Sellers shouldn't be overly swayed when they read that home prices have gone up a declared percentage in their areas. That doesn't necessarily mean that their homes increased in value by that stated amount. The fact is that reports of increases and decreases in home prices are typically quoted as changes in the "median home price", which is the price that is midway between the most expensive home and the least expensive home in the area during a specified period of time. During that time, half the buyers bought homes that cost more than the median price, while another half purchased houses below the median price. When buyers purchase more expensive homes than less expensive ones, the median price rises.
HINT: Each home for sale should be realistically priced on the basis of how it uniquely compares with recently sold homes in the immediate area of similar size with similar features.
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