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Of course, anybody that knows anything about numbers and real estate knows you do not go by monthly numbers as they can be affected by the type of homes being sold.
So, for example, comparing the monthly data from May 2008 to that from 2007 would be wrong, because those monthly numbers could be affected by the types of homes being sold. Great, thanks for admitting that the number you're giving us is useless.
So, for example, comparing the monthly data from May 2008 to that from 2007 would be wrong, because those monthly numbers could be affected by the types of homes being sold. Great, thanks for admitting that the number you're giving us is useless.
No, I am saying that the overall prices are higher this May than last May, which accounts for all fluctuations over the course of the year. It is the year to year numbers that are more accurate than the month to month numbers. If an extremely large number of million dollar homes sell in one month, it can throw the numbers out of whack. That is why we go by year to year numbers, so it will account for all varieties of homes and be much more accurate. For some reason, you keep throwing out one particular month to month number. I would appreciate it if you would stop speaking for me, as you keep saying I am saying what I am not saying. Thank you very much.
No, I am saying that the overall prices are higher this May than last May, which accounts for all fluctuations over the course of the year. It is the year to year numbers that are more accurate than the month to month numbers. If an extremely large number of million dollar homes sell in one month, it can throw the numbers out of whack.
So you're saying that if an abnormal number of more expensive homes sold in May 2008 compared to May of 2007, that the simple fact that they were both May numbers would automatically account for the fluctuation. That's the dumbest thing I've heard all day. I think you'll have to show your math here.
Interesting. A few of the houses that I have bookmarked actually dropped in price a few days ago. :::now praying:::
Hey you better not be targeting the houses we are targeting!! I also noticed a couple of homes that we have bookmarked drop their prices in the last week.
The only real way to tell what home prices are doing is to track individual homes. If you can see what a specific home sold for last year, and was resold for this year. All in all our region is doing just fine, especially when compared to the rest of the country.
So you're saying that if an abnormal number of more expensive homes sold in May 2008 compared to May of 2007, that the simple fact that they were both May numbers would automatically account for the fluctuation. That's the dumbest thing I've heard all day. I think you'll have to show your math here.
No that is not what I am saying. You need to chart the numbers (April to April, May to May, June to June) to find the trend and true numbers, which for this area have been very good. I explained it all in a way I believe you can understand in the other thread:
Hey you better not be targeting the houses we are targeting!! I also noticed a couple of homes that we have bookmarked drop their prices in the last week.
We just might have bookmarked the same ones then.
Tell you what... if we get one of the houses we want, you and yours can get the other ones.
Actually, I just remembered... your price range is much higher than ours. So no conflicts here.
No that is not what I am saying. You need to chart the numbers (April to April, May to May, June to June) to find the trend and true numbers, which for this area have been very good.
If you did that, you would have pointed out despite this particular month's uptick, that this trend is heading down. Here's the 6 month trailing average of year over year changes in average prices for the entire Triangle :
Nov 5.4%
Dec 5.5%
Jan 4.9%
Feb 3.6%
Mar 3.1%
Apr 1.9%
May 1.3%
I guess these are all positive numbers, but the trend is certainly interesting. And I'm not the only one to figure this out - I pointed out the flat to slightly negative trend lines on the original price data charts in the TMLS stats page before.
Considering that you didn't even know this data existed until I pointed it out, and have forgotten about it already, perhaps a bit more humility in your abilities would be warranted.
The rest of your post is answered in the other thread.
Unless you are paying cash, a home is worth no more than what the mortgage lender's appraiser says it is worth.
And what is wrong with wants? People should understand wants versus needs, but there is nothing wrong with paying for something that is of value to you.
Dire absolutely agree but my experience has been that many people pays for their wants over their needs and become unhappy on what they paid for their house. If one can separate wants from needs and bid appropriately they are far better off.
As far as appraised value. We all know now where that took the home industry to the brink of bankruptcy! I for one do not TRUST an appraised value.
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