The Details are in the Data
Welcome to the world of real estate data in all its complexity and simplicity. How can real estate data be both complex and simple? That will take me several blog posts to show you how this is true every single day in the real estate market place. For now, let’s look at only a couple of variables. Location is a starting point. Two very similar houses in two very different locations will potentially have very different values. When we examine values, a three bedroom house in a good neighborhood in “My City” will have a greater value than the same house located in a stressed neighborhood or community.
Let’s take a look at what I mean. The average price per square foot of homes in the City of Flint has risen 51.1% since January 2014. The average price per square foot of homes in zip code 48503 in the City of Flint has risen 17.5% in the same time period. If you dig deeper you’ll find variances in price shifts from neighborhood to neighborhood.
How about Burton? The average price per square foot of homes in Burton has risen 78.2% since January 2014. Again, digging deeper will show you the more vivid picture of homes in Burton. Some neighborhoods have seen very small price increases when compared to other Burton neighborhoods.
If you’re buying or selling a home it is critical that you have an agent who can give you an accurate estimate of the value of the house of interest. Agents can’t do appraisals, but a savvy agent can give you a good idea of a home’s value.
By the way the average cost per square foot of all homes in Genesee County has risen 12.4% since January 2014.
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