We often report the news of the rising market in Jackson Heights with optimism and understanding that we are delivering good news to the local residents. Yet recent conversation on local bulletin board revealed that some residents feel that rising prices combined with rising taxes, may drive out some current residents, even if they are owners currently. This is very true in some cases. Yet the reality for home owners is that if their real estate does not gradually appreciate, and stays at the exact same price forever, based on continuously increasing cost of living in the entire country, they will ultimately find themselves at a major loss. Reported National Inflation Rate is at a 1.5% average (1.7% last month), so if your property does not appreciate at least that much annually, you are in the red. Going forward, in addition to reporting on unemployment rates, I will start reporting on inflation numbers and the consumer price index, to demonstrate the basic need for gradual increase home prices.
