Home Price Statistics Can Be Misleading. Before you get excited over the latest national, regional, or local home prices as reported in the news media, wait a minute. The news reports either the average or the median (middle) home price for a given time period. And the numbers can be misleading.
In some markets, the investors moved in immediately after the crash, buying every low priced home they could find to turn them into rental properties. Before long, buyers who wanted a home priced at the lower end of their market were out of luck. At the same time, high-end buyers were starting to become active once again.
And guess what that did to the average and the median in months to come? Naturally, it looked as if prices had risen. And of course, in most markets prices are rising now. They're just not rising as dramatically as you'd think if you got your information from the news.
So how can you tell how much prices have risen?
Only by comparing the selling prices of two very similar homes sold on different dates.
And how can your agent determine the current market value of a home here in Vancouver?
Only by preparing a detailed market analysis. This analysis compares the house in question several similar homes, located in similar neighborhoods. One section of the report will compare to recently sold homes and one will compare to homes currently for sale.
Any other method is simply guessing.
If you're ready to buy or sell a home here in Vancouver
get in touch. I'll be happy to prepare that market analysis.