How's The Market?
Many People have asked me about the current real estate headlines and what they mean to buyers and sellers. Keep in mind that the media has been making dire predictions about real estate for decades:
1969 "The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house cost about $28,000.."
- Buisness Week
1977 "The median price of a home today is approaching $50,000. Housing experts predict price rises in the future won't be that great."
- National Business
1985 " The golden-age of risk free run-ups in home prices is gone."
- Money Magazine
1996 Defense cuts had triggered steep home price declines.
"A home is where the bad investment is."
- San Francisco Examiner
In the three years following thst last statement, California home prices rose 19.7%, wiping out the losses of the early '90's and ending the decade with a net gain of 9.35% *
California Existing Single Family Home
Annual Median Sales Price**
1985 $119,860.
1995 $178,160.
2000 $241,350.
2001 $262,350.
2002 $316,130.
2003 $371,520
2004 $450,770.
2005 $522,670.
2006 $556,640.
*Source: Gary Watts impactre.com
** Source: California association of Realtors
