How to read local property market information
By HAS Real Estate
Property market figures need context. Check the location, property type, measurement and date before using a headline figure to compare your options.
First identify what a figure measures: an asking price, a completed sale, a rental listing or an average across many properties. These measures answer different questions. Check the date and geographical area, then look at whether the properties are comparable in size, condition and type. A broad average can hide differences between individual homes. Keep a note of the source and avoid treating one listing as evidence of a market-wide change. For an individual property decision, combine current local information with the details of the property itself and advice appropriate to your circumstances.
What should you check before comparing market figures?
Use this checklist to prepare for your next conversation or viewing.
- Check the source and publication date.
- Distinguish asking prices from completed transactions.
- Compare similar locations and property types.
- Read the explanation of how figures were calculated.
- Use several relevant observations rather than one headline.
