Jennifer Van Sickle
RE/MAX Escarpment
Languages
- English
Specialties
Buyers, Farm and Land, First Time Buyers, First Time Sellers, Sellers
Locations
Burlington, Oakville
Understanding Home Sale Pricing and the Use of Benchmark Pricing
When analyzing home sale prices, it is crucial to consider the type of central tendency to use in order to gain a clear picture of the market. Some metrics, such as the median and average price can be heavily influenced by outliers if a number of lower-priced or higher priced ...
Apr 20, 2023
When analyzing home sale prices, it is crucial to consider the type of central tendency to use in order to gain a clear picture of the market. Some metrics, such as the median and average price can be heavily influenced by outliers if a number of lower-priced or higher priced homes have been included in the analysis. In order to avoid this issue, the benchmark price can be used instead. This price is determined based on a set of criteria commonly found in other properties in the same area, and is therefore a more accurate representation of a typical home in a particular neighbourhood.