Home Prices, What`s Happening in your Neighborhood

by: James Furlong
I recently saw an article that started with this statement –
“Research firm CoreLogic reported that home prices, including distressed sales, rose 6.8 percent from June 2017 to June 2018. Prices were up 0.7 percent from May to June. However, gains could slow over the next year if further increases in home prices and home loan rates erode affordability. CoreLogic forecasts a 5.1 percent increase in home prices from June 2018 to June 2019”
This is what the average consumer hears about the real estate market. The old adage of “all real estate is local” is still valid and national data and state data do not provide the local information that home buyers and home sellers need in this market. Fortunately, your real estate agent no longer needs to be local but (s)he needs to be able to accurately analyze the local market at a MICRO level. Most agents will provide details based on bedroom count, bathroom count, gross living area etc., but do not break out across price points. The price trend in the top quartile of the market is often quite different than the bottom quartile. The price trend in one section of town can be different than another section. It takes time, effort and understanding to analyze at this level.
The FurChin Team at RE/MAX Unlimited loves to micro analyze and are constantly monitoring and adding information to their databases for many towns in Greater Boston. The consumer is usually surprised at how the results differ from those nationwide and statewide trends.
For more information on this data, please feel free to reach out.

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