Kalamazoo Real Estate: In 1966, a gallon of gas was $0.32 and today, 50 years later a gallon hovers around $2.20 a gallon. A dozen eggs were about $0.60 but they’ve only doubled to $1.33. A gallon of milk was $0.99 and today, it costs about 2.20 a gallon. You could send a letter for five cents and now, it costs forty-seven cents.
The average cost of a new car in 1966 was $3,500 and the average cost of a car in 2016 is about $33,560. New cars have more features than the earlier models but they’re still ten times more expensive. The median price of a new home in 1966 was $21,700 and now, is $304,500. What an incredible investment houses have been. Purchasing a house is one of the most successful wealth accumulators in our economy.
Here is another interesting fact. Mortgage rates are actually LOWER today at 4-4.5% than they were fifty years ago when they were just under 7%. The rates have been low for long enough that many people have been lulled into believing that they are not going to go up. That is not likely to happen. In fact, we are already seeing interest rates rising some and we are hearing that interest rates are expected to continue to rise in 2017. If you are looking to purchase a home, now may be the best time to start that process. If you are looking to sell your home, there are some really compelling reasons for selling your house NOW in the winter of 2016-2017. Needing to wait until Spring to take advantage of the spring and summer market is not necessary and, in many cases, selling in the winter will net you additional profit! Give us a call and we can explain the details. (@69-350-5514). We are also happy to provide you with a free market consultation so that you can find out what your house is worth in today’s market. We offer a free home buyer consultation too and are able to provide the best tools and resources for home buyers available. These tools and our home buyer services are free of charge! We are looking forward to helping you!