Health & Fitness
How Much Will The Value Of Homes Increase?
Historically appreciation of home in Redwood City has been something we could count on. How much appreciation will there be in 2013? Here's a guesstimate based on past performances.
How Much Will The Value Of Homes Increase? A Home Is Shelter and a Long Term Investment
There is no correct answer to this question. I have seen years, (2000), when prices went up in some communities as much as 24.8%! In other years, (2008), I saw values drop in some communities 24.0%!
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Fortunately, on the San Francisco Peninsula and Redwood City we have seen up appreciation over the last 40 years on our home values. The past few years we have seen a flat appreciation on most homes.
When buying your new home you so do it for one the human elements of survival, “shelter”. What a home means to do is to give you shelter for you and your family. If it goes up in value that is a good thing and a side benefit.
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Historically speaking, a home will appreciate in value an average of 2-5%. During the un-natural appreciation years, 1998-2005+, homes increased in value an unheard of amount of 10.2%, during the last recession we had between 1990-1998, homes appreciated 1.2%.
From the beginning of when such records were kept, homes have had an annual appreciation growth in value of 3.2% between 1890-2006. This clearly indicates to me your home is not the place for you to expect your money to grow at an exorbitant rate. Rather to give you shelter, and a modest appreciation rate in value, which will compound over the years to help in your retirement years.
Text or email Cliff Keith and Team for more details: 650-346-7366 or Cliff@SFBayHomes.com
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