If you could go back in time and buy a home back when home prices were half of what they are today...would you do it? As a real estate agent, I hear buyers and their parents saying "I wish we would have bought years ago" or "we bought our first house and the price for a home back in 1963 was $20,000 for a 3 bedroom brick home". There is no question that home values were much lower 60 years ago and if you bought a home back then and you still own that home, it has likely went up in value by 10 to 20 times the original purchase price. This is where the saying "Don't wait to buy real estate, buyer real estate and wait" came from.

The example above is pretty common especially if you are asking your parents or grandparents what they paid for their home back in the day. The graphic in this video "Home Price Appreciation Over the Last 60 Years" does a great job of creating a visual explanation of what has happened to home values over the last 60 years. What I want you to take from this graphic is that home prices will VERY likely follow this trend in the years to come and for many reasons.

#1. Land is harder to find and more expensive to acquire.
#2. Material costs to build or remodel a home continue to increase.
#3. Labor costs to build a home keep going up on average.

People ask me when is the best time to buy a home and my answer is pretty simple "When you feel like you need a home". You see, most people aren't buying a home only for the investment value and future appreciation. Most people are buying a home because they have a need or a desire to buy a home. They may be out of space where they live and they are busting at the seams. They may be getting married or having a child and or merging two households into a single house. A lot of people are working from home now so they have a specific need for a private work space. Having or creating a space for a home studio or hobby or project room is very popular, A lot of people want to have a place for a dog and their landlord won't allow it so they need to buy a home of their own, I could easily list 100 reasons why people want to buy a home and own their own place but you get the idea that the primary reason people want to buy a home is NOT specifically for the investment value. Buy buying a home they get the benefit and enjoyment or having and owning their own home.

If you have real estate questions, feel free to add a comment below and thanks for watching.

Sam Miller
REMAX Stars Realty
710 South Main Street
Mount Vernon, Ohio 43050
Call 7403977800
http://www.SamMillerSells.com

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