03 May 2008

Is the median price the median price?

"Just like saying the average nationwide temperature today is 57 degrees doesn't tell you anything, the same is true for real estate prices," Yun said. "The only way to tell what your own home is really worth is to look at local-market conditions, do Internet research and utilize professionals (such as licensed appraisers) to help determine the value of your home." NAR Chief Economist Lawrence Yun

This article helps explain what I've been telling my clients for a while now - the median price fluctuations can be due to dramatic changes on one end of the market while little may be changing in another. You really need to focus on your piece of the market and evaluate accordingly.

Click here for the entire Wall Street Journal Marketwatch article.

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