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New home-price index from Coldwell Banker
Drew Kantor, Blogmaster writes:
How much would a home in one place cost if it was in another? Every year the people at Coldwell Banker find out. They compare similar homes in different markets to create the equations that let you compute the difference. It is very interesting.
For example, a $250,000 home in Richmond would sell for $252,941 if it was in Virginia Beach, and only $220,588 if it was in Roanoke. (If it was in Queens, NY, it would run $526,471. That is a lot of money.)
You can do your own comparisons at the Coldwell Banker site. It includes nine Virginia regions. Please have fun.
I knew my money was going towards a worthhile effort!
Hmmm…now, how can I get their index to value my home what it’s really worth? Oops, sorry, I forgot, that’s what the “market” does….
Interesting ideas, hope they are more accurate than a certain website out there that portends to do this as well.