Don’t be misled by median home price

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: My wife and I are considering the sale of our home. We have noticed the median sales prices of houses where we live have declined about 3 percent in the last 12 months. However, before that, home prices were going up anywhere from 5 percent to 11 percent annually. We would hate to lose our equity by not selling now. But then she brought up the question "Where would we move?" as we are not yet ready for "the old folks home." How important are these sales price statistics and trends? --Gabe R. DEAR GABE: Please don't be misled by the median sales price statistics. They can be very misleading. Median price means an equal number of homes sold above and below the median sales price in your area. Purchase Bob Bruss reports online. Equally important, don't confuse median sales price with the average sales price. Average sales price means the number of home sales divided into the total sales prices of all homes sold during a specific time period. Lastly, when you hea...