to do with our market values in West Chester, Beckett Ridge, Liberty or Fairfield Township areas.
These national reports are very much like getting a national weather forecast. The average temperature in the United States tomorrow is not likely going to effect your life very much. What you want to know if what the weather is going to be here tomorrow and if you are concerned about your homes value, you need to know the market data for our area, not some large metro area or state or country.
The best way to determine the value of your home is to get it analyzed by an experienced real estate professional. There are many factors in determining home values today and picking an average out of the air could hinder the sale of your home and frankly could cost you money. In today’s real estate market it is more important than ever to price your home appropriately.
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