Are Home Values Declining?
Charlotte NC Real Estate - If you've watched the news recently you've probably seen "Charlotte area home prices still declining". Does that mean your homes value is going down? No. Numbers can be turned, twisted and interpreted more than a dozen ways to Sunday as my mom would put it! And these reports can come from all different sources, Case-Shiller, Trulia, Zillow, NAR, etc, so who and what do you believe?
The answer is, a good experienced Realtor with hard facts from their multiple listing service, specific to your area! Once you expand from that area, be it your street, then your neighborhood, your zip code, then your map area, city, etc, the numbers become less accurate. I've seen home values differ from one side of the street to another!
Also consider this fact, three different type homes sell for $150,000, $200,000 and $250,000. The average sales price is $200,000. Three more similar homes come on the market at the same prices, but this time the one for $250,000 hasn't sold yet. Does that mean all these home values have gone down? No. It means the average sales price for the two that recently sold is $175,000 is all!