I’ve discovered when talking with clients that there is sometimes confusion between median price and average price. In a nutshell,
Median = 50% above and below the middle price point
Average= All numbers added and divided by the number of homes sold
The problem with average price is that often there may be one or two homes way on the high or low end that can skew the numbers. This often is not a fair representation of say the majority of homes in a given neighborhood or area. So unless your home is one of the odd ones very unlike the rest, then the median price range is a much better gage. You need to consult your professional realtor to be sure your home (or the home you are interested in) is one that would commonly fall in the median range.
Posts Tagged ‘existing home owner’
Possibly Tax Credit Extended and now includes Everyone!
Thursday, November 5th, 2009Great News! Senate Voted yesterday to exend the $8,000 First Time Home Buyer Tax Credit to June 1st (meaning a purchase agreement would need to be in place by April 3oth, 2010). They have also voted to give existing home owners a $6,500 tax credit to expire on the same date.
The House is supposed to vote on it today…….hopefully it passes and improves the housing market.