Getting an accurate sense of the current market value of your existing or future home is part science and part art. If the home of interest is in a neighborhood of similar homes, it’s easier to establish value than if it’s in an area that has a wide variability in home size, style, and quality. Add to this the knowledge that the real estate and finance markets are dynamic and as these markets change, so does the value of homes.
National and even area-wide median home prices are more often than not, of little value in determining the current market value of a particular home. Higher median home prices could indicate an overall real appreciation rate or simply be reflective of a market that is selling more homes in its upper end. When you have an area that is experiencing a high incoming relocation rate from more expensive markets the median home price is especially prone to this skew and Huntsville Real Estate is a perfect example of such a market!
Whether buying or selling it is important to establish a current market value to utilize in setting a listing price or determining an offer price. The residential housing market is so localized that if you want an accurate estimate you should consult with a knowledgeable local appraiser or have a local real estate agent that knows the market well perform a Comparative Market Analysis (CMA) for the particular home in question.