There's been a bit of a buzz over the Sacramento Bee headline from a few days ago. It was a recap from a press release put out by Zillow, but at least the Bee had the good sense to verify the data through several other data sources. Basically, it said home prices were up 30% in Sacramento, and those are the kinds of headlines that can sink ships for us agents out here on the ocean trying to navigate to shore, er, escrow.
But newspapers aren't written for practioners in real estate such as your Sacramento real estate agent, and newspaper advertisers don't really care if anybody reads the articles as long as the headlines grab attention and sell products.
It's good that median prices are up by 30%, but it certainly doesn't mean a home seller can get 30% more for her home this year. That's not how it works. I'd like to see a reporter explain how it works to buyers and sellers, his reading public and subscribers. Until then, you can read about it my professional blog on my business website in this piece: Has Your Sacramento Home Price Increased by 30%?
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