Being a home owner today is the best investment most people will ever make in their lives, and the bonus is you live in your investment! So - Worried about your equity??? Lets think about My town: Cheshire Connecticut. What I LOVE about Cheshire is first of all I have found it to be a GREAT place to raise my family. The second thing, I have a lot of family and friends in New York City. Its an hour drive, or ten minutes to the train.
Prices... Every price range is in Cheshire but it does have a higher than average ... average price so the value is a constant. Considering that the average home owner stays in their home for seven years, you need to look over a seven year range. Take that, the fact that you are paying down your mortgage and the fact that you on average will have a tax write off of on average 30% ... you can have a lot of fun with this investment!
Here is an example of the Median price since 1988 according to the Commercial Record (town hall records):
Town Name: CHESHIRE, CT
Type of Statistic: Median Sales Price
Time Period Selected: Calendar Year
|
Year
|
Months
|
1-Family
|
Condo
|
All Sales
|
|
2008
|
Jan - Mar
|
322,000
|
231,500
|
295,000
|
|
2007
|
Jan - Dec
|
344,000
|
199,900
|
320,000
|
|
2006
|
Jan - Dec
|
354,900
|
201,500
|
310,000
|
|
2005
|
Jan - Dec
|
342,500
|
200,000
|
309,000
|
|
2004
|
Jan - Dec
|
329,000
|
169,000
|
299,900
|
|
2003
|
Jan - Dec
|
290,000
|
155,000
|
254,000
|
|
2002
|
Jan - Dec
|
260,000
|
132,950
|
234,750
|
|
2001
|
Jan - Dec
|
240,000
|
115,000
|
212,000
|
|
2000
|
Jan - Dec
|
230,000
|
98,250
|
195,000
|
|
1999
|
Jan - Dec
|
219,900
|
120,000
|
197,500
|
|
1998
|
Jan - Dec
|
201,000
|
116,000
|
180,000
|
|
1997
|
Jan - Dec
|
194,000
|
100,000
|
179,000
|
|
1996
|
Jan - Dec
|
183,000
|
96,000
|
175,000
|
|
1995
|
Jan - Dec
|
189,500
|
85,750
|
172,000
|
|
1994
|
Jan - Dec
|
193,500
|
113,250
|
176,000
|
|
1993
|
Jan - Dec
|
169,725
|
110,000
|
160,000
|
|
1992
|
Jan - Dec
|
180,000
|
115,000
|
168,000
|
|
1991
|
Jan - Dec
|
184,000
|
115,000
|
165,000
|
|
1990
|
Jan - Dec
|
190,000
|
126,400
|
179,000
|
|
1989
|
Jan - Dec
|
204,500
|
135,500
|
180,000
|
|
1988
|
Jan - Dec
|
225,500
|
127,000
|
193,900
|
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