Determining House values
Generally society looks at median price to determine if values have changed.
The problem is that the Wickenburg market is too small and too varied, for that
method to be accurate. If you look at the difference between 2006 and 2007
for instance the median value says the prices were up, when in reality they were
clearly down for most houses in Wickenburg. The median value only
indicates if the more expensive homes are selling well. Given our small
size, and huge spread of home values, the median will rarely give a true picture
I frequently revisit a property that I have previously prepared a
valuation on to compare with today's value. Although this
only provides a snap shot of the total market, when I combine several of
these snapshots a more accurate picture forms. When I make a
statement regarding values on my reports, I am generally basing it a
collection of observations I have made over the course of that month.
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