Taking a look back at the past decade, did housing help fuel your personal wealth? Did it help you in a good way or a bad way?
The California Association of Realtors reported California’s median home price was $248,250 in 2000 and was $304,220 in October 20210. Sure, the median home price peaked mid-decade at $567,000, but we must look at the long-term overview which tells us positive things. Over 10 years there was a steady, upward incline with a few spikes and dips-normal in any housing market. This means there has been an overall increase in wealth.
Now the important question remains-what did you do with the wealth created by the spikes, dips, and surges in your home’s value? Did you refinance to buy cars and toys? Or did you invest in a 2nd home or other funds to bring returns? We must use this housing-fueled wealth wisely and remember that a home is still a great investment.
Remember that all real estate is local and the increase in median price over the decade will vary by city. To find out the value of your come, click here.
And thank you for making me Your Orange County Real Estate Specialist!
Michael Caruso, Broker ABR ABRM CLHMS CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors