I look at a lot of homes and a lot of historical values, and I thought it would be interesting to share some of that info. I chose a three bedroom, two bath, 1,300sf single level home in Mission Viejo that was built in 1974. I don’t have the original sold price in 1974, but I know these went for between $50,000 and $60,000 when first built (I will highlight other homes in other cities in future posts). Here is the sales history as pulled from Orange County Public Records:
- 1983 sold for $110,000
- 1991 sold for $208,000
- 1999 sold for $253,000
- 2000 sold for $251,000
- 2010 sold for $500,000
One can immediately gather that, in the past, home prices have gone up although not always at a consistent rate. There will almost always be market fluctuations which is why a home should be considered a long-term investment. And you can see in the long term, a home like this was a good investment. Want to see home price history of a home like yours? Call me at 949.525.5905.
