Median home sale prices have risen on a year-over-year basis for 52 consecutive months. In June, they reached yet another all-time high. Sure, from a macro view, we all understand that it’s a matter of supply and demand — not enough homes for sale in the major employment centers.
But what about your house, or the house that you want, in the city where you live? What drives the price of a specific home in a specific place?
The three factors that matter most
Rick Singh, the elected property appraiser for Orange County, Florida, says the price of a home hinges on three factors: location, product and timing.
Product and location are intertwined, meaning “the right home in the right neighborhood,” Singh says. Timing, though, can be tricky,…
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