Today I have a quick market update for you. Over the last three months, home values have gone down by 3%. At the same time, however, home values are up by 3% year over year. What’s really going on here?
I think the most likely explanation is that over the last three months, we’ve had some anomalies take place. Maybe some high-rent properties sold for less than we anticipated, which brought values down. Overall, we’re pretty much flat.
In the upper end of the market, things are still a bit sluggish. If you’re selling in this price point, you’ve got to show inherent value to buyers. If they don’t walk in and see the value, they won’t buy it.