Home Values - Is your glass half empty or half full?

6/24/2009

We all know that home prices have fallen in the past two years.  But we rarely hear about home values over the longer term.

The 2008 median price of a home in Fountain Hills was $448,791.  This is a decrease of 12.0% from 2007.  But for the five-year period of 2003-2008, home values increased by 61.4%.  This information appeared on the Real Estate front page of the Arizona Republic  in June 2009.

So those who bought at the market peak have seen a decline in the value of their property.  But those who bought earlier have still seen a substantial increase in the value of their home.  And most homeowners in Eagle Mountain have owned their homes for more than five years.

Compare the current market value of your home to the price you paid for it, instead of comparing it to the sale price of your neighbor's home at the peak.  And think of the rent you'd have paid over the years if you didn't own your home!  Homes are still a great investment.

And if you don't know the current market value of your home - give me a call!