Home Buying in Adrian>Question Details

York, Home Buyer in 49221

What is the difference between the asking price and median prices?

Asked by York, 49221 Tue Mar 11, 2008

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The previous answer is correct in defining median price. What we usually measure is the average sold price compared to the list (asking price). This is one of the three measures of REALTOR performance. Depending on area, your difference may be 95 percent. This means that the sales price is 5 % less than the asking price on average. Ask what this measure was for your county last year. Are you asking before you make an offer, before you list?
1 vote Thank Flag Link Wed Mar 12, 2008
perhaps you were wondering what the diference betwen average and median. Briefly put- The average (or mean): The average is the total divided by the number of units. Median is the midway point as described earlier. Example: if there are 100 sold homes - arrange them according to price and the 50/51st is the median price.
0 votes Thank Flag Link Wed Mar 12, 2008
York, Trulia has information readily available about the average and median list (asking) prices of all homes in Adrian. Currently the median list price is $120,000 and slightly declining. The inventory is also slightly declining.

Sellers are able to "ask" any price they want for their home. Those willing to take a look at homes "with a Buyers Eyes" are usually the most successful because they have the current pulse of the market.

When looking for homes, please remember that real estate professionals in Michigan can only reprisent your best interests under a signed Buyers Agency Agreement. Some sample real estate forms are available on the website below.
Web Reference: http://www.mi-living.com
0 votes Thank Flag Link Wed Mar 12, 2008
York, I would agree with the answers provided by the other two ladies. You don't normally see these two terms used together though. The cost the seller is advertising their house for sale for is the asking price. The median price is exactly what Michelle stated it was. It is normally used to give you some idea of what the sales prices in the area are like.
Web Reference: http://www.SonyaLoose.com
0 votes Thank Flag Link Wed Mar 12, 2008
The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. Asking price is what a seller has thier home listed for. Were these 2 terms used together about a particular home?
0 votes Thank Flag Link Wed Mar 12, 2008
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