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Real Estate: How to Find a Competitive Sale or Purchase Price

Thursday, March 8, 2018 @ 12:00 AM
Posted By: Patty Bevan

Many who are on the hunt for a new home or are in the process of selling theirs look to see if the price is competitive. This meaning average or median for the market. Although they sound like they would be the same thing, they are not. The difference is in the definition. When calculating the average price of homes on the market you add all the homes’ prices together and divide by the amount of homes, whereas the median is found by looking at the sale prices and finding the middle price on the whole scale of homes for sale.

So what’s the difference?

The difference is that depending on the state of the market, these figures can be skewed. The average sale price can be drastically higher or lower if one or more properties were sold or listed at a very high or low price. If this happens you can’t rely on this statistic.

Whether you are selling or buying it is a good idea to look at both numbers, median and average, to help you determine what price works for you. This doesn’t mean to follow either number outright, you must be able to rely on your own instincts and the opinion of your sales representative on what price is best. Keep in mind that an outlying number may need to be removed from the equation.

Category: Real Estate

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