HOME VALUES CONTINUE TO RISE

The median price of a home last year increased by 7.7%. This year it is expected to increase by 6.4%

What is a median sale price of homes?

Median price is “in the middle”.  So, this means that exactly half of homes listed are above this price and exactly half are below it.   For example, let’s say there are 5 homes for sale in a market a prices of $395,000, $410,000, $525,000, $570,000, and $800,000.  The Medan Price would be the one in the middle, or $520,000.  Median is not the same as the average price.  Using the same numbers above, the average price would be $540,000 which is higher than the median price of $520,000.  One might argue that the median is a better indicator of the “typical” home within an area because the median method is not affected by non typical prices such as the $800,000 example above.

What does this mean to a homeowner?

More Equity means more Refinance Opportunities

  • DEBT CONSOLIDATION – Pay off Charge Cards, Car Loans, Student Loans, etc  Better Tax Advantage Opportunities (ask your accountant) and lower overall payments
  • HOME IMPROVEMENT POSSIBILITIES – Consider Upgrading your home.  Maybe a complete remodel or interior re-design.
  • ELIMINATE MORTGAGE INSURANCE – Are you current paying Mortgage Insurance because your current was more than 80% of your home’s value
    at the time you took it out or perhaps you have an FHA loan with mandatory Mortgage Insurance?  If so, now is the time to remove any mortgage insurance.

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