There is nothing more confusing than the median price to most people. And rightfully so, why shouldn’t it when it is flaunted as a benchmark.

Basically, the median price means an equal number of homes sold above and below the median sales price. It does not reflect the average price. The average sales price means the number of home sales divided into the total sales prices of all homes sold during a specific time period.

I know statistical but important.

Lastly, if you truly want a more reflective price for your home, you look into comparables. However, that is a little difficult now days since homes take longer to sell and you have to dig deeper into the past. The more you look into the past, the less accurate the numbers and the less they reflect what today’s buyers are willing to pay, for good or worse.

The best way to get an idea of what the average price is, look at a specific area, keep an average of bedrooms, baths and square feet. Take into consideration price per square foot. Also, look to see if the properties are near schools, churches, highways as this can influence the overall appeal of a neighborhood. See how long the house has been on the market and if it has had price reductions. Then keep in mind neighbors. Go and drive at night and any time of the day to get a better feel.

Too much work? Well, that’s why there are professionals who do that. Yes, us agents. It’s a lot of work but our field knowledge is something that can help you determine whether or not this home is what you expected. At Robert Weil Associates, we work together with decades of in depth local community knowledge. We all pool our resources together.

Oh, the shameless advertising, Nick!