tag:blogger.com,1999:blog-31427364.post1955168830406770282..comments2024-03-26T03:52:23.395-07:00Comments on Housing Analysis: FVREB - June 2008 Statsmohicanhttp://www.blogger.com/profile/06094213357140749289noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-31427364.post-81479227025922301132008-07-09T10:28:00.000-07:002008-07-09T10:28:00.000-07:00My understanding of the benchmark price is that it...My understanding of the benchmark price is that it is adjusted for quality. This means that 4 bedroom houses with 3 bathrooms are compared to each other and similar square footage houses.<BR/><BR/>Additionally the benchmark does not correct for location disparities in value. For example, a house with 4 beds and 3 baths with 2500 sq ft on a busy street backing onto some high voltage power lines would be in the same benchmark as a 4 bed, 3 bath, 2500 sq ft home on a quiet cul-de-sac backing onto a greenspace. <BR/><BR/>My anecdotal observations are that it is the latter homes that are selling right now and the lower quality locations are not selling.<BR/><BR/>This would mean that true quality adjusted prices are already YOY negative. This seems congruent with the anecdotes I'm hearing out here in the Valley that houses are selling at or below last year's assessment in many cases.mohicanhttps://www.blogger.com/profile/06094213357140749289noreply@blogger.com